Since you are a specialized business services firm, becoming a preferred provider to a few key accounts may make the difference between a stable income and “drought” periods. Before you pull on your jodpurs, you’ll probably need to know:
1. Are you hunting water or tree-dwellers?
2. Where do they prefer to eat?
3. Do they travel in herds or are they loners?
Knowing the habitat and habits of the entity you are tracking means you have a greater chance of not scaring them away before they spend a little time to check you out.
Before deciding which kind of entity would best suit your business, look for clues in your successes… (and failures) in the past.
1. In what industry or sector(s) can you demonstrate competence?
2. Is the business challenge your company solves unique to that industry?
3. Can you demonstrate relevance to other sectors or industries?
If not, should you pursue work in the sector where you’ve had success or go to other sectors?
4. How might you demonstrate relevant credibility to other sectors without becoming a generic offering?
If your only credibility story is in a cyclical industry and that industry is in the trough of its cycle, they may not have the means to purchase at this time.
If that is the case, you’re best to find new territory in which to hunt. Wait until the sector where your relevance is most apparent recovers and is nearing the top of the industry’s cycle. Companies in that sector will have more ability to buy from you when their industry is robust and profitable.
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