When you’re in business fighting to keep your customers from switching to the competition, slow & steady is the solution! When you’re trying to keep your costs in line with your anticipated margins, slow & steady is the solution! These are just 2 of many examples of how slow & steady works in business.
I’m sure we all know him or her … the person who got into business and set the world on fire! In just a short time, they grew their business 10 fold. Now the economy is challenging all of us in business, and that person is out of business. Don’t let that person be you! Here are some tips to keep on track with your business as you grow slow & steady:
1. Develop, Massage, & Maintain a Mailing List: Keep developing a list of loyal customers. Market to them regularly (monthly, bi-monthly, quarterly, semi, or annually) Whatever your budget allows! If you don’t have a marketing budget, set aside at least $100 a month to market just to your customers. Massage that list regularly, removing those customers that you haven’t seen in a while. Don’t forget to add new ones to replace those that have left.
2. Raise Your Price Each Year: Many of us are seeing vendors raising prices an outrageous percentage just to keep their heads above water. Don’t buy into that trap! If you haven’t been raising your prices each year, start NOW! Use a formula that makes sense without making your customers wonder why the price is 3 times what they paid last time.
3. Don’t Try to Get Rich Over Night: Market whatever sells the best for you! Don’t get in a war with your competitors over pricing. If your product is good, your service is GREAT, and your price is fair; most customers will buy! Customers are starting to go back to buying quality over quantity. You just need to educate them!
4. Move Your Budget Around: Don’t spend all your dollars in one place. Get Innovative! Two years ago I ported my land line to my cell phone and saved $100 a month on my telephone bill. Seek areas where you can move some money around to serve your business needs better.
5. Market Close to Home: Gone are the days when folks would travel long distances to shop at your store. Many Lorain County folks work in Cuyahoga. Ask yourself, when was the last time your asked the locals to shop your store?
Slow and Steady Growth is Key! Even Bill Gates didn’t get rich overnight! Frustrated? Need Help? Contact Shirley Hull at Business Advisory Services at 440/774-3704 or e-mail at BusinessAdvisoryServices@Earthlink.net. The First Call is Still Always FREE!
