16 Sep What does this recession mean to your small business?
I’ve lived through a number of economic downturns and recessions and after a while you start to accept the up and down cycles as normal. But the most recent developments regarding Lehman Brothers, together with inflation, the mortgage mess, gas prices-well you know the rest-is really a bit much.
Will things get better? Yes, but most likely after the election. Will there be some discomfort? Yes, there always is. I can remember waiting over an hour in the freezing cold in gas lines back in 1974 when I was barely out of college. Things got better then when it seemed they never would, and they will now. But at the moment it may not feel that way. So here is what you need to do to keep your business prospering.
- Don’t hunker down by resisting change and thinking that if you keep doing things the way you always have you’ll be fine. Be creative in developing new ideas, products and services
- Do increase-yes, increase your marketing. But only do marketing that gives you a direct return on investment. No marketing just to increase visibility or for branding purposes.
- Think strategically. Plan exactly how you will make money over the next year and make a plan including details like marketing, budget and financial projections. Sound hard? It’s really not. Every small or solo business that does this out performs their competitors by a mile.
- Be conservative with your cash-make sure your cash flow is good. No impulse buys right now. Spend money on marketing and necessary marketing materials, mentoring to learn ways to fastrack your business, and product development.
- Take higher priced services and information products and break them down into sequential, lower priced services and “knowledge nuggets” to increase sales, as lower ticket items will sell better right now.
- Work hard to increase customer service and customer loyalty by following through on what you say you’ll do and producing stellar results. Also provide personalized customer support.
- Develop strong referral and joint venture systems and strategies that will dramatically increase sales.
- Stay optimistic and focused – it won’t serve you well to spend time worrying and then going in ten different directions trying out would be opportunities. It’s a recipe for failure
If you want to know exactly how to implement this “recession proof” business advice, go to Maximize Your Profits Now and learn about a business mastery system that will help you create a solid 6 figure income and sail through this tough period with flying colors.