Strategies to Grow Your Small Business During Challenging Times
by Small Biz Ace ~ October 15th, 2008
I’m taking a different approach to my Blog posts for the next 16 weeks. Instead of me telling you what you should be doing to grow your company, expand your business, find new customers, blah blah blah. I’m going to tell you what I’m doing to grow our parent company RoaDDoggZ productions.
Like many of you who read this Blog RoaDDoggZ productions is a certified minority owned small business that produces corporate videos and corporate events. We have two lines of income from producing events and video production. However, we face many of the same challenges that other small businesses face especially with corporate budget cutbacks. So as we face and plan for the future it occurred to us that we’ve been down this path before
I started my first business an employee leasing company back in the recession of 1992 and in three years I grew that business to more than $4.5 million in sales received a bunch of awards, press yada yada yada. Well now RoaDDoggZ productions is at a similar point. Uncertain economic conditions is the best time to separate us from the pack and become the leader in our industry.
I know what strategies will work in this climate because I have the experience of doing it before so instead of me just talking about what should be done or what you could do to increase your sales in these roller coaster times, I’m going to report what I plan on doing every week and the outcome of those plans. Yes this change was inspired by my close friend Andrew Morrison host of the 16 Week Challenge TV Show.
My first strategy is to increase our marketing output. We have been successful on word of mouth and networking within specific organizations but there is more that we will do. Many business publications report that you should maintain or increase your marketing budgets in recessionary times.
To increase our marketing output I don’t plan on spending money on postcard mailers, e-mail lists or advertising on TV. My plan is to identify several media outlets in print and radio that have websites and partner with them. I will provide a service that they can use to increase their revenues and in exchange I will get advertising space and a write up in their publications and websites. The writeup is more valuable than the ads because PR is about other people blowing your horn for you.
My next strategy is to partner with companies that offer complementary products/services. I have identified two companies that together we can provide a full suite of services. This strategy when used properly can increase your sales without increasing your overhead. The tricky part is to find companies that have a great reputation, customer service and is financially stable.
My third strategy is to start conducting workshops again. Workshops was the number one way we grew our employee leasing business. We had to educate prospects on what employee leasing was before we could sell them on the concept. We created a series of workshops on employee leasing topics and gave away valuable information. In the end companies realized that we were better to handle their employee needs.
Now you may notice that these strategies are about giving something away for free. That is the underlying strategy to success during these times. Giving something valuable away will allow you to receive something valuable in return. “You can get everything you want in life by helping others get what they want.” Dale Carnegie.
You have my strategy, my specific goals for this week is to partner with one print and radio outlet, create two workshops to take place before the end of the year and partner with a complimentary service provider.
I’ll report my progress next week and if you have any ideas that we can implement please add them in the comments section.
Talk to you next week and remember: “Successful People Do What Unsuccessful People Won’t Do.”
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I’m not concentrating on the economic climate that surrounds us these days because I’ve learned that economies are like roller coaster rides up and down and up and down.
There’s a popular Hip-Hop song rising up the charts called ”
hese guys?
I don’t know when it happened but there came a day when I stopped being innovative about my business. I believed that I was great at what I do and my methods were perfect. I could turn on the creative anytime I wanted and wow clients. I did the same things over and over and expected great results.
I have several successful business friends that aren’t talking about the economic climate and there are no signs that what’s happening with our economy is affecting them. Our conversations are about closing new business, new deals being made and our non work passions.