Running a Service Business Isn’t Easy
Our experience working with hundreds of service businesses over the years inspired us to put together a list of tips and metrics to help you run your online business.
We’ve met countless hard working business owners who have the passion and drive, but who sometimes need some motivation and help with optics on their online business so they can reach the next level.
Today, we are sharing 9 tips and some things to keep in mind while you grow.
9 Tips for Running a Service Business Online
- Do the thing you are dreading first (delegate anything that is distracting you)
- Diagnose before prescribing a solution (helps ensure you provide the most value)
- Move from products and solutions to outcomes (consider how you can make your process repeatable)
- Find out what is working and put more money into it (see optics below on why)
- Build your marketing flowchart backwards (makes figuring out the steps needed to complete a conversion easier)
- Identify a pain point in your industry, create a solution and market to a specific target audience
- Don’t be afraid to try new things, but if you do, fail fast – everything is a learning experience
- Set a timeline for achieving your online goals and break it down into manageable steps with assigned dates for completion
- Always first consider how you can help someone and Focus on the benefits for a customer
Optics are Everything
To learn more about optics and why they matter, click here to read more about the Importance of Optics.
- Identify your biggest income producers
- Track your efforts, benchmark results & measure success along the way
- Make sure you are fixing the right thing – Don’t apply tactics to a strategic problem
Metrics to Track
Once you have clear optics, it’s important you track your efforts so you can keep an eye on how your web efforts are performing. Here are a few metrics we recommend tracking for your service business.
- Sales Conversion Rate = (# of successfully won business / # of quotes submitted) x 100
- Average Sale Value = (total sales value / total # of sales)
- Average Client Value = (Yearly revenue / total # of invoiced clients) x 100
- Average time to Convert = (sum of all conversion time periods) / (total # of conversions)
When Using Technology to Automate Processes
If you find yourself repeating a part of your process, or your team is having to break from what they are doing to complete a step, consider if technology can help automate and streamline things.
- Write out your process
- Identify areas to streamline
- Find a system that best supports your process (don’t get distracted by snazzy new features)
What are your tips for running a service business online? Share them in the comments below or send us a message!