Strategies for Recovery from a Business Downturn
Successful business owners do not accept failure or defeat. If their business falls on hard times, they re-think and strategize. When sales and profits are lagging, they are proactive. This is a list of common strategies for consideration:
Call it reinvention. Call it adaptation. Either way, you must be ready to shift gears when you are in business. Evaluate your strengths and weaknesses. Explore new markets. Are your products and services still in demand? Have you kept up with changes in your industry? What changes are necessary to make your business competitive once again? Talk to your customers. Based on their needs, are there new products or services you can provide? Discover niches in your customer base and figure out how to bring in more of that type of customer. What else would they like to buy?
If you are not selling your products and services online, perhaps it is time to ask yourself why and reconsider. You may place your faith in personal relationships and, sure, people do still buy in-person. However, they search for businesses online. They research online before buying. No matter what, you should already have a website. If sales are declining, you must consider selling or at least capturing leads online.
How do you capture leads? The answer is social media. Post comments, answer questions and start discussions on whatever social media sites attract potential customers. Many businesses have a dedicated staff member that handles these tasks. Advertising on social media may also yield results. Finally, be sure to be mobile friendly. Most people are not searching the internet via desktop computer these days. They are using mobile devices, such as tablets and smartphones.
There used to be a thing called a rolodex. It contained little white cards with all your contact information, that you would flick through until you found what you were looking for. Now, that is all stored electronically, or at least it better be. Customers, prospective customers, business contacts, all former and present, should be on some sort of contact list that you can work when business needs resuscitation.
Former customers may have stopped buying from you in the past. That does not mean their needs and circumstances have not changed. That former customer may be a new prospect. The same goes for prospective customers. Existing customers may require additional products and services. Your contact at one client may be leaving the company. Ask them for their new contact information. If it comes down to it, work the neighborhood. Contractors who work on homes, for example, should always leave extra business cards and canvas the area.
Multiple Revenue Streams
Find more ways to make money. Add more options to your list of products and services. Diversify your skill set. A lawn care business could add landscaping services. Bagel shops can always add coffee rolls, muffins or deli sandwiches. Does your restaurant have a delivery or catering service? Maybe that is something to investigate. Freelance writers can always hone their skills to include how-to articles, blog posts or social media marketing.
The Law Office of H. Benjamin Sharlin LLC
is owned and operated by H. Benjamin Sharlin and serves all of Mercer County, New Jersey and the surrounding areas. Mr. Sharlin is a bilingual Spanish-speaking attorney who vigorously represents the interests of all his clients.
Call (609) 585-0606 or click the button below to schedule an appointment