A big challenge for many small businesses over the next few years will be competing in stagnant or declining markets. Sticking it out requires courage. Running a stagnant business calls for a new game plan, different to the one used in a period of growth.
4 tips to supercharge a stagnant business
Back to basics
Prepare a cash flow forecast and budget to see what costs can be cut. Review unnecessary overheads and business expenses. Look ahead and prepare for seasonal cash-flow tough times.
Your existing clients are a great source of marketing. Review your clients and work out which ones are profitable. Increase service and time spent with referrers in your network. Find out how else you can help their business, while actively seeking referrals for yours.
Look inside the business
Are there processes that suck time (and therefore money) out of the business? Review your internal systems and get them right for when the business turns around. But be careful! Make sure you spend time working on the business and not stuck in the business. As the business leader, your focus should be to look forward and plan.
Spend money, to make money
Increase marketing spend to stimulate market demand or/or needs. By injecting marketing dollars into the business you will attract and retain good customers. Seek professional advice of how best to spend your marketing budget; no marketing dollar should be wasted.
If you need advice on how to supercharge your stagnant business, talk to us and arrange a consultation.
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