Photo Credit: Ky Olsen
How can you know where you are going if you don't know where you are? Who is buying your product? What product are they buying? Where are they coming from? Why are they picking you?
This is a different economy than the one you knew even a few months ago. Certain businesses are doing well because they align to what people need and want now. Recording and surveying what people want now can be essential so you can strengthen what part of your business is working. A big mistake is to assume what worked before will work now. That may be true for sum (I hear bankruptcy lawyers are doing very well) but for others, you may have a tailor your products, services and promotion to now, not one year ago.
Increase Promotion
Photo Credit: Freddy the Boy I know the advertising budget was one of the first things you looked at cutting but advertising is the thing that gets customers in the door. Advertising is not cheap for the most part but there are great value methods that are in some cases the best forms of promotion. Take that idle front desk guy and put him on the phones or email to previously content and happy clients for referrals. Word of mouth is the best advertising so nudging that happy customer to find you some business is a successful action. Just by contacting your previous customers, you may pick up some business from them. The web provides many options for cheap or free marketing options for small businesses, use them.
If you choose to reduce your advertising budget, fine but you need to work out how to get more advertising for less dollars. Do not reduce advertising and expect the savings on cost to protect you. Increase your advertising while lowering the cost.
Cutting Costs
Photo Credit: Lisa Yarost
Can't get around this but there is value out there. Many of your vendors are probably feeling the crunch too so they would be more willing to cut a few prices (or their competitors would) to keep your business. Investigation of all your expenses may find value options such as hosted telephony compared to traditional or online advertising as opposed to old media. Simple things like getting your business checks printed at a printer over the bank will save money. You will find ways to trim your costs, just investigate each expense.
You and your crew need to be "all hands on deck" to weather this storm. Less breaks, get yourself and your crew running as opposed to strolling. Your crew will understand if you explain to them that you don't want to let anyone go. Use that extra effort for promotion and better service.
Tighten Discipline
Photo Credit: Tinou Bao
You and your crew need to be "all hands on deck" to weather this storm. Less breaks, get yourself and your crew running as opposed to strolling. Your crew will understand if you explain to them that you don't want to let anyone go. Use that extra effort for promotion and better service.
