Small Business Growth in Difficult Times
With the current financial crisis comes a feeling of uncertainty and instability. It’s natural to have doubts and be cautious in times like these, but don’t let your fears break your concentration. Recessions are not usually long term and those who dig their heels in and step up business growth strategies WILL prevail. Create an innovative mindset to brainstorm with your staff or colleagues on a regular basis. Stay focused and use the following tips to stay on the right track.
Stick to your marketing plan
Implementing your marketing plan is one of the most crucial keys to your business growth success. If the current plan isn’t working though, try new strategies. Internet marketing can be a less expensive option in comparison to traditional methods. Seek an Internet marketing expert and explore the options.
Create better content for your website
Create content that helps you get found, engages people, and is interesting to your target market. Focus on optimizing your website for the search engines. There are unlimited resources on the web to get this done without costing you a fortune.
Social media and social networking
The hottest way to get your message out right now is through social networking sites. It’s free, can help build relationships and share your knowledge at the same time. One of the most popular right now is Twitter. This mini blog approach is free, easy to learn and quick to implement. It can also be a lot of fun!
Offer discounts
Offer discounts on your most popular products and services or lower prices across the board and don’t forget to advertise your new lower prices. You’ll be helping others save money which will make it easier for them to spend and you can always increase them again when things improve.
Let your clients know you’re in it for the long haul
Keep in touch with your customer base with email campaigns. Create a system to reward referrals and let everyone know about it. Referrals can be a huge growth factor for your small business. Think about offering low cost continuity programs or create workshops that will help your clients get through what might be a difficult time for them as well.
Plan ahead for a stronger future
If your sales have slowed down or you don’t have as many clients as you’re used to, spend your time wisely by putting together a solid plan of action. Include any new product or service ideas you’ve had, business development projects, new marketing strategies, etc. Start with the big picture (a year at a glance) and then break it down into months and even the next 8 weeks. From there you can create daily actions that will help you keep your eye on the prize.
Evaluate your financial situation
Keep an eye on capital and adjust spending accordingly. In some cases investing your own time on a project where your skills are an asset can save in the long run.
Assess how much you will need BEFORE you need it and brainstorm creative ideas to increase revenue rather than to ask for a loan. If you already have debt, decide where you can trim your budget and use that money to pay it down. When the difficult times subside you’ll be stronger than you expected.
Find frugal tips to make your dollar stretch at home as well.
Don’t let fear and worry take over
If something isn’t working the way you intended, that doesn’t necessarily mean you need to give up. Often the best solution is to evaluate the current situation and make adjustments that respond to it positively.
And remember, ordinary things done consistently produce extraordinary results!
Xanark responds:
Posted: October 23rd, 2008 at 6:05 pm →
Excellent article…
You are right… the panic won’t resolve anything good, but it’s the human nature.
The Force has a “dark side”, which feeds off emotions such as anger and fear, whereas the Jedi use the Force only for peaceful purposes.
May The Force Be With You.
Xanark
Stefan Töpfer responds:
Posted: November 4th, 2008 at 2:38 pm →
Brilliant!
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Posted: November 7th, 2008 at 5:12 am →
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Marc Marseille responds:
Posted: November 9th, 2008 at 2:52 am →
Great advice…I was really frustrated with the real estate fall until I realize that it gave me a chance to pursue my other passion, internet marketing. Social networking has been a huge boost to internet marketing career. Thank you for a great post.
Melanie responds:
Posted: November 16th, 2008 at 5:09 pm →
I’m glad you all enjoyed this article!
“may the force be with you, also” Xanark!
Good luck to you Marc, with your internet marketing endeavors! If you use Twitter I’d like to invite you to follow me there and I’ll follow you as well. http://twitter.com/melborow
Best wishes for your success, everyone!
lotusflower responds:
Posted: November 20th, 2008 at 9:55 am →
Thanks for your visit. Sorry it me so long to do a reply. But I really appreciate.
Cheers!
Sohel responds:
Posted: December 27th, 2008 at 8:02 am →
Thanks for a wonderful piece of info here. I am working on selling my SAP Business One solution for SMBs and feel very challenged in the current market. I was not familiar with twitter. Let me check it out.
If you can kindly add my SAP Business One Solutions page, it will be greatly appreciated.
Thanks,
Sohel