In A Challenged Economy!
Most businesswomen have concerns about the declining economy and how it will impact their business. Many have already seen a decrease or drastic decline in sales. However, it is these challenging times that businesswomen must learn to deal with and “tough it out.”
Below, please find six ways to keep your business moving forward during a challenging economy .
1. Know what your business goals and priorities are. This should be the first item on your agenda to keep your business growing. This means that you must stay current on your business trends, know what works and what doesn’t and seek the help of experts if necessary to identify what your business goals should and priorities should be.
2. Make sure your business foundation is solid. If you were not managing your business properly before the financial downturn – you might be feeling the pinch a bit more than others. Setting the proper foundation includes:
- A solid business plan or strategy
- A clear understanding of your target market
- An up-to-date bookkeeping system
- A marketing plan, which should include marketing to existing customers
- A branding plan to get your business known
- Promotional events
- Press releases
3. Identify your repeat customers and ensure that you stay sticky with them. This means that you should have a way to stay in contact with them at least every 21 days.
4. Make phone calls to at least 3-4 new contacts daily. The goal is to turn your contact into an interested prospect. Remember the Important question is “how can I help you….”
5. Know when to get a part-time job or contract yourself out to bring in extra cash. You can forecast how your business is doing financially by reviewing your cash flow or balance sheet. Stay on top of your business finances by doing a financial review weekly if necessary.
6. Cut business supplies and other spending as much as possible. Have coffee or a beverage at lunch meetings. Make it a salad or simple meal from the menu. Keep your current business attire pressed and ready to wear – don’t buy anything new.
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