Tips For Your Small Business Growth During A Recession
You run a successful business with a lot of good opportunities for growth. You have developed the products and services, and the people and skills to sell them and deliver on what you promised. In addition, just when you are ready to really roll, here comes a recession that threatens to derail your plans and worse yet, even your dreams. Why?
* Your sales people tell you that customers and prospects are pulling back on purchases
* Your banker is overly interested in your receivables and loan covenants
* Your suppliers are over eager to load your supply chain up with “too-good-to-be-true” offers
You don’t want to catch or spread their negativism. However, your finance manager says you should be cutting back your expenses and inventories, and your spouse is beginning to ask whether the slowdown is going to affect that vacation you have been planning. What can you do when you do have faith in your business’ opportunities, especially during a recession? Here are 5 tips for growth during a recession…
1. De-commoditize Your Offer: Find ways to make what you sell more valuable through its features including packaging, pricing and its added functionality.
2. Seize Your High Ground: If everyone is competing on price, then become the premium brand and make your offering less abundant and scarcer.
3. Sharpen your Value Proposition: If you know your customers need what you sell but have trouble justifying what you charge, you must make it more compelling. Narrow and sharpen how you define what you sell and what it does for your customer.
4. Market Like You Mean It: Reinvest in and increase your spending. If you believe in your products and services, telling your market so is imperative. Just as tax cuts stimulate spending in the economy, by advertising your service you will increase overall demand for what you sell.
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