SEVEN SUREFIRE STRATEGIES TO RECESSION-PROOF YOUR BUSINESS Worried About the Current Recession? Here's How to Keep Your Business on Track During Hard Times.
Since the tragic events of September 11, 2001, thousands of layoffs have occurred and the jobless rates have climbed to the highest level in decades. Consumer confidence has tumbled and billions of dollars worth of business has been lost.
With new global uncertainties and with many economists forecasting a deep and prolonged recession, businesses will have to do everything within their power to brace for the coming storm and survive the bad times--predicted by some to be bigger and more devastating than the Great Depression of the 1930s.
With that in mind, use these surefire strategies to immediately recession-proof your own business and you'll not only weather the recession, but you'll come out on top of your competitors when the economic tide reverses:
DIVERSIFY
In a weak economy, diversification may be your best business friend. The more services you can offer, the more clients you'll be able to find. For example, if you primarily create business plans or marketing collateral for big name clients, you could expand your services to include press releases, sales letters, web content and other business-related products and services.
You can diversify even further by prepackaging your product and selling it to a different clientele. For example, you could host a seminar or workshop on how to write business plans. Each person who attends may not be able to pay your normal fee, but by combining them, not only may you earn more, you could also score a few new clients. No matter what services you offer, with a little innovative thinking, you should be able to develop several "new" offers. All of which will help keep you ahead while your niche-focused competitors bite the dust.
OFFER OUTSTANDING CUSTOMER SERVICE
Once you've started attracting customers, you'll have to do your best to retain them, and in a stagnating economy, that may be even more difficult. You need to provide not only a high-quality product, but also be able to provide exceptional customer service. When money is tight, clients expect more for their dollar. If you want to keep their business, you must keep them happy. Refine your customer service strategy to ensure that every step, from taking the order to delivering the product, is client-focused and effective.
You may want to conduct a customer satisfaction survey or two in order to make sure your customers' needs are being met. Also consider making your service more valuable to clients with faster delivery times, wider selections, or more flexible payment terms.
INTENSIFY MARKETING
One of the biggest mistakes business owners make during periods of economic slowdown is to cut back on marketing and advertising. But doing that could be most detrimental to your business.
Your marketing needs to be more aggressive and more comprehensive than ever. Start by contacting past clients and simply touching base. Chances are, a good number of them will have projects or assignments for which your services may be required.
Offer discounts, freebies, or other extras as incentives. You may also want to set up a referral reward program for clients as part of your marketing efforts. You also need to reevaluate your current marketing methods. If you're not seeing some increase in sales from every dollar you spend on promotions, then you're wasting valuable revenue.
Whether you use billboard ads, direct mailings, or the yellow pages, now is the time to make sure your current marketing is cost-effective and efficient. I'm often haunted by P.T. Barnum's stark reminder: "Without promotion, something terrible happens--NOTHING!"
POSITION YOURSELF TO BE A MARKET LEADER
Are you content to follow the herd? Step outside of your comfort zone and dare to lead others, rather than to follow. Set yourself apart from the competition by developing your own USP (Unique Selling Position), sometimes also referred to as ESA (Essential Selling Advantage).
What is your USP? It doesn't really matter "what" your USP is, as much as it matters that you have one. Your prospective customers MUST have a good reason to do business with you, rather than with your competition. It could be your superior customer service, your lifetime refund policy, best market prices or the outstanding quality of your products. You've absolutely no reason to worry about the economic slowdown or about your competition, once your customers "experience" your USP. In fact, you can use your USP to ruthlessly eliminate your competitors.
ADOPT CUTTING-EDGE TECHNOLOGIES
One of the best ways to stay ahead of your competitors is to keep up with current technology. So if you aren't familiar with email marketing or "Customer Relation Management" software, now is the time to explore it.
You can put your business online, advertise with well-placed banner ads, send out information to potential clients via email, outsource some of your administrative duties, mange your payroll, or establish an affiliate program, all on the Internet.
Current technology can help your company run more efficiently and more cost effectively, plus it can open access to clients in the next city, in another sate, or even enable you to compete in the global marketplace. You'll have the potential to contact millions of people who would otherwise have never heard of you or your product and in a slow economy, you need all the exposure you can get.
STAY FOCUSED
Nothing will damage your business more than business myopia or short sightedness. In order to stay successful, you need to always keep an eye on your long-term goals and objectives. You'll hit rough spots, but don't make the mistake of getting bogged down in the present. Instead, keep your eyes on your target. Stay focused. Every decision and every cutback, every improvement you make now must be beneficial not only in the present but more importantly in the future. Think about this before you slash prices, fire employees, cut overhead, or lower your standards.
SEEK NEW WAYS TO IMPROVE
If you're like most people, you're content with the status quo until something disturbs it. You should be constantly reevaluating not just your marketing plan, but all of your business strategies, including policies, pricing, and employee performance.
The idea is to eventually be as efficient and effective as possible so your company runs smoothly and profitably. Take a close look at your competitors. Talk to business leaders you respect. Read a few business management books. Experiment. Solicit feedback from your workers and customers. By doing several of these things you will accumulate a wealth of knowledge and experience crucial to the survival of your business.
As you read this, tens of thousands of businesses across the country are headed for extinction. Use these seven recession-proof strategies immediately and you're guaranteed to see assets where others see liabilities, opportunity where others see failure, and extra profits where others see financial losses.
Collin Almeida is a Product-Licensing Consultant and Publisher of the Strategic Marketing Audio Newsletter. Discover his 58 Proven, Do-it-Yourself strategies to recession-proof your business by visiting his website at
http://www.HowToRecessionProofYourBusiness.com
For more marketing, copywriting, and advertising resources, visit
http://www.reprint-rights.com
Collin may be reached at 541-736-9631
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