For a lot of businesses Covid has seen them close their doors despite their best efforts.
The only way to survive during these tough times is to do the following:
Pivot Your Business to Where the Market is.
This may mean doing more online selling rather than rely on reduced foot traffic. Do a survey of your current customers to find out what they want from you now and then provide it. Find new markets to sell to, whether it be with new products or services or new geographic areas or new demographic markets such as younger or older people. Review your payment terms to make it easier for customers and look for value add things you can do for them.
Have a look at the FREE videos on Selling on our website at www.tappadvisory.com.au to boost your sales skills.
Reduce Inventories Where Possible.
A lot of businesses have too much stock and it ties up working capital and reduces in value over time. See if you can work on Just in Time inventory modelling to limit how much stock you need at any one time. If you do a regular stock take, ask yourself if you need the volume that you have and if it is current for the market.
Spend More on Marketing.
This might seem counter intuitive but in tough times you have to spend more on getting sales and customers. It is the one expensed you cannot do without yet a lot of businesses I see do not spend enough.
The key of course is how you spend it and where.
Talk to me about how good your website and social media marketing is and what else you can do to get more new customers or repeat ones.
I am happy to have a FREE 30 minute talk to you to share my ideas and make sure you ask me about the ANSOFF Matrix.
Tapp Advisory, Business Consulting Gold Coast.
Business Profits Made Easy.
You may be interested in
Resources from the Tapp Advisory Store:
Business 101 Videos on;
Sales and Marketing – is simple basics in business that can make a big difference to your business.Including;
- Cheapest way
- Build Relationship for the long term
Or maybe you may be interested in;
Workplace Health & Safety – Care about your staff
So you want to be a company director?
This is an easy to read book for first time Directors or those current Directors with little knowledge of the role.
It has 20 Chapters over 200 pages, full of useful information from an experienced Director.
Got a question? Or need a hand?
Please contact me for an obligation free chat – https://tappadvisory.com.au/#contact