Friday, April 22, 2011

Keeping your Business Thriving during Recession

The recessions in the past is nothing different from that which we experience today. The same elements are in play, people are frightened, they exaggerate, and serenity is infectious. If you are a business owner, it’s crucial that you don’t follow the crowd and do whatever they do. Don’t get scared like them or overreact. If you do this, you will come out ahead of everybody else.

So, as a small business owner in a recession stricken economy, what can do to take advantage of the situation and stay on top of the game? Here are some of them:

a) Offer, make and get deals. Recession is often the time when everyone is evaluating their business. Everybody is groping their strategies and looking for new means to earn and save money. In most cases, the best thing to do here in order to bring in new customers is to offer first-rate products and services at competitive prices. There are some businesses that to barters such as designing someone’s business card templates in exchange for referring them to customers. Keep in mind that when dealing with other businesses, you need to negotiate effectively. Everyone is keen for business, so don’t be hesitant to ask what the other business can give you.

b) Don’t forget your current customers. Strengthen your bond with them. Your customers are the lifeblood of your business, so you have to show them that you value them. The recessions may be the best time to reward them for their patronage. Be sure to keep in touch with them and find out what you can do for them. You can consider giving incentives, discounts, and rewards to your loyal customers. You can also offer referral fees whenever they refer your business t others. Don’t be scared on what you can do with your business. This is the time to be creative.

c) Assess your business and innovate. This is the best time to assess your processes and look for new methods to market your business more efficiently. Find ways that will help you make things better in a more economical way. There might be a new technology that can help you improve your business. Perhaps there’s a new way to do business cards to help you communicate your contact details more effectively. You can also take advantage of modern marketing channels these days such as social networking sites and digital marketing.

d) Create a good plan. When was the last time you planned? With the economy down, this is the best time to revisit your mission and goal, scrutinize your marketing tactics, compute your financial projections, and plan what do when the economy finally picks up. When you have a good plan, you will be ready to adapt to whatever changes may happen. Keep in mind that part of that planning process should comprise of asking if you are up-to-date on the latest technologies. If not, you need to do the necessary arrangements to make the enhancements.

e) Market continuously. When everybody else is cutting back on their marketing expenses, the more should heighten up your campaign. Remember that marketing is a continuous process, and you need to do this more effectively now that every body else is cutting back on their marketing efforts. Keeping in touch with your customers and prospects will make sure that you stay on top of their mind

No comments:

Post a Comment

Thanx :)