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Helping your small business succeed in this complex economy

mantalking30346145.jpgWith the recession and the economy taking a sour turn, many small businesses had to declare bankruptcy as they could no longer afford to stay in business. How can you ensure that your small business will continue to stay afloat in this complex economy? This article will discuss a few things you need to do that will help you rebound from declining sales.

First you need to focus on how you are selling your products, not what you are selling. Customers will be motivated by price more than anything else in a struggling economy as the fear to save money is adamant. Since you have competitors that are also looking for ways to keep up with the slump, you need to find a way to offer a higher value to your customers to get them to continue coming back for more from your company. How do you offer value to your customers? Here are some simple tips to try:

  • Send out newsletters, write articles, and publish valuable information pertaining to your business. Your goal is to try and attract as much attention as possible and this will only happen if you are working hard to get your name out there. Providing valuable information that your customers can use will strengthen your relationship with them and it will allow you to build trust with your customers again. Social media sites are wonderful when you are working on your reputation.

  • Offer promotional discounts. When it comes to running your small business effectively you are going to need to slash prices once and awhile. While you may not be able to increase your profit margin by doing so, the goal is to slash prices on a popular item to get your customers in the store. Once they are in the store, it's up to you and your ability to form a relationship with them and convince them why they need to purchase some other products in the store. Getting them back in the store is the hardest part in this economy so you need to offer something that is valuable to them.

Remember that getting your customers to buy your products again will take a mindset change. Use your network to start promoting your products and your business. If they already purchase products from individuals in your network, you will have an easier time convincing your customers to come back to your business and to start purchasing from your company again.

Quit trying to outdo your competition and focus more on the needs of the customers. Since they are weary about spending money, try gathering some market research information to find out what motivates them to spend money. Maybe you can try hosting a seminar or hosting a conference where you can teach your customers about your industry or even offer financial advice from experts in that industry. Bringing in a respected financial expert will help your company boost its credibility and it's a great way to raise awareness for your company.

Head back to the drawing board and take a look at your products. Are they becoming outdated? Why should your customers purchase your products, do they satisfy a particular need? You must put yourself back in your customer's shoes and find a way to reconnect with them in order to get them to purchase your products again. Try coming up with some new ideas for your products and then package them with existing products that may be taking up money from your cash flow. Adding a new product is always exciting and its one of the easiest ways to gain attention from your customers in a hurry.

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