No, not again please! This is what most small business owners feel when they see that the source of revenue is drying up, they are losing clients one by one or there is no way out from filing bankruptcy. I know getting your small business around is easier said than done, but with the following tips, you will be able to make a solid strategy that will help your business withstand the most difficult time:
You simply cannot survive by making a sacrifice on the pricing of your product. But some small business owners think otherwise and they try to take big bother on the pricing front and eventually realize the foolishness of the attempt at the end, the hard way of course. They simply ignore the obvious fact that people, in general, do not make a decision on price rather they consider value proposition while making the final decision.
So, as thing stand, you need to compete on the value proposition ground. Since you are running a small business, you know better what the customers are really looking for and make changes in your products or marketing policies swiftly than those of your fat wallet competitors. In short, be flexible and never ever try to complete on the pricing front because it will bleed your company dry. You will start will compromising on the quality front and eventually you will start losing the trust you have garnered after so many years of hard labor.
Since almost all small business owners are financially not independent, they need to give utmost attention to the source of revenue and make sure that it remains uninterrupted. Without a steady source of revenue, you will never be able to expand your business, invest in advertisement and the worse; you will never be able to compete with your competitors. So, you need to set this right from the very start. Set revenue target for each of your employees. However, do not focus on the revenue only; you need to recognize the efforts of others who are making it possible for the sales team to meet their target. In short, you need to promote healthy competition in your organization that will go a long way to make you see an increase in the revenue.
Since you are a small business owner, you simply cannot afford to see your employees hanging out, having chit-chat throughout the day just because you do not have enough projects on your hand. This sucks. So, whenever you got a project, you should not reject it on the ground that you have more projects than you can handle. Just accept the offer and if you find it impossible to deliver, you can always outsource the projects to somebody else. Else, you can pay something extra and get the work done by your employees. It will be a win-win situation for both you and your employees. This is a common practice in both web design and content writing industry.
I know you do not have a big budget to invest more on advertisements like Amazon or its likes, but you can at least make some changes in your approach. You can be the dominating figure locally. Figure out what it will take for you to dominate locally. Offer something unique that may not be possible for your competitors to offer. And again as I said, do not try to compete on the pricing front because you will be cursing yourself at the end of the day if you do so.
You simply cannot ignore the old method of visiting your potential customer personally. People really like it. So rather than spamming their inboxes with promotional messages or invading their personal sphere [I mean their Facebook accounts]. Be a real man and send someone to prospective customers with discount coupons especially for them.