>5 Ways to Grow Your Business During a Recession
5 Ways to Grow Your Business During a Recession
Growing your business is a challenge when the economy is good, and even more so when the economy is struggling. Even so, we’ve seen growth across small businesses, especially as buyers want to support local enterprises. At Point 3 Media, we’ve seen success over the past few years and attribute it to what your mother taught you in kindergarten: make friends, be nice, use your words, and share.
Here are my Top 5 ways to grow your business during a recession explained:
1. Rely on Relationships
Use relationships to create business and retain business.
Think of everyone you meet as a potential connection to a new piece of business or one that furthers a current client’s business.
Focus on helping, not taking, in every conversation. You are an asset, a needed resource and someone to trust as a solution to a problem.
If your business does not meet the need, refer them to someone you trust who does. The relationship you just established will benefit you long term.
Maintain a positive attitude with your relationships – don’t get sucked into the trap of discussing a negative environment.
People want to work with successful & positive individuals that make them feel good.
2. Customer Communication
The “personal touch” is a lost art form in this age of automation and electronic communication.
Your clients & potential clients believing that you actually care about their business–because you do–will set you apart from the competition. Guide them, counsel them and tell them the truth.
Create a company culture that promotes and supports a hands-on approach with clients which delivers your best service and advice.
3. Simple Concept, Well Executed
Execute the project well, regardless of budget. If you have to simplify the concept, do so to maintain your reputation of quality.
Don’t let desperation trap you into over promising and under delivering.
Focus on long-term commitment to efficiency and quality.
4. Cast a Wider Net
Provide financial protection in slumps by purposefully marketing yourself to multiple industries and in multiple markets. Diversity is key. The economic condition of one city or a singular field of industry won’t effect your bottom line as greatly.
Evaluate your company’s core products, services and talents, and then look for customers outside your “traditional” customer base that could benefit from what you offer. Most businesses are just like yours and seek a fresh approach, especially in tough times.
Partner with a complimentary product or service provider you trust and then target new business together. Your combination of assets will strengthen your ability to “seal the deal”.
Speak to your core vendors before bidding a project.
Let them know that if you get the job you will use them but ask if they will work with you on payment. Use your relationship to strike a mutually beneficial deal with payment based on a specific criteria, including; reduced rate, payment plan or trade out for your services.
5. Higher Slashers
Staff smart for your key high-level positions with individuals that have multiple skill sets and are to handle multiple projects if necessary.
Slashers stay busy because they have multiple things they can be doing. If there is a lull, their desire to be productive will cause them to ask for a project or they will be creative and bring one to you.
Find people who are motivated by helping others and problem solving. If they are motivated by money only, when things get tough they will get going…. or at least looking.