Are you a 4% Entrepreneur?
There was once a farmer who wanted to fill his pond to water the crops.
Every day, he must fill the pond with 100L of water.
The only resources he had were, a bucket and a tap.
The tap was 500m from the pond.
The bucket could hold 10L of water.
So, if he fills up the bucket and makes 10 trips then he could fill the pond.
It took him 30 minutes to complete one round trip.
After every 2 trips, he took a 15 minutes break.
By these calculations, it should take him 4 hours to complete this task every day.
But in reality, he was NEVER able to fill the pond in a single day, ever!
Why? Because his bucket had 96 holes in it!
By the time he reached the pond, there was only 400mL water left in the bucket. He lost 96% water through those holes.
He thought, only if I could find someone to invest and buy me more taps and more buckets like this and hire more people, then one day, surely I will fill my pond and my crops will be green and full!
Sadly, this is the story of most Small and Medium size businesses.
A market survey report shows that most businesses are only getting a mere 4% conversion rate. Meaning only 4 out of 100 leads eventually buy from them. And the bigger problem is that they are not even aware of this number.
They think that they need to generate more leads to increase the business. Their existing way of doing business is burning 96 out of 100 leads and they don’t even know what is causing it. Rather than investing some time and efforts to investigate the inefficiencies in their Business Model, they continue to invest money in newer ways to generate more leads and increase their sales team.
Won’t you agree that if the farmer took sometime to realise that the problem is not just shortage of resources but also inefficient use of the resources, then he can improve his productivity?
Won’t you agree that if he took some time to patch only few holes at a time then over time, the same bucket will yield more results?
Would you be open to take a look at your own business with professional help to uncover what holes in your business are draining your productivity, efficiency and revenue?
As a starting point, I invite you to read this 1 page report that describes 7 Top Factors responsible for Low Conversion Rate.