|
November 9, 2008 ( PowerHomeBiz ) -
Excelsior, MN
-- When you're a small business owner there's no "Golden Parachute", no
Massive Severance Package or Stock Options to cash in on and there are
definitely no bailouts. The success or failure of your small business is all
on your shoulders!
(news continued below)
Here's Are 5 Things to Do If You Want Your Business to Fail During a
Recession
- Don't Do Anything
- Don't Do Enough
- Don't Encourage Referrals From Other Clients
- Don't Create a "WOW" Experience
- Don't Take Massive Action Now
Now, if you want to build your small business, there's good news.
You don't have to sit back and become a victim of the times. Right now
there are businesses and market segments that are making record profits. US
Steel just posted record profits for the second quarter after losing huge
orders from the auto industry.
Here's How US Steel Achieved Record Making Profits – And So Can You:
- - They found new markets at higher prices
- - They were open to new
opportunities
- - They were pro-active
Here Are 10 Quick and Easy Strategies to Increase Sales and Profits
During a Recession
- Implement systems that measure and track the results of ALL of your
marketing, advertising and publicity efforts
- Look for new ways to re-position products or services you provide to
attract a new market segment. Example: Re-position Yoga as "Fall Prevention
Strategies for Seniors
- 3. Find new distribution channels for your products whether it's through
the Internet or other retailers who are selling complimentary products or
services.
- Create Joint Venture Arrangements with other complimentary, not
competing Businesses. For example an accounting firm could go to their legal
firm and offer to hold a seminar on "Tax Reduction Strategies" for the their
(legal firms) clients as a special bonus. The accounting company may get new
clients and the only cost is their time. One stipulation, the accounting
firm must offer a special seminar to their clients on "How To Structure Tax
Shelters for Estate Management". Both companies benefit.
- Have a "Rewards Referral Program " for your existing customers and let
them experience how it will work.
- Know the numbers in your business. Find out what products and services
make the most profits and which ones make the least. Start promoting or
up-selling those first. Do you know the average transaction value which is
the average amount each consumer pays you at the point of purchase? Go find
that out now and then ask yourself the question "How can I increase that
amount by 10% by adding or bundling in extra value?
- Position yourself as the "Knowledgeable Expert" in Your Field and
write articles for the newspaper, or trade journals and radio interviews.
You can even write and submit articles online using www.IWantMoreProspects.com. The print and online media is always hungry for
information to provide their readership. They are always on the lookout for
new information that solves people's problems or helps them save them time
or money.
- Differentiate yourself from the competition and give the consumer the
"Reason Why" they should do Business with you versus your competitors.
- Join a Mastermind Group or Coaching Program to improve your skills as
a Marketer. Tiger Woods has a golf coach to help him. Professional baseball
teams have hitting and pitching coaches. And you should have a business and
marketing coach to stop the downhill slide before it becomes uncontrollable.
- Build a stronger relationship with your customer base through
frequent contact, special offers, and newsletters. Survey your existing
customers to see what they want and then sell it to them.
This is just a short list on the many things that are possible. Now the
question is, do you want to recession proof your business and achieve
massive results or do you want to lay down and play dead and hope things get
better? It's you choice!
About the Author:
By revealing missed profit opportunities, Marketing and Sales Expert
Ron Romano increased the sales and profits for more than 10,000 small
and medium sized businesses, entrepreneurs and independent sales agents.
Now, you can use his FREE MARKETING AUDIT at:
http://www.InstantMarketingReview.com to magically uncover all the
hidden profit-making opportunities you’ve been missing out on. What you may
find out might just change your life forever.
|