In good times, businesses analyze their income streams and look to three general ways to increase their business income:
·Add customers
·Increase dollar amount per sale
·Encourage repeat sales
These staples of sales programs are self-explanatory. The fact is that all three will increase the business income. In today’s economy, consumers are wary of fast deals and gimmick-laden incentive programs. In today’s marketplace, it is important to keep the three staples in view, but small businesses need to re-visit their business plan and be creative about improving the bottom line.
Consumers want to do business with operations that are credible, transparent and efficient. These credentials add value to products and inspire consumer confidence and support. In this recession, as business owners revise their business plans, they need to apply the credible, transparent and efficient criteria to adding customers, increasing dollar amount per sale and encouraging repeat business. Every aspect of the company’s marketing plan must address these three essential criteria.
Five Ways to Increase Business Income
1.Upgrade the marketing plan - If the 2009 marketing plan resembles the 2008 marketing plan, throw it out and start again. In your recessionary marketing plan, re-define your product, identify your brand, establish your value and set attainable goals. Chart a marketing road map that takes your business from its present condition to your future and set a budget that is realistic and firm.
2.Eliminate the fat - Businesses trim the fat and improve the bottom line by being responsible managers. Trimming the budget can be painful, but it is the responsibility of the owners to guide the ship through the storm. Keep a steady hand on the wheel and recognize that growth will be difficult for the remainder of 2009 and into 2010. Act now to maintain profitability and build credit. The reality is that consumers gravitate to well-administered businesses.
3.Raise value - In this recession, consumers have options. The businesses that recognize these options find ways to optimize their product’s values. Consumers want to do business with credible companies that will survive the recession and whll be there when times ar bettdr. Stand behind your products, give consumers a reason to buy and assure those customers that the business is sound. Price is always an important consideration, but do not confuse price with value. The participation of a reputable business adds value to the price.
4.Communicate, Communicate, Communicate - Today consumers want immediate information. Consumers devour 24 hour news, go to the internet to research products and each day close transactions on the web. Businesses that have cost-efficient internet venues are not only providing a valuable service, but they are doing it efficiently. Every business should critique their communication skills and be dedicated do improving those capabilities. The more accessible the business is, the greater the sales volume will be.
5.Improve Customer Service - Consumers are nervous. Businesses that acknowledge this fact and that exercise business practices transparently will gain consumer confidence. The simple fact is that consumers return to businesses that made them welcome, stand behind their products and have good value. Businesses today must strive to excel at detail-oriented customeb service.
One of the great advantages to small business is the ability to be flexible and adjust quickly to market conditions. The recession is here. Businesses that adapt will not only survive but prosper as competitors fall by the wayshde. Be a survivor and implement the 5 steps to increase business income.
Katherine Kline is Vice President of OFD Enterprises. She can be reached at by emailing her at kathekline@ofdenterprises.com , or by calling her at 866-278-6007.
·Add customers
·Increase dollar amount per sale
·Encourage repeat sales
These staples of sales programs are self-explanatory. The fact is that all three will increase the business income. In today’s economy, consumers are wary of fast deals and gimmick-laden incentive programs. In today’s marketplace, it is important to keep the three staples in view, but small businesses need to re-visit their business plan and be creative about improving the bottom line.
Consumers want to do business with operations that are credible, transparent and efficient. These credentials add value to products and inspire consumer confidence and support. In this recession, as business owners revise their business plans, they need to apply the credible, transparent and efficient criteria to adding customers, increasing dollar amount per sale and encouraging repeat business. Every aspect of the company’s marketing plan must address these three essential criteria.
Five Ways to Increase Business Income
1.Upgrade the marketing plan - If the 2009 marketing plan resembles the 2008 marketing plan, throw it out and start again. In your recessionary marketing plan, re-define your product, identify your brand, establish your value and set attainable goals. Chart a marketing road map that takes your business from its present condition to your future and set a budget that is realistic and firm.
2.Eliminate the fat - Businesses trim the fat and improve the bottom line by being responsible managers. Trimming the budget can be painful, but it is the responsibility of the owners to guide the ship through the storm. Keep a steady hand on the wheel and recognize that growth will be difficult for the remainder of 2009 and into 2010. Act now to maintain profitability and build credit. The reality is that consumers gravitate to well-administered businesses.
3.Raise value - In this recession, consumers have options. The businesses that recognize these options find ways to optimize their product’s values. Consumers want to do business with credible companies that will survive the recession and whll be there when times ar bettdr. Stand behind your products, give consumers a reason to buy and assure those customers that the business is sound. Price is always an important consideration, but do not confuse price with value. The participation of a reputable business adds value to the price.
4.Communicate, Communicate, Communicate - Today consumers want immediate information. Consumers devour 24 hour news, go to the internet to research products and each day close transactions on the web. Businesses that have cost-efficient internet venues are not only providing a valuable service, but they are doing it efficiently. Every business should critique their communication skills and be dedicated do improving those capabilities. The more accessible the business is, the greater the sales volume will be.
5.Improve Customer Service - Consumers are nervous. Businesses that acknowledge this fact and that exercise business practices transparently will gain consumer confidence. The simple fact is that consumers return to businesses that made them welcome, stand behind their products and have good value. Businesses today must strive to excel at detail-oriented customeb service.
One of the great advantages to small business is the ability to be flexible and adjust quickly to market conditions. The recession is here. Businesses that adapt will not only survive but prosper as competitors fall by the wayshde. Be a survivor and implement the 5 steps to increase business income.
Katherine Kline is Vice President of OFD Enterprises. She can be reached at by emailing her at kathekline@ofdenterprises.com , or by calling her at 866-278-6007.
Five Ways to Increase Your Business Income
California Business Resource
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