When business is tough it is important to keep on doing the things that are working and review where your business is heading. Which market are you aiming for, how do you need to position yourself to keep your existing customers who may well be cutting back and also how do you attract new customers.
Existing customers may well be modifying or adapting their own businesses. You may need to become flexible to accommodate their changes in strategy. Review what your core business is, the main reason why people use your company to provide for them. Explore how viable it would be for you to extend your goods and services if you can see a niche that might be feasible to expand into.
Look at your marketing initiatives. Does your company literature reflect where you are and what you are trying to say? It is important to sometimes pretend to be your own customer. What impression would you form from your literature. Does it inspire confidence ?
There are many free options or inexpensive ways of getting your brand into the market place. Many online networking sites are free. Look at online groups that could provide valuable connections. Some networking meetings are inexpensive to attend. But they do require time and effort to be invested as they require an ongoing commitment to build good working relationships.
Invest in your business. It can seem like a good idea to prune overheads, but some overheads are essential to keep your business looking successful and viable. People want to trade with a busy, successful company. Would you choose to eat in a restaurant if only a few tables were laid and the lighting was turned off ? The same with any business. It has to inspire the confidence in its customers to want to trade with them.
Cheap and cheerful may work in some sectors, but if you want to attract a more professional customer base then that professionalism is the image you need to reflect, both to your potential customers and to your staff. Staff are a crucial part of a companys’ survival. They demonstrate in their demeanour how a company is performing. By staying strong and focussed you generate that confidence and commitment in your staff.
It may be useful to have an area in your business that appeals to specific market sectors, but it is important not to try to accommodate every potential customer option. Diluting your efforts into many areas can dilute your brand. The companies that adjust and adapt their main brand are the ones that survive.
Work with your customers. Ask them what you can do to help them, are there any areas that you could improve, any products that might benefit them. Encourage their feedback.
Consider using a business adviser. Sometimes being too close to your business can make you precious about certain aspects of it or blind to some areas that are not working too well. A business adviser will look at your overall business plan, check your processes to see how they are working and help you define your future goals. They will often set systems in place to achieve those results and train your staff to work with that vision too, ensuring that the strategy brings a positive outcome.
Susan Leigh, Counsellor and Hypnotherapist www.lifestyletherapy.net