The importance of recurring work is often discussed, but why does it matter to your business? In a nutshell, customers that come back time and time again can help you to develop a stable revenue stream. This can help you to grow, and give your business a buffer in volatile times.
Recurring customers and the consistent revenue they bring should be the backbone of your business. While their journey always starts with your efforts to bring in new customers, nurturing existing relationships and their repeat business should never be overlooked.
In business, the most important thing you can have is job security. Job security means stability for your job as the manager or your business’ survival as the owner. One of the biggest factors affecting this is how much revenue you can guarantee will come in month after month. Recurring work means that you have job security, meaning that your business can continue to survive and thrive year after year, while giving you and your team peace of mind to pursue opportunities.
Becoming a Household / Industry Name
If you do a great job, people will talk, no matter what your industry is. “Oh, this person is great, go see them” and just like that, you have a new customer from your old one. When looking for a business to work with, most people ask family and friends first for their recommendations, and are more likely to trust that recommendation over google reviews or advertising.
Happy customers make new customers and new customers make your business a household name. You don’t want to be a small fish in a big pond, you want to be THE fish in the pond of any size. Produce consistent good work, and your clients will recognise you.
Managing cash flow can be one of the most stressful parts of business management. Recurring work means recurring payment, which means that the bills, your employees, and you can be paid easily and on time.
If you continue to generate recurring work, you’ll find yourself feeling much more financially stable than in the early days of the business. The more financially stable you become, the more confident you’ll feel in taking risks like investments and other things that grow your business over time.
Honing Your Skills
Recurring work will allow you to hone your skills, perfect your craft and master your efficiencies. Often, new clients require unique extras or different processes. The first time you complete a project, you establish a baseline for how to do things. The second and third time, you can improve on that base so that by the time you’re clearing dozens or hundreds of projects a month, you’ll have a streamlined, seamless process from start to finish. Recurring work will give you the stability to improve your business in all of the critical areas, and you’ll be delivering better quality products to your clients because of it.
WorkGuru can help you to streamline your processes by templating common elements. Get in touch today to see how we could help your business.
Bringing Your Overheads Down
If you knew that you could guarantee that you were creating one project per month for one client, then you would only have to build one pricing document and bill the client once a month, no extra hassle. Even if you multiplied that guaranteed work by 10 or 100, you’d still only have to price out the job once and then just bill that amount, time after time. There’s no messing around with spreadsheets or pricing out exact hours. You know how much your work costs and you bill the client that amount each month. This cuts down on your administrative tasks, saving you money and freeing up staff time for extra productivity.
Recurring work is the backbone of any and all businesses, big or small. If people didn’t keep going back, Coles or BCF wouldn’t exist. If people didn’t keep buying Apple products, they’d go out of business too. The reason they are able to be so successful is that the market they have secured is all-but-guaranteed to go back whenever there’s a sale on, or when the newest iPhone comes out. Building continuity in your business is necessary for success and longevity.
What if you sell a one-off product? Get more tips on Inc.com