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Published on December 19, 2022 |
If you’ve decided to revisit your business planning, we have five ways to re-invent or re-visit your strategy to help you succeed in business over the next twelve months.
Imagine if you could start again. What parts of your business would you change to build a new, stronger business on the foundations of the old one? What would you do differently and how would the business look?
You may want to:
Investigate if you can expand your products or services by adding something new or different or a new approach to sell to customers with a trial offer, a free sample, a special price or extra service. If you can establish one or more new opportunities in an identifiable target market, can you pivot some or all of your business to meet that demand?
Bootstrap the way you promote your business by finding inexpensive ways to get your business in front of customers. Work back through your promotional tactics and identify which worked the best, list them from the cheapest to the most expensive, then start from the top. You may find the methods that cost very little are the best, such as:
Many of the best small business marketing ideas take time rather than money.
It should be easier to sell to your existing customers as you should already know them and have a track history or relationship. Ask if there is anything they need and offer them an incentive (from discounts to pre-payment deals to advance notice of new releases).
Other tactics to sell more to existing customers includes:
Triple check costs and pricing to ensure you are making money from each sale. Extra revenue to existing customers that has low margin, cost overruns, extra waste or product returns isn’t going to help long term. Your sales strategy needs to concentrate on the best products and best customers so focus on the 20% that generate 80% of your sales to increase the chance they will respond.
If sales to your existing customers decline and you can’t quickly switch what you do as a business, focus on adding new customers by:
Chances are new customers will look a lot like your existing customers. Profile who are your ideal prospects (order in volume, pay on time, repeat orders) and then research where they are and the best methods to get in front of them.
To get through the coming months and to manage your cash flow, consider adjusting your business model to uncover new opportunities. For example:
In the next twelve months, much will change. While revisiting your strategy, be proactive to best understand how much needs to change and seek counsel from trusted advisors. Planning now will help you better prepare, and pivot as needed later.
The opinions and views in this blog post are those of the authors and are not intended to provide specific advice or recommendations. Please consult professional advisors with regard to your individual situation.