Times are tough for many businesses and entrepreneurs says Fred Auzenne. So what do you do to keep your business thriving and profitable?
Here are 5 great tips from the experts at Internet Business Mastery.
1. Don’t Panic!
There will always be ups and downs in any businesses, but if you panic every time the economy takes a downturn, then you’re going to have a much harder time bouncing back when things improve says Fred Auzenne. Instead of panicking each time there’s a bump in the road, plan for it so that when it comes around again, you know what to do. You can also take advantage by getting deals or adding features during these slower times so that even though traffic may go down, you still have more revenue coming in than before. By not panicking and planning ahead instead, you’ll ensure that your business thrives no matter what the economy is doing.
2. Increase your marketing efforts to drive more traffic to your site.
Even though times are tough, that doesn’t mean you should stop marketing altogether! By increasing your marketing efforts, you can be sure that even while some people may not be buying as much or aren’t spending money like they usually do, you’re still getting the word out there about your products and services. It might take a little more time and creativity than usual, but it will pay off in the long run by making sure that every customer is aware of what you have to offer them – even when you’re unable to give discounts or free items like before because of tight budgets (and possibly increased prices on supplies or labor).
3. Start using remarketing.
Remarketing is a great way to get the most out of your marketing efforts, even when you can’t spend as much money on advertising because of the economy. By showing ads to people who have already visited your site, but not yet purchased anything or filled out any forms, you can get them back to your site and see what else you have to offer that they didn’t realize was there before – increasing your chances of getting them interested in buying from you again if they’re seeing different products than the ones they initially came in looking for (and this is possible thanks to remarketing tags implemented on site).
4. Downgrade some aspects of your business; Upgrade others.
You don’t want to completely throw out all your best ideas when it comes to promoting your business and what you have to offer, but with the tough economy, some aspects of your business may need a downgrade in order to keep afloat. So instead of going with top-of-the-line everything for every project, consider doing a few things on a budget or changing features up so that they can still appeal to customers without costing you an arm and a leg explains Fred Auzenne.
On the other hand, this is also a time where you can upgrade other areas of your business – especially those that would help bring in more revenue if they were improved upon. For example, if customer service has been lackluster in the past because there wasn’t enough time or resources to improve upon it, consider investing in things like customer service training to help get your employees up-to-date on the latest techniques so that they can better serve current and future customers.
5. Look for non-traditional revenue streams.
It’s important to keep looking for new ways to bring in more money no matter what the economy is doing because you want to be sure that even when times are tough, you’re still bringing in some income! Things like renting out space or adding additional services can be a great way of increasing your revenue while offering something with value people may not have thought about before. For instance, if you own an office building or retail location where space needs filling up but isn’t being used during certain hours every day, you might want to consider adding a tenant or two to fill the rooms up – even if it doesn’t cover all your costs, it will help cover some expenses and bring in extra money that may have been lacking throughout the year.
Even though times are tough, that doesn’t mean your business needs to suffer as well explains Fred Auzenne. In fact, there are several things you can do with your business right now that will actually improve it and keep it from making mistakes that could cost you more in the long run! So don’t be afraid to take a few risks or try something different with your business – you never know how far it might take you!