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!
Here’s are 5 things to do if you want your business to fail when the economy is weak:
- 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 your business to survive any types of economy, 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. Your goal should be to make your business one of them.
How to Increase Sales and Profits Even with a Poor Economy
If you want to recession-proof your business, here’s how your business can earn record-making profits — even if the economy is bad:
- Find new markets at higher prices
- Be open to new opportunities
- Be pro-active
Here are 10 quick and easy strategies to increase sales and profits when times are tough:
- 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
- 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. 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!
Recommended Books on Small Business Survival:
- Small Business Marketing: A Guide for Survival Growth and Success
- Small Business Survival Guide
- Financial Crisis Planning for Small Business – Winning Today’s Battle For Business Survival
- Small Business Survival Guide: Starting, Protecting, And Securing Your Business for Long-Term Success
- Survival Jobs: 154 Ways To Make Money While Pursuing Your Dreams
- Recession-Proof Your Business: Small Business Survival Guide
- How Your Small Business Can Survive an Economic Downturn
- Business Strategies When Times are Tough
- Why Now is a Great Time to Start Your Own Business
- Book Review: Accounting for the Numberphobic