With the exception of the top 50 (AMA/Gold 50) -Research organizations depend upon a handful of clients for majority of their revenues. The other phrases I have heard business owners using -particularly over the last 7-8 years are- Feast or Famine, Peaks and Valleys, Our contact at a Large Corporate quit and joined elsewhere, I am planning my retirement/buy-out, We do a great job of keeping our clients but rely heavily on 2-4 large customers for the revenues, hired a senior associate for account acquisition and that was a bad decision.
As the year draws to a close; many research business owners are going back to the drawing board and asking themselves- Can we grow? This article will help you develop thoughts around whether you are ready to grow.
Question 4: Is this a scalable model- Does the business model or product offering need tweaks?
How much more can your organization deliver? Does the team have production capacity to spare? How many companies comprise of your target market? Can they afford what your marquee customers are paying? Boutique primary research firms are looking at ways to optimize project expenses and create agile product offerings specially targeted towards new clients. If your prospect list does not have a 100 Account Names or more, you will be needing to look at your service offerings again. It also helps to go back and draw a list of Industry Verticals served over the years.
Question 5: For the next five years: Will you sell out or keep growing? Pick one.
Very often business owners lose sight of end goals. In fact, that is the single biggest reason that keeps the entire business from realizing their true potential. A business that wants to keep growing as a brand as a service provider needs to build a different sales and marketing foundation than ones that are best suited for being part of a larger/more diverse entity. Apples are not Oranges.
Also having one goal in mind and then choosing another at a later point will not break your business. Changing directions usually will make businesses more agile, resilient and develop newer capabilities. That said- Pick one Goal Only.
I promised myself to promote our business on blog only 5% vov so I am not going to write what I want to write. I really cant say more without promoting what it is that Aldius Consulting does for the MR ecosystem. Yes. I did it. I stopped. Anyway, I am hoping this article helps you think from our perspective and explore what else you would like to accomplish in 2016.