Does this scenario pretty much tell the story of your business? Here are a few useful strategies that can help you to weather the storm:
You’ve brought your business to life, you’re making sales, gaining clients and gaining confidence. You are positioned to turn a profit at last. Then, crash! goes the economy. How do you hang on to your dream and keep your business alive?
Here are a few good tips that will help you to prepare your company to respond effectively in a rapidly changing environment:
- Get better acquainted with your customers
What was it about your company that drew them in? Are you delivering what customers want in a way that encourages a long term relationship? Are there additions or variations to your product mix that previously you were reluctant to offer, but could offer now?
- Nurture strategic relationships, brainstorm collaborations
With whom can you partner in ways that will make doing business better for all? Can referral relationships or co-promotional activities be pursued? Are you an active member of your local chamber of commerce and neighborhood business association?
- Devise a smarter marketing plan
Use the deeper understanding of your customers to roll out a more effective marketing plan. Now you can craft a message that resonates, place advertisements in media outlets that your customers trust, outwit the competition and distinguish your company in the marketplace. You will emerge a winner!