It is an unfortunate fact that today, economies are sluggish globally. Customers are reluctant to spend and investors are hard to come by. But do not panic. Here are some useful tips to make sure your business venture withstands this economic downturn. If you are smart, you can flourish in this economy.
- Attitude Matters- Maintain a positive attitude irrespective of the circumstances. All businesses go through a low phase one time or another. Tell yourself that a bad phase in business is a temporary phenomenon. If you are pessimistic, potential customers will sense it and you are likely to lose them.
- Re-establish contacts- At times, it may be a good idea to contact previous customers for a follow up or remind them of your services. This is a great way to get on their radar.
- Stating the obvious, trim expenses– If you can do so, cut down on operating costs. Start by making a checklist of all your expenditures. Eliminate all excessive and unwanted expenses. Focus on your core competencies. Outsource work to professionals when you can. Only the fittest will survive economic crises. A leaner business has an advantage over your peers.
- Are you paying too much for software?– Use open source software instead of proprietary software. Nowadays, a lot of software comes with free trials albeit for a limited period. Software on the cloud will be cost effective and easy to use.
- Run a HR check – Are all your employees efficient and effective. Retire all inefficient and ineffective personnel. It may be an unpleasant task but it needs to be done in order for your business to run efficiently.
- Be tech savvy -Leverage the power of technology to give yourself an edge. Automate all business processes whenever possible. This has a number of advantages, such as improving speed, accuracy and reliability.
- Re-invent yourself– Attracting potential clients is important and that’s the job of the marketing team. Ask yourself if your marketing strategy is superior of your competitor’s. Why should customers prefer your business to others? Advertising can be a great way to list out why your products and/or services are the best option for your customers.
- Honesty pays – Be ethical in your business deals. Resist the temptation to overcharge or compromise on your deliverables. People will appreciate your honesty and commitment to the quality of work. Hence, you are likely to get repeat orders and new customers. If you establish a solid reputation, your customers will be the best testament for your business venture.
- Time management -Use the 80/20 rule. Remember that 80% of your business comes from 20% of your customers. Pay special attention to the latter.
- Cost counts -Price is a vital factor in the calculations of most clients. Make sure your products and/or services are competitively priced.
- Meet in person – Put a face to your product or service by meeting with clients in person. Face to face meetings has been found to be more effective than emails and phone calls.
- Retain old clients -Make sure your clients remain loyal to you by providing them with superior service. Keep an eye on your competitors while carefully studying their marketing strategies.
- Perseverance is key -Make sure to properly follow up on marketing leads. If you push a bit more and offer discounts, you may bag the deal.
- Two heads are better than one – All management and employees should brainstorm on ways to attract new prospects and stay ahead of the competition.
- Knowledge is power– Learn from success stories. Meet people who have succeeded, even in the worst of economic times.
