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Business Plan and Start U Newsletter Issue #1069 – How To Build Your Business In Today's Economy October 22, 2009 |
Hello
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Everything banks,
lenders and the SBA look for! Produce your business plan quickly and easily...
For entrepreneurs and small-business owners.
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********Table
of Content********
How To Build Your Business In Today's
Economy...
A Few Cool Helpful
Notes...
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How To Build Your Business In Today's
Economy... Now is a good
time for reflection. Take a step back and look at how your business has
operated. What has worked? And what has not, over the last couple of years.
What can be improved on? What success can be replicated in order to diversify
on your products and services you are currently offering? 5 TIPS OF RIDING THE STORM 1) Know your customer. Take the time to understand your customers, why are they buying from you
instead of someone else? What else can you do for them to further improve the
service / products you already providing? One of the easiest ways of finding out what your customers needs are, is to
ask them. Which areas can you add value to enhance your relationship with your
customers? It is more economical to sell to your existing customer base than
trying to acquire new customers. 2) Keep your overheads down. Cut backs seem inevitable at this time .But before you start laying off
your valuable staff, look around at other ways of cutting back .Search around
for better deals whether its electricity, broadband or telephones services.
You may be surprised at just how much you could save on by simply switching to
other providers. 3) Networking. This gives you the opportunity to talk to like- minded business people in
your sector. Find out from them how they are dealing with the recession.
Networking also gives you the chance to showcase your business, get referrals
and give referrals to others creating a situation were both parties benefit
from each other. 4) Keep your team motivated. Be honest about how the economical situation is affecting your business and
let your team members know exactly where the business is going. Thing is, they
probable know if the business is under -performing. However they will
appreciate your honesty and are probably the best people to give you advice
and support. Reward and offer incentives to motivate your team. 5) Diversify. One of the advantages of running a small to medium sized business is the
relative ease at which decisions made can be implemented.As stated earlier,
markets change and so a businesses ability to adapt to cater for the shift in
demands is vital to its success and growth. Where possible use your USP (Unique Selling Point) to enter into other
markets which are not as affected by the recession. Kumbieclyde Consultancy is offering free initial consultation to businesses
affected or worried about the effects of the recession on their business. To get in touch email:
mail@kumbieclyde.com Alternatively call on: 01617246180 Website:
http://www.kumbieclyde.com ©kumbieclyde Consultancy 2009
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A Few Cool Helpful
Notes
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