One thing that you can count on in business is that there will always be ups and downs. A business thrives on making the most of its options during both of these times. When your business is not increasing in profits, here are a few things that you can do to liven things up a bit.
First, make sure that you have a sound business plan. Your business plan details a game plan for the growth of the business. It is a guideline that you can use to direct future ventures for your business. The plan is not set in stone. It is open-ended so that you can add and change portions as your business grows.
One thing that is worth your time when business is not moving forward is to re-evaluate your business plan. If it has been some time since you dusted it off and took a look at it, now would be a perfect time. Did the initial business plan include provisions for times of stalled profits like this one?
If not, don’t worry. We can take care of that right now. The last thing that you should do is cut advertising out of your budget. Mistakenly, businesses often think that if cash flow is the problem, advertising or not advertising won’t make a difference. In fact, it makes a big difference.
When people are not in a mood to spend money, there are a number of reasons. For starters, they may be resetting their financial priorities. With the changes in the economy, people are holding on tightly to their funds. Purchases and services used need to be worth what is being spent.
Revamp the marketing strategy for your business. The business could be going nowhere fast because the old campaigns don’t work anymore. Test each marketing tool to see what is no longer working and look at your business with fresh eyes. See things the way you did when the business was first getting underway.
Have you made any changes to your website lately? Add some new content. What about Google Ads? They’ll help bring new business and income for you. Since money is a concern, write the content yourself.
Speaking of content, while you are writing some for your own website via your blog, consider submitting a few posts to complimentary sites as a guest blogger. What is guest blogging anyway? Basically, it is a partnership that results in an exchange of content between two business sites. Guest blogging can be a great way to build the reputation of your business online. The goal of becoming a guest blogger is usually to:
- build relationships with other business owners within your niche market
- increase your online presence and gain traffic
- build your list
- establish yourself as an expert in your field
- acquire backlinks to your website
- build your brand and reputation
- gain more opportunities to guest blog or partner with others in your business market
The key to any business surviving the ups and downs of the economy is change. Businesses that branch out in many directions are often diversified enough to find success even after a standstill. If you have the right tools and a bit of creativity, your business will continue to thrive.
If your business is experiencing challenges and you need help with your online marketing please be sure to contact us. We offer a free 30 minute consultation.
Comments (0)
Jennifer Truesdale
HI Wanda, great “re-fresher” tips! Thanks 🙂
Wanda Baader
Thanks, Jennifer.
Jennifer Truesdale
HI Wanda, great “re-fresher” tips! Thanks 🙂
Wanda Baader
Thanks, Jennifer.
Aly Pain
Thanks for this Wanda. I am going through many of these issues and changes right now in my business having made a big move last summer. Building relationships in a new area is crucial right now, as is examining many of the things you have listed so I know where my investment of time and money is really getting me the returns I need. I don’t know how to do some of it, so I am also enlisting help! The ego part of me would love to pretend I know it all and keep going in the way I was going. The reality is, I would be dead in the water in no time.
Wanda Baader
Aly change always has time and money attached to it. We can’t do it all and you are definitely wise in seeking out help so that you can be in charge of what makes you money. To many times business owners spend countless hours on tasks that take them twice as long to do because they are too attached to their business to let go of any of it. All the best to you in moving forward.
Aly Pain
Thanks for this Wanda. I am going through many of these issues and changes right now in my business having made a big move last summer. Building relationships in a new area is crucial right now, as is examining many of the things you have listed so I know where my investment of time and money is really getting me the returns I need. I don’t know how to do some of it, so I am also enlisting help! The ego part of me would love to pretend I know it all and keep going in the way I was going. The reality is, I would be dead in the water in no time.
Wanda Baader
Aly change always has time and money attached to it. We can’t do it all and you are definitely wise in seeking out help so that you can be in charge of what makes you money. To many times business owners spend countless hours on tasks that take them twice as long to do because they are too attached to their business to let go of any of it. All the best to you in moving forward.
Wendi Kelly-Life's Little Inspirations
I really like the suggestion of sharing guest posts. It is a wonderful way for businesses on a tight budget to gain new readers and help grow networking relationships in the process with other like-minded business folks. Thanks! Great tips!
Wendi Kelly-Life's Little Inspirations
I really like the suggestion of sharing guest posts. It is a wonderful way for businesses on a tight budget to gain new readers and help grow networking relationships in the process with other like-minded business folks. Thanks! Great tips!
Wanda Baader
Thanks, Wendi.
Wanda Baader
Thanks, Wendi.
Denise Banks-Grasedyck, Your Ideal Life Expert
Wanda, thanks for a great reminder of the basics, we love to forget when times are challenging!
As I read through the tips on advertising, making sure the goods and services are worth the consumer’s spend, revamping the website with fresh content and fresh perspectives from other bloggers who add value, I got a sense that in difficult times, the most important thing that businesses can do is create the perception that the ROI is great and the negative impact of NOT having your products and services is as great or even greater.
Denise Banks-Grasedyck, Your Ideal Life Expert
Wanda, thanks for a great reminder of the basics, we love to forget when times are challenging!
As I read through the tips on advertising, making sure the goods and services are worth the consumer’s spend, revamping the website with fresh content and fresh perspectives from other bloggers who add value, I got a sense that in difficult times, the most important thing that businesses can do is create the perception that the ROI is great and the negative impact of NOT having your products and services is as great or even greater.
Fay
Thanks for bringing to the forefront of my mind the importance of having a marketing plan and thinking about dusting if off. I’ve known I should do guest blogging and this was a great reminder for me to go check that out. Plus, I do want to go update my website–kind of been procrastinating that. Thanks for the good tips!
Fay
Thanks for bringing to the forefront of my mind the importance of having a marketing plan and thinking about dusting if off. I’ve known I should do guest blogging and this was a great reminder for me to go check that out. Plus, I do want to go update my website–kind of been procrastinating that. Thanks for the good tips!
Elizabeth Clark
Love the photo of the lady creating a business plan ~ plans really are that dynamic and multifaceted.
Thanks, Wanda, for the reminder to build relationships with others in our own niche. Sometimes we get busy, and that’s the thing that gets dropped.
Elizabeth Clark
Love the photo of the lady creating a business plan ~ plans really are that dynamic and multifaceted.
Thanks, Wanda, for the reminder to build relationships with others in our own niche. Sometimes we get busy, and that’s the thing that gets dropped.
Elaine Wellman
Thanks for the awesome tips Wanda! Our journey can certainly be a roller coaster, or at least like bumper cars. Love the suggestion about guest blogging.
Elaine Wellman
Thanks for the awesome tips Wanda! Our journey can certainly be a roller coaster, or at least like bumper cars. Love the suggestion about guest blogging.
Ezina
Hi Wanda,
Thank for the refresher. You can never read or hear these tips too many times. I could definitely use your tip on guest blogging. Great idea. Also partnering with others within my niche.
Ezina
Hi Wanda,
Thank for the refresher. You can never read or hear these tips too many times. I could definitely use your tip on guest blogging. Great idea. Also partnering with others within my niche.