Business in difficult times
10 Tips for developing your Business in difficult times
by Morton Patterson
In the midst of despair there is opportunity. As we approach the end of 2008, the financial markets are in a challenging state with banks needing to be supported to keep the economy afloat. Despite this, there are opportunities for you and your business to develop greater relationships with your customers and thrive amidst all of the predictions of doom and gloom. Don't forget that we still need to eat, find somewhere comfortable to sleep and to have our basic needs met.
Outlined below are 10 tips that you could apply which could help you to thrive in the current climate
1. Spend some time reviewing your goals and the vision you have for the business. What do you want?
2. Who is your ideal client? Remember the old 80:20 rule - 80% of your business is from 20% of your customers - do you know who they are?
3. Review your service offering, think about the problems your customers are experiencing and how those problems are affecting them. How could your business help to relieve their pain?
4. The gold mine of your company is your customer database. Do you have a nicely compiled email listing of your customers and have you contacted them lately?
5. Are you clear on what each customer is worth? Learn how to calculate the life time value of your customers.
6. Do you have a website? How is your website representing your company? Are you proud of it? In 2007 an IMRG research stated that online sales was expected to jump by 40%. The quality of your information and functionality of your site plays a crucial part in getting business. Click here to see how to make your PPC campaign work for you.
7. Invest in the development of your self and your staff. Develop a culture of never ending improvement - e.g. presentation skills, networking skills, how to write winning tenders, confidence and leadership skills etc.
8. Develop a system to follow up leads after networking events.
9. People buy people - focus on building relationships with your team, your customers, invite your best customers out to lunch to understand a little more about what is happening in their world.
10. Seek an adviser or coach that can help you to identify the constraints that could be preventing the business from moving forward
After reading these tips, pick just one tip to start working on immediately and make a commitment to see it through to completion. Good luck
Morton Patterson
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