Tips for small businesses to survive tough financial times
As a small business owner, your primary concern is to keep your business profitable and out of the red.
Add the fact that the economy can become instable – to say the least – without warning and consumers shop around for the best prices, and it becomes a challenging feat.
Luckily, with some smart planning and a few precautions, you can keep your business afloat.
Here are some things you can do to survive through tough financial times.
- Embrace the online market
If you have not yet done so, it is time to go online. Whether offering services or selling products, you should offer it online too. A Facebook page with a few random posts is just not enough. Have a fully functional website your clients can use to obtain your product or services. Reading about you online is just not enough anymore; give them access to the products or services you offer. Furthermore, having a large online footprint will increase your credibility which promotes trust in your brand. Be sure to have a link to your website on each of your online profiles to drive traffic which can result in sales.
- Focus on your customers’ convenience, not your own
Wherever possible, make it as convenient as possible for your customers to do business with you. Don’t give them the option to contact you via their website, have them buy the product from your website or getting an instant quote on your website followed by a phone call from you. If you can accommodate delivering products to their door, do so. If your turnaround times are lagging behind the industry average, find out how to improve it. Really rethink the way you conduct business and find ways to make it more convenient for your customers.
- Keep your staff motivated and treat them well
Your staff members are the cogs that keep your business’s engine running smoothly. Treat them like slaves and you will feel the pinch due to non-productivity. Be sure to make them feel appreciated and valuable and they will return the favour. For further motivation, offer them incentives for certain profit-generating functions that they perform extremely well. Look after your staff and they will surely look after your business
- Automate processes
Look for simpler ways to complete certain tasks that are labour-intensive. For instance, rather than manually following up with leads or communicating with past clients, set up an email database management system to send out emails at certain intervals to do just that. This will cut down on time and labour.
- Opt for debt relief rather than more debt
The worst thing to do when your business is in trouble is to opt for more debt. Rather get debt relief or look for ways to shave on current debts such as cutting down on expenses or setting up a repayment plan.
If you are unsure of how to approach your debt situation, it’s best to contact Senator Counsellors for professional, to-the-point advice.
