Three Things You Must Do To Grow Your Business Especially During Tough Times!
You do understand that when your local economy starts to contract (shrink) that’s just a fancy way of saying that local consumers (as a general) rule, have less money to spend on non essentials! You get that right? And you also understand that in order for you to consistently grow your business that you’re going to need to adjust correct?
Because one things definitely for sure; during any semi prolonged contraction of your local economy, your competition for an ever shrinking pool of available funds, is at a feverish pitch!
Every company from the tiniest, newest start up, to the big boys and girls, are in overdrive mode to grab their share! This (entrepreneur) is where the following three incredibly sound tips; will definitely help you wither the storm!
Introducing Three Incredibly Simple Things You Must Do To Grow Your Business!
(Especially During Incredibly Tough Times!)
Otherwise, there’s a very good chance, your business will become just another statistic! Of course let’s be crystal clear here. These three battlefield tested improvements are not the proverbial “magic bullets!”
You will not cure all that might potentially ail your business and or service, simply by reading these words alone!
1.) Potential strategic fix #one: Entrepreneur, make sure “especially” during any tough economic period, that you’re always and constantly ‘thanking” your very best customers, clients, employees and or associates and vendors!
Because they are helping you in so many ways! Live your dreams! Ladies & gentlemen it is simply unconscionable that two of the most powerful words in your entire marketing arsenal “thank you” are so under utilized!
Especially when it cost so little, compared to your rather expensive alternatives!
(Hint: Can you periodically host a customers/clients, vendors and or employee/associates appreciation day and or weekend etc!) Strategic acknowledgement definitely increases profits!
2.) Potential strategic fix #two: If you have (both) long and short term debt. Have you looked into ( brainstorming) with your banker; as to whether it really makes economic sense to strategically increase your long term debt, in order to pay down (and or) completely payoff your short term debt!
3.) Potential strategic fix #three: And last but certainly not least! You know (or at least) you should; that 80% of your long term profit comes from 20% of your customer/ client base,right?
That said; do two things immediately:
A.) First; entrepreneur whatever you need to do to ethically bribe your best clientele for continually supporting you! And they’ll continue to do so by sharing their good fortune, especially all over social media!
B.) And finally, you need to do a periodic inventory of your bottom twenty percent customer/ client base and get them gone asap! Your life and piece of mind will be so much better! And your bottom line will definitely improve too!
Three simple things, that will definitely help you grow your business! Don’t you agree?
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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