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HOW CAN YOUR SMALL BUSINESS GROW IN A DOWN ECONOMY?
c2009 By Dave Westfall
When the economy is struggling, your business doesn't have to. Here are three things that you can do right now, starting today:
1. Sell More to Your Existing Customers--This is the fastest way to increase your sales. These customers already know who you are, where you are, and the quality of your goods and services. So, set aside an hour to make two-minute F.O.R.D. follow-up calls to your top 20 customers. In a F.O.R.D. phone call, you ask them about their:
* Family* Organization (company, church, school, etc.)
* Recreation (vacation plans, sports, etc)
* Dreams
Than ask, "What can I do to help you?"
Listen to what your customers are telling you. Take notes--they will tell you what you need to improve. Finally, ask them for a referral, recommendation or testimonial. Statistics show that 40-50 percent of the people they refer will take action and contact you. Half (or 20-25 percent of referrals) will buy from you. Start spending 25-33 percent of your advertising budget on promotions/coupons for existing customers.
2. Return to Your Core Business--Cut your losses by eliminating under-performing projects and refocus on your core business.
3. Look For New Opportunities in Counter-Cyclical Markets--What other "up" markets could you offer your core services in (e.g., foreclosures, healthcare, green industries)? Or are there any upscale or downscale markets where you could offer your services?
What are some examples of what Small Businesses have done to grow in down markets? I was recently interviewed by the Wall Street Journal to explain what three Businesses had done to "Re-tool Their Business to Thrive in a Recessionary Economy."
* A Fitness Company/Personal Trainer switched from Private to Group Training to lower customer costs.* A Commercial Real estate Property Manger started offering services to mortgage companies to rent out foreclosed homes.
* A Swimming Pool Business moved up from the economy market to the luxury pool, waterfall and spa market.
In addition to the above examples, let's look at some examples of what my small business clients have done:
* A New Home Cleaning business set up a new website and expanded the business into cleaning used homes.* An Automotive Repair Shop updated its website, started Pay-Per-Click Advertising, added customer appreciation events and Frequent Shopper programs. The results? Traffic was up 400 percent, with more customers and sales.
* A Small Law Firm changed its Internet Marketing strategy and website content, increasing visitors by 300 percent.
Dave Westfall, MBA, is an experienced Small Business Coach and eBusiness Consultant with DewPointe Ventures, LLC. His areas of expertise include profit improvement plans, turnaround strategies, business development and Internet marketing. He provides solid advice and proven solutions that work to help you grow your small business. For your FREE one-page business-plan template, visit Dave's website: http://www.dewpointe.com
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