Explore The Online Marketplace
Many offline businesses owners may be surprised to find out that there are lots more potential customers online.
Don’t be ignorant; simply find out if this is the case and how you can exploit the potential.
Perhaps you do sell online but you are experiencing declining sales. Now is the time to find out if your previously successful strategy has been too limited in scope and if there are new channels to discover. Find out which aspects of your e-commerce site must be improved. Perhaps your marketing strategy is inefficient. How can this be revamped?
Make The Most Of Free Publicity
Whenever you get the chance to spread the word about your business don’t hesitate to do so. Word-of-mouth is highly effective and absolutely free – find out ways to always be on people’s lips.
Start Doing More On Social Media
Simply having a social media presence is not enough – you must get active in these channels.
Start interacting better with your target audience. Take time to post comments regularly. Ensure that clients’questions and comments are responded to promptly. Engage your audience by discussing matters related to your products/services and the industry at large. Don’t forget to advertise your product/service on social media.
Make Your Business Mobile-Friendly
An increasing number of people (read your target audience) are becoming accessible via tablet and smartphone for a greater part of the day. This as opposed to when desktop computers and laptops were the only means of internet access. Is your business mobile-savvy yet? It needs to be.
Review Your Business Budget
This is very applicable for small businesses that have departments to handle various operations.
Require your managers and supervisors to list suggestions about how expenditure can be reduced in their respective departments. To motivate them you can pose this as a challenge. You can, for example, promise a handsome reward for the departmental head whose cost-cutting initiatives resulted in the greatest percentage reduction in allocated budget.
You should also consider the expenses you can influence directly and immediately. Is it possible to opt for acheaper package for your telephone and software requirements? Have you been taking advantage of attractive discounts and deals typically offered by service providers?
How about the lease terms for your premises or equipment? Are you being overcharged considering current market rates? Are there cheaper options?
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