Notes from the Finish Line – Dec 09

Business Growth Strategy and Execution

Recovering Lost Business

Sales down?

Looking for new opportunities?

Take Action: Look to recover your lost business……..

Most companies just give up after losing a bid and never analyze how much business they walked away from. Some clients have never looked back on lost business, which in many cases, could amount to as much as 30% to 50% of their yearly revenue.

Losing a bid doesn’t mean you lost the business!

The winner still has to meet their committed obligation – delivering the right product or service on time and satisfactorily. Many times the winning vendor can’t deliver because:

• they don’t have the product or service promised in the bid,
• don’t have the resources to implement on time,
• the product or service doesn’t do what was promised or
• they have their own operational problems.

But, you won’t know if you have a 2^nd chance at the business unless you follow-up regularly and throughout the winning vendor’s implementation cycle and even after delivery.

Following up is the easiest and least cost way to secure new business as you:

• have already done your homework,
• have a relationship,
• know the client’s needs,
• know their price points and
• already have a solution.

Go ahead and start a new prospect list with this year’s lost business.

I’ll see you at the Finish Line.

Steve Sribnik

• Full Throttle Consulting
• www.FullThrottleConsulting.com
• steve@fullthrottleconsulting.com
• Tel 914-522-5014

Lost Business Survey – Please take the survey and see how you compare to other companies in securing lost business.

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