In today’s economic turmoil, businesses especially those belonging to the small to medium enterprises (SMEs) are having trouble staying afloat or better yet solvent. These businesses are experiencing irregular cash flow problems which hinder their ability to do marketing activities. If you are a business owner especially one who does not have a profitable niche market, you will have a hard time dealing with a lot more competition than what you are used to. Aside from other small businesses, you will also have to compete with large corporations who have enough financial reserves that they can afford to lower their profit margins just to keep their customers. Indeed, today’s economy will give small business owners a hard time however there are ways to stay afloat and even keep your competitors at bay with these following tips. Here’s some tips on how to keep your small business afloat during these hard times.
1. Never cease to advertise
Your advertising strategies are crucial to the success of your small business especially if you are trying to make it online. Advertising is a never ending process because you will need to advertise everything that you are doing for your company whether you are launching a new product or offering new promos. Small business owners must never think that putting up a business is enough to attract customers. They need to advertise. However, if traditional advertising strategies are too costly for you, you can try joining forces with other small businesses that are not competing with what you have to offer. For example, you can bundle your products and services with that of another small business. This way, both of your businesses can benefit from each other’s network of existing customers.
2. Keep your website always fresh
If your small business relies on websites for advertising, always update them constantly. Make your websites as informative as possible by uploading or adding in new content that is relevant to the products and services that you are offering. Customers will appreciate your business more if you are giving them information about the proper use of your products or how your services can benefit them even more.
3. Branch out or diversify
If your products are not selling as fast as you would like them too, try to investigate the reason why. Find out other ways to market your product or if necessary, try to offer new products that will keep your existing or potential customers interested. You can also diversify by offering new products that are related and complementary to your existing products and try to bundle them together for added value for money. However, you must remember to offer a new product line that is complementary to your existing ones and not a totally different line. It is going to be expensive to train your sales and marketing personnel to handle the new product line.
4. Make sure that you are always reachable
During an economic recession, each potential customer that calls your company is important. Not being able to take customer calls means loss of potential sales. This is why it is important for your small business to have a sophisticated communication system that will help you handle all calls whether they are incoming or outgoing. One such system is the business phone system offered by companies such as RingCentral which will allow you to make internet calls at very low rates. Business phone systems can also allow you to manage, delegate and collaborate ideas with your employees even if they are home-based or are located across the globe. Business phone systems also allow your business to reach a global market.
While following the above tips does not guarantee a small business to stay solvent, they help small business owners to keep their companies afloat even during times of economic turmoil.