Even though managing a successful business can be difficult, uncertain times make it even more difficult. Many businesses are finding it difficult to survive in the current economic environment but keep in mind that often during difficult time new opportunities arise. Here are three business tips to keep you afloat when things are tough. Now there are obviously a lot more things you could do as well, some of which you may think should be included here, but I just wanted to provide you a quick list of four things you can easily action in your business today.
When facing difficult times, reviewing your business expenses should be one of your first priorities. Find areas where you can reduce spending without hurting your business . You might be able to cut back on workplace space or bargain for lower supplier prices, for instance. Think about terminating memberships or subscriptions or services that you no longer need. A practical tip is to run through your monthly credit card and bank statements and check for recurring transactions – it’s surprising sometimes what you will find and you should do this for both your business and personal finances. I recently had a client who had around $350 a month in recurring subscriptions that when he thought about it, he hardly used, so this was a significant saving. Even the smallest amount can add up over time.
While cutting expenses is important, make sure you don't sacrifice quality or essential services. Prioritise expenses that directly contribute to the success of your business.
It's crucial to adjust to evolving conditions when facing challenging times. Consider switching to a new business model that better fits the current market if your current one isn't functioning. For instance, if your un a restaurant, think about providing clients with delivery or takeout options. If you're a retailer, think about providing kerbside pickup or moving your sales online.
Although changing your business model can be difficult, it can also result in expansion and new opportunities. Find methods to set yourself apart from your rivals and provide your clients with special benefits.
Take some time out to think about this point. Maybe take a day off, (I know you will say you don’t have the time, but you actually do),and head somewhere peaceful and quiet, maybe one of your favourite go to relaxing spots away form the office and home and jot some thoughts down on ways you may be able to tweak, adjust or change your current business model.
Focusing on keeping your current customers is essential because acquiring new ones can be expensive. When circumstances are tough, your clients might be more likely to cut back on their spending, so it's important to keep them happy and engaged with your brand.
Offer special promotions, discounts, or loyalty programs to show your appreciation for their business Obtain customer input/feedback and use it to enhance your offerings. Keep in contact with your customers and inform them of any changes or updates to your business using social media and other channels.
This one ties in a bit with the previous point but consider offering volume discounts or rewards for customers who purchase multiple items or commit to longer-term contracts. This can make your services more attractive and valuable to customers while also helping to bring in more money.
Also, consider using a subscription model for certain products or services. By breaking up payments over time and offering loyalty discounts, customers can gain access to your services at a more affordable rate.
By getting creative with your pricing strategies, you can make it easier for customers to continue buying from you, even when times are tough. So don’t be afraid to experiment with different discounts and deals, and even consider running some joint promotions with other business that have asynergy with yours.
In summary, managing a business through difficult times can be difficult, but it's not impossible and can often lead to new opportunities you would never have thought of or expected. You can keep your business running smoothly and even discover new chances for growth by eliminating unnecessary spending, changing your business model, and focusing on customer retention, and reviewing your pricing model. Be flexible, tenacious, and mindful of your customers' requirements at all times.
Its also important to look after your own health, physically & mentally, during these challenging times so don’t ignore this aspect. Surround yourself with other successful and encouraging businesspeople which may sometimes involve stretching yourself a bit and attending some networking events or a local business network which can not only provide community support, but also be a source of good referrals.