Three Ways to Open Opportunities to Strengthen Your Business
There are some that would say that business lies at the heart of the American spirit. Across the nation there are 26.5 million businesses, most of which have fewer than 500 employees. With the introduction of the internet and other facets in our society it has never been easier for individuals to find commercial success as more and more new businesses spring up every year. By the same token however, a significant percentage of businesses fail every year; only 82.9% of businesses operating in 2013 were still in operation a year later in 2014. For this reason many businesses are turning to different avenues to ensure their success in the future.
The internet is a ripe field for businesses to find success, but only if they truly master its elements. A solid company webpage is only the beginning, as successful businesses must turn towards digital marketing to draw traffic towards those pages. Social media sites are some of the most popular sites on the net, so it makes sense that businesses that use these sites to connect to consumers can help curve traffic towards their business. In addition to social media, one of the most powerful tools online is the search engine: mastering this device will allow savvy businesses to market using search engine optimization to subtly curve the spending habits of consumers towards their business.
Many businesses pride themselves on tradition and an adhesion to core principals that have made their company strong over the years; persistence is likely to be one of these. The business that never takes “no” for an answer will find themselves with a significantly greater amount of sales. Sales reps that actively seek out and exploit referrals don’t just earn four to five times more income on average, but tend to close more deals for their company. By average it takes roughly eight cold call attempts for a sales rep to reach a prospect and around five follow-up calls after a meeting to close a deal — nearly half of reps give up after just one follow up call.
Bidding on Government Contracts
Many businesses overlook the government’s need for contractors, manufacturers, and other businesses every year; in order to get hired however a business must submit a contract proposal. The cost to prepare a proposal for a program valued in the tens of millions of dollars and up typically costs a company around 1 to 2% of the contract value — for this reason many businesses are wary to frequently submit such proposals. Less than 10% of businesses registered in the System for Award Management (SAM) bid three or more times despite the fact that most businesses bidding on government contracts must do so multiple times before receiving government contracting. Perseverance is the key, but successful bidding on government contracts may require additional aid by hiring a professional agency that specializes in federal contracting proposals; these individuals can help businesses determine proposal pricing, help appeal to specific government contracts, and can generally offer aid throughout the entire process of bidding on government contracts. Some businesses may see the benefit instead of installing proposal writing software to refine and develop their own federal proposal writing skillset. With enough perseverance and dedication, any company can soon find themselves on the government’s payroll!