Every industry and business has its cycles. Most businesses do best when the economy is strong because consumers feel optimistic and are willing to spend money, even when it requires using their credit cards. Other businesses struggle when the economy is booming. For example, auto repair businesses are less busy when people think they can afford a new car instead of just repairing the old one.
Regardless of whether or not a business does well in a strong or struggling economy, the business may find that its goal is simply to survive the difficult season when sales fall flat. Unsurprisingly, the steps to survival are the same as those for building a business.
Build relationships (or rebuild old relationships.) This builds trust and helps you identify who needs what your business has to offer and who has what your business needs.
- Tell your story. What has your business accomplished? What is your business’ passion?
- Invite a prospective client to try your business’ services/products.
- Provide what you have committed to provide and, if possible, provide more than was promised!
- Be as eager to buy what your business needs as you are to sell what others need. This continues the process of building relationships.
When businesses take to heart these strategies, they experience growth even in difficult times, and the communities that they are in benefit from that growth.
To submit your own ideas about surviving during tough times, email me at [email protected].