To keep your business dream alive, you must find ways to adapt and do it quickly.
You have to re-examine business plans, strengthen risk management initiatives, retain top talent, and make internal changes and restructuring to increase efficiency and profitability.
That’s all while looking for new opportunities for growth.
How to improve your business position:
1. Be defensive.
Protect your turf by taking the best possible care of your best customers. You can invigorate sales with customer retention strategies.Find out what they think of your company, and make necessary improvements. You might consider jettisoning high-maintenance customers.
Upon careful review, you might find they’re not profitable for you. You don’t want to be in a position where you’re just moving money around.
2. Expand your customer base.
By surveying your best customers, you’ll probably get some compliments. That’s a perfect opportunity to ask for referrals. Find low-cost ways of rewarding them for referring their associates, relatives and friends to you. To build strong relationships, sales and networking strategies are important.
3. Invest in your future.
Keep your productive marketing going. Train your workers. Take advantage of innovations in technology. Use all possible all strategies to keep your business floating above water.
4. Develop an employee-loyalty program.
Make it a fun working environment. Even if you can’t give raises, learn how other businesses are successful in retaining their best employees. Develop a sense about which employees are most-likely to quit.
Be transparent with your employees. Explain your challenges and how they can help, especially in processes and with customers.
Be prepared to take precautions if a valued employee wants a raise but money is tight.
5. Fine-tune your branding.
The key to remember – customers want value. Think 1930s for business success. Consumer attitudes are changing.
6. Give back to the community.
Volunteer time and resources where feasible. Did you know that cause-related marketing can increase sales by double-digit percentages?
7. Review your pricing strategy.
Determine how to get more return on your sales. Do your due diligence so that you have pricing power.
8. Use best practices in managing your financials.
Make cash flow a priority. If you’re struggling, learn step-by-step solutions for a company turnaround.
9. Be creative in your receivables.
If collections are a challenge, be creative to ease debt-collection headaches.
10. If you’re small, make it work for you.
Customers like small businesses. Size doesn’t matter to them. So make sure your image and professionalism count.
11. Do your best for the environment.
Eco strategies work with customers. Brand and sell your business as green.
12. Become an innovator.
You must constantly evolve. All successful companies innovate. Once you are running on all cylinders, consider buying your competitors – providing, of course, you can manage them.
From the Coach’s Corner, more tips:
The 8 Best Practices in Small Business Marketing — True, the constant drumbeat of bad economic news can be disconcerting. For many small businesspeople, the news can be so unnerving it leads to fear. But fear can be healthy if used as a motivator to act.
“Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking.”