That damn recession! It seems it will never end. Businesses are dying to it every day. People are struggling, they’re buying less, they’re saving more. But never fear! You can take several proactive steps to make sure your business will not be another casualty in our ailing economic times.
Market, Market, Market
One of the most important things you can do during any economic downturn is to continue to market your business by whatever means possible. A lot of businesses are often tempted to cut back on marketing to save money but this is not the time! Making sure that potential customers know you exist and that you offer a quality product or service at competitive rates is particularly important to keeping a steady customer base, especially when customers are pickier than ever about where they spend their money.
People prefer to do business with those they like, those they trust, and those they know offer a quality product or service. In addition to marketing, networking serves as an invaluable way to spread the word about your business, cultivate an air of trust around it, and even how to do business with you. If in-person networking options are slim then consider social networking. Build a Facebook page, promote a Twitter account, even post updates to your LinkedIn account (you have one, right?).
Consider A Few New Hires
As anyone knows, you almost always have to spend money to make money. Fortunately in these economic times there are a lot of skilled, talented employees looking for work. Perhaps this is the time to stop shying away from hiring a few good hands. You can even get creative on how you pay them if you want to. Consider hiring new sales staff but maybe only paying them on commission? They can make a lot this way if they’re motivated, but so can you. You could also look into hiring some affiliates who you will also pay on a commission basis.
Deliver More Than You Promise
This one is simple. People want to give their business to companies that provide good customer service, right? And word-of-mouth will make those customers a free marketing tool for you so even better! Promise them what you think you can deliver, but always strive to give them more than they asked for. This will keep them coming back a long time and bringing other folks with them.
The above ideas are just a few ways that you can spice up your business and encourage new sources of revenue in these tough economic times. But even these are not the limit. Sit down with your staff and look for new ways to innovate with your business and be open-minded about making some major changes and even making decisions that might seem a bit unconventional. Don’t be afraid to try new things with your business all the time. Through creative and forward-thinking your business will be on the bleeding edge of its field and you will survive!
Laura Ginn writes for www.realbusinessrescue.co.uk, a website that helps struggling businesses to turn around their finances and achieve success.