5 tips to strengthen your businessTo stay ahead or in tough times it pays to be prudent, focused and active. Here are some tips that will help you strengthen your business and have a better more valuable business:
For a stronger business...
1. Work with your customers.
Keep the communication going; when times get tough we tend to retreat to our caves (no customers there). Every customer counts and we need to get out there, connect and understand how we may best service their needs in a different market place. Work to ensure your customers are happy.
2. Review your offerings.
Focus on the best performers, those that communicate value, reliability, durability and performance, and re-forecast your demands and cashflow on these.
3. Focus on the value.
People are looking for value. Define how your customers perceive 'value' during difficult times. Look to add and emphasise such value in your overall offering instead of just lowering prices.
4. Maintain the marketing.
Businesses that increase their advertising during recessions, while competitors cut back, can improve their market share. Determine which mediums and activities provide you with your greatest returns. Err towards the more proven channels and those that target your customers (select on quality).
5. Communicate and promote.
Stay vocal and active - your advertising and communications should stress value and performance, not focus so much on creating brand or company awareness. Look to connect with your more serious customers with messages about your product or service and its capabilities with strong calls to action. Your website can be a powerful and cost effective tool offering an easy way to reinforce your message.
Want a better business? Build the value in your business for the day you sell
By Richard O'Brien - nzbizbuysell
Share this article:
- Growing your business through business acquisition
- 5 reasons businesses fail
- Developing a business exit strategy
- Surviving the holiday season
- Boost your New Year retail sales
- The power of a great testimonial
- Managing change for small businesses
- Get focused to increase the value of your business
- Building business momentum
- Using trust to help you compete
- How to grow a tourism business
- How to avoid small business burnout
- The one page business plan
- How to future proof your business
- Being present to plan the future
- The five-step fresh start
- How to grow your new business
- Marketing your business for free
- Have a better business budget
- Why competition is good for business
- David and Goliath business lessons
- How to prioritise your social media
- Business survival through adaption
- Do you know what business you are in?
- Tips for small business owners going it alone
- Planning for business success
- 5 steps to a better business
- Managing a seasonal business
- The dreaded Business Plan
- Writing a business plan
- Strengthen your business
- Pimp my business for selling