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Helping Your Business Survive a Recession

25th March 2009

Helping Your Business Survive a Recession

Some people won’t even say the “R” word.  Some people won’t stop saying it, particularly if they’re in the news media.  Whether you believe our country is in a full blown recession or not,  the fact is that things are tough out there for a lot of businesses right now.   The businesses that survive are the ones that can adapt their strategy to suit the times,  and those that can find creative ways to help their business grow.  If you’ve been looking for a few ideas on ways your business can grow, even in a down economy,  EnMart has a few suggestions.

Diversify –  Offer something your competitors can’t, or won’t, offer.  Maybe it’s embroidery with a new type of thread.  Maybe you start offering screenprint transfers.  It doesn’t have to be a big expensive item, it just has to be something new that your potential customers can’t get anywhere else.  Diversity is one of the keys to business success.  The more products and services you offer, the more potential streams of revenue you have.

Help Your Fellow Business Owners – Some business owners have had success with group advertisements or hosting a theme shopping day.  Other groups might band together for referrals.  Always be ready and willing to promote another business in your area.  Hopefully, they will be equally willing to promote you, and you’ll gain access to their pool of customers as well as your own.

Keep Advertising –  Studies have shown that businesses that advertise during a recession end up with more business than ever when the economy picks up.  Many businesses stop advertising when things get tight, so those who do advertise face much less interference with their messages.  Do everything you can to get and keep your name out there, and don’t forget low cost methods like press releases, forums and social media sites, and word of mouth.

Let Your Customers Know You Appreciate Them –  Most people will tell you that it often seems like good customer service is a thing of the past.  Customers are also feeling the pinch, and they need to know that your business appreciates the money they spend with you.  Make sure your customer service is responsive and genuine and let your customers know often that you appreciate their business.  Customers who feel appreciated are customers who are likely to spend again.

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