8 effective ideas to help boost business during this economic downturn:
- Focus on the solution. Face problems honestly and deal with them effectively. Focusing on solutions will stop you being dispirited by the challenges. Every mishap offers an opportunity if you’re open to it. Make it your policy to focus on solutions not problems.
- Maintain your prices wherever possible. Price-reducing now is ineffective strategy. Reduced turnover at lower prices isn’t economic sense. This is a good time to build relationship with clients – give great value while you increase volume.
- Develop flexibility in finding new strategies. Become creative in finding new ways of operating in this environment. Charles Darwin said: ‘It is not the strongest of the species, nor the most intelligent that survives. It is the one that is most adaptable to change.’
- Surround yourself with positive people. Don’t allow the negativity of the gloom-mongers to infect you. You owe it to yourself, your business and your people to remain positive and optimistic.
- Promote your company. Profits are generated by advertising and development. Going into survival mode and cutting marketing costs first is a passive and ineffective strategy. Your clients need to know you are confident and still operating. It helps them feel more confident about expenditure with you. Digital marketing is a useful way to market your business.
- Social Media. Build relationships on-line and generate buzz about your company with regular commentary and input on blogs, tweets etc. This also gives youaccess to new ideas and innovators.
- Increase training. Now is the time to invest in training for you and your staff to give you a polished professional team when the tide turns. They will value your faith and commitment, leading to greater motivation, loyalty and willingness to adjust to tough times with you.
- Communicate regularly. Now, more than ever, attitude counts. You and your staff need to be pulling in the same direction. Make sure they know your values and vision for the company. Ensure they know the importance and value of their roles. Make sure you walk the talk.