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Business development tips for a weak economy -Part one
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Most small business owners, are probably focused on getting through this tough economic time as quickly (and as profitable) as possible. Some small business owners are experiencing successful growth by exploring new opportunities, accepting more challenging clients and thinking outside of the box. While others have to work three times as hard just to stay afloat. Sadly others have had to close their doors permanently.
A good promotional or business development campaign is like any good investment portfolio. In order to get the maximum return on investment out of either, diversification is necessary. In other words, don’t rely on one or two marketing ideas for getting more business. For example, most entrepreneurs feel that a simple telemarketing program alone is enough to reach potential customers; but nothing could be further from the truth. Instead, try a variety of marketing venues in addition to what you’re already doing (and without going over budget) like posting newspaper ads, or on Craigslist.org, An effective marketing and promotional program relies on many different components for reaching prospective customers. Keep in mind that the whole point to business development/promotion is reaching as many different prospects, in as many different forums as possible. Here are a few tips to make ensure that the rest of the year ends on a profitable note.
Make a list of monthly goals in terms of how many new accounts to close as well as monetary goals. It’s always a good idea to know where the company is as well as where it’s likely to go.
Make a list of how to expand the current product/service. For example think about teaching classes as it applies to the company(insurance agents might give tips to find affordable insurance, mortgage brokers tips for finding the best mortgage). Business owners rely on experts for up to date, useful info. The smart business owner will be sure to place themselves in a position to not only help but reap the rewards (new accounts).
When expanding the company‘s repertoire, think about other industries that might need servicing(this is where diversification really pays off). Unfortunately entrepreneurs become “married” to industries that they do the most business with and neglect others that might be interested in services.
Next: Business development tips for a weak economy -Part two
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