Don’t fix something that isn’t broken. That is a saying that everyone has probably heard a thousand times in their life. What if you do not know if what you have is broken? For the longest time, the economy was looking good as sales were on the upswing. Within the past few years, sales are leveling off for many and in some unfortunate cases sales are declining. Many small business owners are feeling the crunch and tightening their hold on their business. As times get more hectic, the problems that you did not know you have will start to come out for you to see.
It is definitely time to get back to the basics in all areas of the business. Entrepreneurs are cuttings costs and making sure that their spending is at a minimum. Many businesses (small businesses included) are bracing for a slow holiday season that normally pulls companies out of the hole. I was in a retail store before Halloween that was already offering 50% holiday discounts!! This was certainly not a good sign of the times.
One thing I ask you to do though is focus on your customers too. When I say that, I mean the right customers. Marketing and advertising dollars are close to an all time low as many companies just do not have the time or sometimes energy to market. Here are a few ways to help you find your market and customers. When you do advertise, make sure you do it to the customers who will eventually buy from you. I know that sounds easy to say but hard to do. Hopefully for the past few years when times were good, you were tracking where all your sales were coming from. Did you notice that maybe you sell to one type of industry or set of customers more than others? If you did, do you know why? Once you find out who buys the most from you, try to sell to that industry or customer. That customer group must have a need for what you are trying to sell, or maybe you have a reputation in that industry that may lend to helping you find similar customers. It is always easier to sell to someone if you have expertise selling to a group similar to them.
Make sure that you are also being efficient in your communication; I have clients who use Google Talk to communicate with their customers if they need immediate help. Other forms of technology can also aid your customers in being able to reach you, or for you to remind them that you are out there. Your time is valuable, and you need to make sure that you and your employees are being not only effective, but efficient in your efforts.
Start focusing on the basics again; focus on a group of customers that you know will buy from you. Track where your sales come from, this would be a good way to find your niche if you did not know it already. Make communication an essential part of your mix that is beneficial for you and your customers. Streamline communication, but make it easy for your customer to get in touch with you. Frustration by the customer will just lead them to go the competition that needs the sales just as much as you do.
When you make it through these rough times, you will be even stronger and you will have processes that will hopefully lead to growth down the road.
