Freedom Blog

Friday, November 18, 2011

Reboot Your Business®| The Freedom Coach

Can Your Business Be Saved? Part 2 of 2

Written by Steven Griggs |

Excerpted from my coming book: “REBOOT YOUR BUSINESS! How to Restructure Your Business to Survive and Thrive in Today’s New World”

"Fall seven times, stand up eight"- Old Japanese proverb

4. Marketing Efforts: If you aren’t constantly marketing you are setting yourself up for failure. Most failing businesses haven't performed or maintained effective marketing campaigns. 

Start advertising effectively. Make use of free or low-cost online marketing methods such as writing articles, producing videos, blogging and social media marketing.  Post free online classifieds on Craig’s List, for example.  You can create a large online presence in a relatively short time. 

While free Internet tools such as social media help get your company known, never forget that quality and performance must back up your marketing. This is crucial. You can market all day long, but if your products or services don’t match the promise, it will be a huge waste of time and money. Make sure nothing is compromised there.

Ask for feedback from your customers, (of course don’t tell them the business is faltering!).  Just let them know you’re seeking to improve your offerings and let them know how much you appreciate both their business and feedback.

5. Personal Attitude: As always you need to be the positive power behind the business, and this is even more important in this recovery period.  This will be a challenging time so it is crucial that you present a strong and positive face to the world. Find ways to regenerate and keep your positive energy on high.

6. Develop Additional Sources of Revenue: Look for other products to offer your clients along with your original offerings.  For example, if you own a carpet cleaning company, you may want to add flood work or upholstery cleaning to your list of services.  If you own a landscaping company you may want to add pool cleaning to your list of services.  A window cleaning company might add Christmas light installations. Such services make use of your existing customer base.

Increase your price point by adding additional value, through either size or quality. For instance, most gas stations allow you to choose from two or three types of gas with three different price points. All three will work in your car, but they vary in terms of fuel efficiency and price. Create different service levels to increase your price point.

7. Consider Strategic Alliances: Is there another organization you can join forces with?  Combining resources with a similar company can have a positive impact on both businesses. 

Examples of symbiotic alliances include pairing a health food store with a spa; a beauty salon with a massage center, or a dog grooming business with pet daycare.

Remember, there is really no such thing as failure. Good luck and I wish you the best.

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