Three Ways to Reinvent Your Business

Today’s economic numbers were less than thrilling. If your business is still struggling in the sluggish economy, it might be time to take a look at things a little differently.  Many small business owners are using this time try out novel ideas, here are a few ideas:

Pair Up

Have you ever done business with someone, and after you’d developed a relationship with them, they gave you a referral to another business that you needed?  For instance, if you bought a new home and had wood floors installed, the contractor may have referred you to a water softening company or a landscape business.  This is a great way to get business that you might otherwise never have seen.  You can do it two ways: either trade referrals with another company, with each of you promising to hand out the other’s business cards and personally recommend you to their clients, or you can set up a kick-back system, where every referral that another business gives you that turns into a sale will result in some kind of payment, whether it’s cash or a gift card to their favorite restaurant.  Either way, your business will automatically be exposed to many more potential clients that it would not have otherwise.  Think about your product or service—what types of non-competing businesses share the same type of clientele?  Make a list and then set appointments to speak them about your proposal—they’ll likely be looking for an inexpensive way to get more business, too.

Dig Up Old Business

If you’re like many business owners, you likely have a large list of clients who have done business with you in the past, but for one reason or another, stopped.  They may have found your product or service elsewhere for less money, or they may have simply stopped using it.  The thing to know is that the needs of clients are ever-changing, and what was a priority for them when they stopped using your service may not be anymore.  In fact, that list could be a goldmine.  Invent a reason for those clients to do business with you again—such as a welcome back sale, or the introduction of a new product, feature or service, and then contact them and ask for their business again.  In other words, show them how your business is new and improved, and what benefits they’ll experience by doing business with you again.

Get a Different Mindset

Customer’s needs are different in this economy than they have been in recent memory, and the business that thrives is the one that knows how to fill those needs.  It’s important for you to get inside of your customer’s head in order to determine how to best service them.  Are they price conscience or is quality at the top of their list?  Do they want you to come to them, or do they prefer doing business online?  Do they want a wide variety of selections, or a few choice ones to choose from?  Once you know today’s consumer, you’ll be able to tweak your business practices to better suit them.  How do you find out the answers?  By asking.  In all likelihood, your customers will be more than willing to tell you exactly what would give them a better buying experience.

Staying fresh and current on today’s consumer needs and preferences is key to longevity in this marketplace.  And at the rate the recovery is going, every idea, every tactic that we put into use is just one more opportunity for growth.

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