September 23, 2023


Promising insurance

Business Ideas For a Shrinking Economy

Even though there may be hopes of recovery on the horizon, we are still living in a shrinking economy. Here are some business ideas that have proven to work during good times or bad. Take time make adjustments in your business to reflect these principals and you can grow despite the economy.

Increase your marketing and your promotional budgets. If you stop advertising, you will stop growing. You must keep your brand constantly in front of the audience that is your target.

Continue to make your established customer feel like they are important. The do not want to be treated like a number. They need to feel appreciated and valued. Make a personal contact with each client every week. You need to initiate the call and it should not be about a sales pitch or getting an order.

Remember that customers change vendors daily. This means you should work to keep your brand in front of the competition’s clients daily. Woo the competition’s clients with your caring attention. Remember that the competition is doing this with your clients also.

Remember that no business relationship is permanent. Business deals are based on relationships, so if your company changes staff or if the customer’s company changes staff, you could lose business. Work constantly to add value to the current customer in order to keep the business they bring your way. At the same time, constantly promote your company through PR, advertising and making presentations.

Market your business so that clients feel that you can do what they need done. Forget the this is what I can do for you mentality. Focus on what needs to be done. First meetings should be about your listening to what your potential client wants, feels or thinks. Second meetings should tie what your client wants to what you can do.

Always seek what new opportunities are available. What if IBM had said we make the best typewriters available, there is no need to change? If you do not incorporate the latest and greatest into your business, you can bet that the competition will.

A shrinking economy forces businesses to evaluate their underlying ideas. As you evaluate those ideas you are also forced to change how things are done and the tactics to reach more clients. If you learn to reach more clients even during a time of a shrinking economy, then you will be able to grow even more as the economy rebounds.