Strategies for Business Success in Tough Times

STRATEGIES FOR BUSINESS SUCCESS IN TOUGH TIMES

These are tough economic times for business, but times like these come and go. Causes could be internal or external.

The following are strategies that companies use to maintain and increase sales:

Ø      Reactivate dormant accounts: Contact old clients or customers and get them to do business with you again. Let them know you are interested in working for them without putting them under undue pressure.

Ø      Reactivate old leads: Reactivate old sale leads by calling them up to find out if they have need for your service or product.

Ø      Help existing clients create new assignments for you: When things are slow and clients are not calling, you can call them and help them come up with assignments for you. You can profer a solution and if the client is interested they can get you to do the job.

Ø      Give a superior level of service to your clients: During slow time you need to do all within your power to keep your clients. The best way to hold on to your client in to please them and the best way to please your client is to give them not only their money’s worth but more than their money’s worth.

Ø      Quote reasonable fees: When the going is tough people look for cheaper means to reduce costs. Ensure your pricing is competitive so you don’t lose the business.

Ø      Use low-cost “add-ons” to generate additional revenue: You can bargain to do an additional assignment at a bargain price.

Ø      Avoid acting inappropriately: In good and bad times give your clients a genuine reason to like you. That way you will always be their first option.

Ø      Postpone any planned fee increase: A recession, depression or business slow time is not an appropriate time for fee or price increases.

Ø      Lower your clientele profile: You need to be more flexible on your clientele type. Every one should be seen as a potential client. That does not mean you should drop on your standard.

Ø      Plan an aggressive new business marketing campaign: Increase the percentage of time spent on marketing and prospecting for new business.

Ø      Repackage your services: You can offer clients better options to pay for your services or products. Manufacturers can offer compact models, economy sizes, smaller orders and special discounts. For services you can give clients more convenient payment options.

Ø      Add value to your existing service: You can win new accounts and retain existing clients by enhancing your services or product.

Ø      Keep busy with other assignments: Develop new marketing strategy, make technical improvements to an existing product or service, revise all aspect of your business. This takes your mind off the slow down in business and improves your organization for better positioning when business is good.

Ø      Be positive: Don’t despair and don’t give up. Remember the saying that, “Tough times don’t last but tough people do”.