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How to Build (or keep) your Business in an Economic down turn

Unless you have been living under a rock for the past year, you would at least of heard about some of the problems in the global market place; the sub-prime collapse in the US, stock market drops, major bailout for the banks etc...

So what does this mean to business owners?

When there are economic problems consumers tighten up their spending habits - meaning there is less business opportunity for making sales available as there was previously. The reality of this is, yes, some businesses will close due to this - that's a fact...

Now, for the positive stuff... It's not all doom and gloom, when times get tough there are plenty of opportunities available to easily increase your business, actually I find it to be very exciting with the opportunities available. If you follow just some of the following advice you could have an abundance of new customers and higher profits flooding your business

Don't complain - we can sit there all day complaining it's the Government's fault, the economy, the competition, the list goes on. Spend that time constructively finding ways to increase your own business

Marketing - look at the way you market your business. There are plenty of low or no cost methods that any business can use to get more customers. Ranging from smart ads, customer loyalty programs, referral strategies and heaps more...

Sales process - take some time out and write down what it is you do from when a potential customer contacts you, to the final sale is made. You would be amazed by just doing this how many gaps you will find and the potential to tighten up or streamline this process

Do things different - if you want to get different results from what you are already getting you need to do things differently. Take a look at the problem areas in your business and simple try something different - makes sense doesn't it, but not many people do it.

Track everything - this simple strategy alone will make you money. Keep a log of all enquiries, where they came from and the end result of if they ended in a sale or not. Buy doing this you will find the areas in your business that are lacking and you can simply start to concentrate on them

Talk to someone - running a business can be lonely, not everyone understands the issues business owners have. Find another business owner you can chat with on a regular basis to share ideas or just for added support. a lot of business owners now are using the professional services of business coaches to help them in areas they personally lack

There are plenty of ways to make your business stand out from the crowd so potential customers choose you first. It can be very simple to increase a business.

You have a choice - do something or do nothing....

by Brian Brown

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