Friday, May 10, 2013

Tough Economy Vs. Your Business

I can’t tell you the number of times I hear or read “touch economy” in a single day. Yes, the economy isn’t what it use to be. But, that’s not an excuse to fold your cards and call it a day when it comes to your business- or starting a business.

There are some things you can do to offset how the economy is impacting your business. You don’t have to thrive during a recession, but you do have survive. I know there are some circumstances that don’t warrant keeping a business alive. I’ve been there. But you have to give yourself a fighting chance. Here’s how:

Starting with re-researching your competitors. Don’t rely on old data. Your competition is feeling the impact of a touch economy just like you. This is why it pays, literally, to check out the competition weekly and see what perks they are offering and what price adjustments have been made. After doing this you can make an educated decision on how to adjust your own pricing and business efforts.

The next thing you want to do is review your budget. Small changes can mean big savings. If you have a water service delivery to the office three times a month, cut back. Ask for twice a month delivery service. If you are using premium pens because they write better- switch. Go to the dollar store and buy pens and pencils in bulk. You will save money. Review your budget and see where cutbacks and substitutions can be made.

Last on my list is sending hand-written Thank You notes to your existing clients. It seems like a small thing to do, but it is the right thing to do. Your customers can get your products or services anywhere. Don’t believe me? Google your industry. They are your clients because they like you and your work. Let them know they are appreciated and you want to keep them as clients.

There is never going to be a perfect set of circumstances in business. You will be able to survive, and then thrive, by adjusting your plans according to client need and the economic culture.

Twyla Garrett

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