Saturday , 24 February 2024

How To Increase Small Business Revenues When The Economy Is Falling

Have you experienced a reduction in revenues since the economy started freezing up in July?

Have you fallen victim to the ostrich approach of not paying attention and/or denying that the state of the economy effects you? Or, have you adopted the opposite problem mindset of becoming so obsessed with bad economic news that failure becomes a self fulfilling prophecy?

Then take a deep breath (see my earlier post on a breathing technique that can make you calm and sane in seconds even in the face of chaos) and read on. But, if you think things are hopeless, then don’t bother because what follows may disturb you and force you to accept personal responsibility for actually growing or stabilizing sales in the face of a very bad economy. That’s right. There may be a way to do more – much more about sagging sales.

However, while there is no one way to dramatically change things for the better a number of little things may combine to get you big results. Dan Kennedy describes this in his quote “Little hinges swing big doors.” So what are a few things that we can implement today to improve the bottom line in 2009?

Do you ship products? If you do, make sure that you include an order form that stands out in every package that you ship. Existing customers are the msot likely to buy more from you without a long sales cycle.

Do you offer web based ordering of products or services? If not, do it. And, if you do, then make sure that your thank you page offers the customer a deal on another product or bundle of products and services. Turn that single sale into a much more profitable sale.

Do you offer payment terms or to split a purchase between one or more credit cards? Since people’s card limits are being reduced this may be a big help to them… and to you.

Do you target your advertising by using direct mail rather than generic or brand type advertising? If you do direct mailings to existing customers with offers, you can track the results and spend the more limited advertising dollars more effectively.

Do you have a newsletter or stay in regular contact with customers? Start. Many studies have shown that businesses lose about ten percent of customers every month after a sale that goes by without contact.

There are many many more ways to increase sales in this difficult times. If you have enjoyed these let me know and I’ll post more.

Be wary though of the “I do that already effect.” Make sure, that you are really doing it. Make sure that you’re not referring to something that you tried once, and half heartedly five years ago.

And, you don’t have to take my word on the effectiveness of these techniques. Test everything and repeat and expand what works!

Here’s to more revenue.

David M. Frees III, Esquire

Photo Credit: wwarby