Five Tips For Growing Your Business Profitably During A Recession
Consider the following scenario:
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?
- De-commoditize Your Offer: Find ways to make what you sell more valuable through its features including packaging, pricing and its added functionality.
- Seize Your High Ground: If everyone is competing on price, then become the premium brand and make your offering less abundant and scarcer.
- 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.
- 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.
- Seek out Winners: There are other companies in the economy whose owners think just like you do. Find the owners and companies that are and plan to stay winners. Do business with them and share in your success. There is nothing like contagious enthusiasm to encourage everyone within earshot!
Do you need help from a business growth expert on specific issues related to:
- Identifying and pursuing business growth opportunities during a recession.
- Increasing your confidence in the value you provide to your customers.
- Understanding your marketplace, customers, prospects and competitors,
especially during a recession and how to craft the right message to sell to them.
If you answered yes to any of the above statements, it’s time to seek an expert’s advice about your company.
Birol’s Growth Consulting offers a range of services to help you grow your business during a recession. Andy Birol is always 100% focused on helping entrepreneurs like you find and sharpen their value message. Andy believes that increasing your adevertising with the right value message will increase your bottom line. Knowing what makes you unique and then finding your niche in the marketplace creates the path to success.
Andy’s personalized consulting is perfect for you if:
- You need an expert’s advice for you company and you need it now.
- You are unwilling to continue at your current pace and feel as if you need assistance identifying how to de-commoditize your offer.
- You are looking for the quickest way to align your services with your passion, increase your confidence and return to your comfort zone knowing that you, your employees and customers value your Best and Highest Use.
Contact Andy now for a for three months of personal coaching and two facd-to-face visits or call Andy at 440.349.1970.
Need something more in-depth than virtual coaching and two face-to-face visits? Contact Andy for more information or call Andy at 440.349.1970.
Andy’s personalized consulting is not the right fit for you if:
Articles by Birol Growth Consulting are © copyrighted and all rights are reserved. However, articles may be reprinted with prior written consent if attribution is included as follows:
© Copyrighted by Andrew J. Birol, President of Birol Growth Consulting, who helps owners grow their businesses by growing their Best and Highest Use ®. Andy can be reached at (412) 973-2080, by email at firstname.lastname@example.org, or on the web at www.andybirol.com.