Moving forward in challenging times

April 13, 2011 at 1:06 pm Leave a comment

By Nick Jones  –  Premier FX

The current economic and business environment presents us all with some serious challenges. In these difficult times there are three strategies you, as a business owner and an individual, can follow:

  • Bury your head in the sand, ignore the problem and await the inevitable
  • Give up, shut up shop and salvage what you can
  • Take positive action

Now, if you deserve to be in business you will take the third strategy. Here are five positive actions to adopt:

Live and breathe customer service
Increase your customer service and customer contact – keep talking to your customers and let them know you are forging ahead. Keep them up to date with new products or services, anticipate their needs and include them in your business by asking them for regular feedback. The cost of gaining a new customer far outweighs the cost of retaining existing business.

Network
Get out and about, meet as many people as you can, listen and learn. This is how you can identify potential customers as well as hear how others are tackling the same problems as you. Networking is not about selling but about making contacts and developing relationships which could lead to new business in the future.

Plan and review regularly
Now more than ever you need to plan – to define what you need to do, the timescales in which to do it and the results you will target the business against. Regularly review outcomes against goals to assess progress and make any adjustments early to keep you on track.

Increase or change your marketing tactics
Be creative, think of new routes to market, new customer segments for existing products, get yourself out there with new materials, gain greater exposure and generate sales leads. Remember the power of word of mouth and what a recommendation from an existing customer or contact can do for you.

Keep costs under control
Keep costs under tight control, especially non-essential items. Scrap non-profit making activity or find a cheaper way of doing it. Offload or outsource time consuming chores to keep you focused.

These are just some of the actions you could be taking right now to not only ensure you survive the current downturn but increase your turnover and profit and provide you with a new, lean and stable foundation for the future.

Nick Jones, Account Director, Premier FX
T: +351 289 358 511 | M: +351 912 611 446
nickjones@premierfx.com
www.premierfx.com

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