It's no secret: How to continue trading in tough times
SO, we are in struggling economic times, right?
Well yes, but that does not mean that you can't do some work on your business right now, and even if you don't grow your business you will be able to continue trading, even during the tough times.
So, what is the five step action plan that you can use to immediately make changes in your business?
Well, some of them are very boring, and you have heard of them before, though others are going to be new to you, though will make a huge difference to your results.
- Go back over your business plan.
Your business plan is crucial to your success.
It is the plan for your success, and your goals for the next three, six and 12 months.
Your business plan is an important document in your business, as it will outline your products, services, marketing strategies, costs and a range of other things that will set you up for success moving forward.
In short, those who plan, succeed.
- Focus on in your product offering, and your market niche.
The purpose for doing this is called 'taking stock'.
It is a process for getting very clear on what your product is, what it does, and who will benefit most from it.
I can hear you saying it already, that you don't have to do a taking stock, to know who you want to target during your marketing process.
Your taking stock process is about being very clear on who you are going to target, right down to their role, they requirements and their buying process.
- Go back through your previous client list, and make contact with them.
Re-engage your previous clients is a powerful process, as you never know who needs what you are offering, right now!
Get onto your email, get into your CRM, review your invoices to find the contract details of previous clients.
If you have put in an unsuccessful proposal, make contact with the business, to see if they found someone to provide those services, or if they still need to you get the work done, and you might even be able to get started on some work for them!
- Focus on your marketing strategy.
You will not make a difference in business if people don't know about you and they don't know what you do.
Get very clear on what is the best use of your marketing dollar.
Most of the companies that I do coaching with appear to reduce their marketing spend during tough times, which just doesn't seem to make sense to me. Why do people stop marketing when times get tough.
When you need to either stay in business, or build your business, you need to market, you need to engage with qualified leads and potential clients.
- Do what you can to get 'pre-qualified'.
There are specific processes, like Achilles (Achilles.com) that help your business get pre-qualified to work with specific industries around Australia. This is an amazing resource, and there are others. As well as Achilles, there are web sites and resources that put you in touch with tender processes that might be relevant to your business.