5 Ways to Make Your Business Thrive in Tough Economic Times

What Can You Do Now!

Now is the time to prepare your business for the times ahead. Actually good practice suggests that this should always be in mind but running a business can get in the way. So we should take this opportunity to do this now. Here are 5 key things that can be done at home, remotely, and at a low cost.

Protect Cash Flow

Sounds obvious but what can we be doing?

  • Review Your Credit Policies and the Credit Histories of Customers And/Or Clients
  • Take Action to Speed up Payment
  • Renegotiate Contracts

Focus on Core Competencies 

Focus on what you do best. After all, that was what got your business started in the first place. Diversification is not just adding products or services. While it may look like the right thing to do ti can damage your core business. Put your time and money into what you do best.

Develop and Implement Strategies to Win New Customers

If your small business is going to prosper in tough times, you need to continue to expand your customer/client base – and that means drawing in customers from the competition.

How can you do this? By offering something more or something different than the competition does. Research your competition and see what you can offer to entice their customers into becoming your customers. How do you do this especially when you are locked down? Check out their websites, social media posts, how are they advertising. Review what you are doing and how can you do it better than the competition.

Make the Most of Current Customers and Clients

We’ve all heard the old adage that a bird in the hand is worth two in the bush. The bird in the hand is your customer or client and he or she is an opportunity to make more sales without incurring the costs of finding a new customer. It is often touted it costs between 5 to 8 times more to get a new customer than to keep one

Even better, he or she might be a loyal customer, giving you many more sales opportunities. If you want to recession-proof your business, you can’t afford to ignore the potential profits of shifting your sales focus to include established customers.

Increase Marketing 

You have heard the saying that you have to spend money to make money.  Nevermore true than in tough times. Consumers are unsettled like everyone and will be looking to make changes in buying decisions. You need to help them find you and choose you rather than your competitors.  So don’t quit marketing if possible look to increase it.  Be assured your competitors are.

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