The safe, secure zone is one where you’re doing what you’ve always done. You’ve probably heard the adage about doing the same thing and expecting different results; it doesn’t lead to business growth. In a difficult economic environment, surviving can mean earning less on your products or services in order to remain competitive. In order to grow your business, you need to expand your services or do something innovative. Rather than blame the economy and accept the outcome, you need to find ways to work around it.
Planning for Growth
- Web Presence – In this day and age, if you don’t have a website, you are behind the times. To give a professional impression, you need a professional looking website. Websites today are at the very minimum a way to advertise your business, but can be set up to sell your services, too.
- Social Networking – With or without a website, connecting with your current customers and potential customer in social media networks gives you an opportunity to define your brand, announce new products, show your personality, address customer issues and questions and show up in local search for your business type on that network.
- Community Networking – contact your local industrial association and find out about events where you can meet other business people in your community. Many of these associations will list your services on their websites.
- Uncovering the Growth Potential – What types of skills is your business missing that could open the doors to more business? Can you or someone on your staff acquire those skills? Can you bring someone new on board with those skills to broaden your services? Perhaps there is a more profitable product in your market that you could offer.
- Increasing Your Marketing Efforts – The growing trend with an amazing ROI is SMS text message marketing. At a low cost, you deliver offers to your customers and encourage repeat business.
If an advertising agency’s primary business were direct mail and it did not adapt to the growing demand for online marketing by offering email campaigns, website design or search engine optimization, the agency would lose out to other agencies who can offer these services to their clients. Changing times require adapting to meet the demands of the market.
Sometimes a particular market is hit hard across the board such as construction. While fewer people are building new homes and government operated industries are short on cash due to cut-backs, there are areas where there is still growth such as the hospital industry. By broadening your reach to the areas where there is growth potential, you can not only just get by, you can set your business up with a stronger foundation to thrive when economic times improve. In hard times, the businesses that don’t adapt are the ones with cash flow problems that teeter on the fine line between getting by and closing their doors.
To grow your business, it’s vital to stay up-to-date on the latest trends in your industry to find out what the industry leaders’ predictions are and learn what the newest products or services in your niche are. The only way you can really expect positive changes is by putting together a plan to do things differently than you’ve done them in the past and that has to mean getting more creative than borrowing from one source to pay another.
- License: Creative Commons image source
Theresa Happe works with NameFind.com where you can read more business marketing tips in their blog: http://www.namefind.com/blog/