Beat the headwinds in 2011 with these five opportunities
Posted on 07 October 2009
In 2008, the media did its best to let everyone know of the impending recession. Not everyone heeded the chatter and were ill prepared.
Now, there is chatter about 2011 and 2012!
If you are just making it through 2009, can you make it through 2011 as well. Sure, there is an upturn forecast in 2010 but will this be enough to recover from 2009 and save for the next downturn?
Small businesses operate on cash – so there has to be a positive cash flow. Without it, the business is dead. The way through any downturn is to make sure your marketing effort is focused to bring results. Here are 5 things to structure your business to ensure you have cash:
- Payment in advance
Restructure your terms of business so you receive payments in advance. This means you won’t be chasing payments when your customers hold onto their cash. - Review your client base
How recession proof are your existing clients? If they are feeling the impact of the recession now, focus your attention on more affluent groups. They will be more likely to have money to spend. - Develop new offerings
If you offer bespoke services on a one to one basis, you can reactivate your current customer base by offering group services where costs are shared. They still receive help, support and results on a budget. The way this is done will depend upon whet you do and what the market wants. - Create additional revenue streams
This is more easy for those who are able to package elements of their services as standalone information products. These can be used independently or an as adjunct to any of your group service offerings. - Promotional Partners
Approach companies who are also serving your market to arrange for cross promotional activity. There is a win-win to this approach – both partners can gain sales and, well potentially much more.
Now, some of these will be instant while others will take time to implement. You’ve got a year before the next downturn starts – that can be enough time. Act now! Subscribe to karenpurves.com to get more about how to turn the downturn into business growth.
3 responses to Beat the headwinds in 2011 with these five opportunities
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Good Lord, another downturn! Is that the downturn from the upturn after the downturn (and slight recovery) after the crisis or vice versa? Help!
Jane, you are right on the button. From my reading, there is expected to be a slight recovery in 2010 before slipping back into what we’ve experienced in 2009 for 2011 and 2012. So, it’s the W effect that was put forward months ago, discredited while governments had to convince us it was all going to be ok so we would spend money
But, you have the advantage now that you can plan for this and be ready with different offerings and payment plans to make sure you sail through rather than be caught in the nets and drown…