5 Things You Must Remember When Business Revenues Are Down
All businesses have ups and downs. The down times can be hard on businesses, especially the ones that have a few employees. Before things seem desperate, and despair sets in, here’s a few things to remember:
DON’T TAKE IT PERSONALLY
You can’t let a slow month affect you. It can be easy to think it’s your fault, somehow. Or someone else’s fault. Of course, you should make sure that there isn’t something that is turning off your customers, but many times an economic downturn is about a bigger picture. It’s not all about you. Or your business. That said:
DON’T ABANDON YOUR MARKETING
For many businesses, advertising and marketing is the first to get dropped! Instead of dropping your marketing altogether, ask yourself, How can your marketing be more effective? Put your efforts into a targeted campaign and keep cash flow moving. Remember, marketing is like the stock market. Overall, marketing will increase your business, but if you expect positive results every single day, you will end up discouraged.
POSITION WHAT YOU ARE SELLING AS A “MUST HAVE”
Remember, People Still Spend Money! A business facing hard times needs to stand out among other goods and services. People are still spending money, so tell them why they need to spend money with you. Some will still want your product or service. Ask yourself, “who are they?”
Good marketing and advertising sells a compelling story. What is your business story?
PEOPLE ARE STILL LOOKING FOR VALUE
Value doesn’t necessarily mean cheap though. Remember, “fast, cheap, good: Pick 2.” What 2 of those, what value, do you offer? What, if anything, can you adjust to make a better deal, create more revenue?
KEEP THE BIG PICTURE IN MIND
During a down time, it is important to understand that there will be down times. It is easy to focus on the lack of revenue coming in and worry and stress about it. Use this opportunity to review and revise your mission and game plan. After all, a good business plan will expect times of “feast or famine”, and a downturn isn’t a time to quit marketing, and give people the opportunity to spend their money elsewhere.
Times of decreased revenue can be frustrating. It is important to remember that people are still spending some money, and they might as well be spending that money at your business.