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Simple Business Strategies For A Bad Economy

By: Ryan
Wednesday, August 26, 2015
Simple Business Strategies For A Bad Economy

Has the economy hurt your business? Many businesses today are finding the current economic climate quite challenging to navigate. In our business, we meet with many individuals and companies on a daily basis with varying problems, but the common factor for all is finding ways to survive this economic nightmare. Here are several strategies to consider, these may not all apply to your business based on nature and size, however these are strategies that are proven to work no matter where in the world you are.

Gather Client Data

Develop data gathering sheets to collect relevant information about your clients and even prospective clients. This will serve as an excellent resource to use for upcoming specials and new offerings. Get email addresses where possible and cell phone numbers, this way you can send clients email campaigns or bulk text messages. Ask for referrals

After giving good service always ask for referrals. A satisfied client is one of the best sales persons of any business and the fact remains that word of mouth is the number one means for solid sales. Simply ask, do you know anyone just like yourself who might be interested in our products/services.

Contact Past Clients

Don’t assume that a former customer whom you haven’t seen in a while will never buy from you again. The customer who went with a lower-priced competitor may be unhappy with the quality product or service they received and would be receptive to a call from you. Often times customer stop doing business with you not because they are dissatisfied but simply because you don’t keep in contact.

Consider Outsourcing

Take a serious look at all your in-house activities, write them down and start looking into those that are required few times daily, then weekly, then monthly. Chances are if you only require certain activities on an infrequent basis, you may want to consider outsourcing. Businesses that specialize in the specific task are more often than not very efficient and therefore cost effective.

Get Leaner

Start trimming fat, cut back on overheads wherever possible. Install motion sensors in conference rooms, bathrooms and any other location where lights may be left on. These can also be used on air conditioners. Look at your non-essential services, are they really necessary? Or are they just nice to have. 

Get Online

Is your business online? If not, why not? 90% of your potential clients expect to find your business online, can you afford not to be? Now this goes way beyond just having a website, most business persons are unaware of the true purpose and power of having web presence. Especially in a waning economy, having strong online presence can allow your business to expand its market reach and visibility.

Economies of Scale

Buy in bulk wherever possible, from copy paper to toilet paper, bulk purchasing can save the average business significantly over time. 

Go Green

Consider investing in a server system where soft copies of files can be stored, this will considerable reduce printing cost which may be significant depending on the type of business you run. Remember thou to ensure your files are automatically backed up, we are in the age of cloud storage, which is a cheap and effective way.

Get Aggressive

Let’s face it, gone are the days when you can just build it and they will come. Advances in technology and the global market place in which we live allows for easy entry into just about any industry. There are more competitors than you know or imagine in your line of business, doing business faster and better than you. Consider employing mobile sales reps to not just sell your products on offer but also create brand awareness with your market place.

Start Networking

Get involved in whatever networking opportunities there might be, but remember your objective is not just to socialize but to gather leads and build fruitful relationships. Seminars, conferences and the local Chamber of Commerce are great places to meet not just potential clients but also suppliers and competitors.

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