Is your business feeling the crunch of a slow economy?
Has your business slowed down 40% or more over the past 12 months?
Have you done anything different with your advertising or marketing?
Do you feel that the main reason for the decline is that people have less money to spend?
That certainly makes sense. All our living expenses are on the rise. Groceries cost more, utility bills have increased – in some places dramatically – and the price of a gallon of gas is through the roof. So it only makes sense that consumers have less to spend on what they may perceive as ‘non-essential’ services.
If you were asked what you were going to do about it, what would you say?
Would you make cut backs, not only within your business, but in your home life?
Maybe your buiness cost for advertising and marketing is your biggest expense OR maybe it is almost non-existent. Maybe you pay for ads in magazines or newspapers or on websites... maybe you don't. No matter which of these two scenarios match your business, YOU STILL NEED CLIENTS!
SO, cutting your advertising or marketing budget can be like sharpening both sides of a sword... it would save you money and affect your ability to reach new clients. "Trimming fat from your business is smart in lean times. But it can also send your business into a downward spiral which leads to going out of business. When revenues are low, you cut back on marketing – which brings less clients, which, in turn decreases revenue further leading to more cutbacks." ~Dawud Miracle
What small business owners seldom think of in lean times is growth. But look at the example of big business and wealthy people. They’re often the most active when the economy is slow. Investors often buy in when times are lean. And they ALL make a killing in the long run.
The small business owner, if they want to stay in business, needs to take a similar approach. In lean times, sure, cut back on unnecessary expenses. Readjust your books so you can loosen up some cash. But even more importantly, GET ACTIVE.
Seems like a simple solution, right? Times are tough… do more. But seldom do small businesses in slight downturns think of this. Or if they think about it, they don’t actually follow through on it. The key to coming out of a difficult financial period is to focus on growing your business. Utilize all the 'selling' techniques you know about to stir your way out of stagnation. Advertise & market through different resources. Local websites such as CraigsList.com, ClassifiedAds.com, pennysaverusa.com, etc., are free and somewhat popular.
Remember that marketing is most effective when you’re solving problems for your clients and customers. Refine your marketing to meet potential customers where they’re facing problems. It might be that you have a perfect solution for their needs.
So how is your business in this economy?
Do you have a growth strategy for slow times?
What would it be?
Has your business slowed down 40% or more over the past 12 months?
Have you done anything different with your advertising or marketing?
Do you feel that the main reason for the decline is that people have less money to spend?
That certainly makes sense. All our living expenses are on the rise. Groceries cost more, utility bills have increased – in some places dramatically – and the price of a gallon of gas is through the roof. So it only makes sense that consumers have less to spend on what they may perceive as ‘non-essential’ services.
If you were asked what you were going to do about it, what would you say?
Would you make cut backs, not only within your business, but in your home life?
Maybe your buiness cost for advertising and marketing is your biggest expense OR maybe it is almost non-existent. Maybe you pay for ads in magazines or newspapers or on websites... maybe you don't. No matter which of these two scenarios match your business, YOU STILL NEED CLIENTS!
SO, cutting your advertising or marketing budget can be like sharpening both sides of a sword... it would save you money and affect your ability to reach new clients. "Trimming fat from your business is smart in lean times. But it can also send your business into a downward spiral which leads to going out of business. When revenues are low, you cut back on marketing – which brings less clients, which, in turn decreases revenue further leading to more cutbacks." ~Dawud Miracle
What small business owners seldom think of in lean times is growth. But look at the example of big business and wealthy people. They’re often the most active when the economy is slow. Investors often buy in when times are lean. And they ALL make a killing in the long run.
The small business owner, if they want to stay in business, needs to take a similar approach. In lean times, sure, cut back on unnecessary expenses. Readjust your books so you can loosen up some cash. But even more importantly, GET ACTIVE.
Seems like a simple solution, right? Times are tough… do more. But seldom do small businesses in slight downturns think of this. Or if they think about it, they don’t actually follow through on it. The key to coming out of a difficult financial period is to focus on growing your business. Utilize all the 'selling' techniques you know about to stir your way out of stagnation. Advertise & market through different resources. Local websites such as CraigsList.com, ClassifiedAds.com, pennysaverusa.com, etc., are free and somewhat popular.
Remember that marketing is most effective when you’re solving problems for your clients and customers. Refine your marketing to meet potential customers where they’re facing problems. It might be that you have a perfect solution for their needs.
So how is your business in this economy?
Do you have a growth strategy for slow times?
What would it be?

