Hello everyone! It was not so long ago that I was writing posts and filming videos addressing how to meet the challenge of a ‘double dip’ recession – fast forward over a year and we are now heading to an unprecedented ‘triple dip’ recession. I had never heard of a ‘triple dip’ recession until a few months ago and while it is true that entrepreneurs and business owners do not wait for economists or politicians to report favourable conditions before deciding how to act it is still worth noting. The good news is that below are 7 ways to ensure that your business endures whatever the state of the economy.
1. Customer care – It is more expensive to recruit new customers than to re-engage with lapsed customers or to upsell existing customers and yet so many companies neglect this area or fail to provide favourable customer experiences. Please note that if you over-chase an existing customer for payment then you create an unfavourable customer experience for them and they are unlikely to return or to refer anyone to you.
2. Cash-flow – Cash flow management is fundamental but must be considered in the context of the health of the business as a whole. Please re-read the last sentence of ‘customer care’ again. For more info on improving your cashflow please read – SME Owners – 25 Ways to boost Your Cashflow
3. Content – Your customers and leads love fresh regularly updated content just as the search engine do. Unfortunately 90% of SME & entrepreneur based businesses do not generate enough content and miss an accessible opportunity to promote themselves because of this.
4. Conversions – Increasing relevant web traffic is great providing that your conversion ratio (of web visitors to enquiries and sales) is strong. Most entrepreneurs and business owners are good at face to face conversions of leads but not so good at online conversions – we can improve this for you.
5. Commitment – If you follow my Twitter account (@TheMikePitt) and regularly read this blog you will have seen lots of inspirational quotes and examples of people who have succeeded against the odds. If you mirror the commitment they showed you will achieve success in your chosen activity.
6. Consistency – Great businesses similar to great sporting teams are established with consistency at their core. You will not be judged on an impressive week or month but on your ability to deliver your chosen products or services time after time.
7. Courage – The path of the entrepreneur or business owner can be lonely at times and hard. It’s not all black tie awards and Magnums of champagne. It’s easy to give up to blame external forces but the rewards for showing courage, taking risks and brave decisions can be immense. Are you up for it?
If you follow these methods or ways to sustain your business you will remain operational and your business will endure. We are ready, willing and able to help you so give us a call on +44 (0) 845 2264247 or drop us an email via mail@marketingfundamentals.com – We look forward to hearing from you.
I hope you find this post inspirational and practical.
Best regards,
Mike Pitt
Founder & CEO
Marketing Fundamentals Ltd
