Instead of frantically searching for prospects to shore up business revenues in these tough times, mine one of the most valuable business development tools out there—your accounting system software. There is a treasure trove of data that can be mined using today’s robust and comprehensive accounting solutions.
Presuming you have accounting services capable of generating accurate and sophisticated reports, you can pursue all types of opportunities. Following is a starter list of ways that accounting system software can be used to enhance your business:
1. Identify upward-trending (and timely paying) customers via your accounting software. Where you find companies that have been spending ever-greater amounts of money, reach out and determine what other upselling opportunities may exist. Generally, these companies will be financially healthy relative to many others in a downturn.
If, when discussing new opportunities, you discover that they are on the verge of a cutback because of economic conditions, you may be able to forestall and limit the damage by being proactive. Offer incentives for certain revenue thresholds; possibly reward the customer with more favorable payment terms. Even though this won’t always result in a revenue increase, it may stop a substantial decrease—a win in its own right.
2. Identify downward-trending (and timely paying) customers via your accounting software. Find out why they’re trending downward. Be proactive to see what, if anything, can be done to turn the tide on their revenue stream. If you determine that some type of incentive is warranted, offer it. Regardless of the outcome, a constructive and positive discussion initiated by you will generally be favorably received. While it may not have short-term payoff, it well could pay off down the road.
3. Establish a set of accounting software metrics comprising your most valued customers. Then, thank them with an elegant gift or other token of appreciation. In contrast to the first two suggestions, this should be low-key gesture that speaks for itself—not a sales pitch.
4. Conduct a widespread accounting services review to look for overall trends that may dictate a fundamental business shift. For example, if revenues are down across one industry sector and up in another, you may opt to shift industry focus for new business development. Or, you may discover that diversifying products or services may warrant consideration.
5. Use your accounting system software to cull out a manageable group of “representative” customers that you can survey to determine likes, dislikes, and projected future needs. This can become a valuable marketing research tool to rework business development strategies and approaches as appropriate.
