Small Business Advice in a Slow Growth Economy - Two Inroads to Take
Have You Taken A Fresh Look?The best small business advice often begins when your business fundamentals change. How much of your customer base, product mix and margins have changed since the 2008 financial crisis?
Those owners that experience dramatic shifts and can adapt quickly survive and thrive.
Most profitable businesses call a strategy timeout regularly.
Is it time for a an objective assessment?
After carefully reviewing your strengths and weaknesses there are typically two strategic directions to choose from:
1. Do you want to experience more growth by focusing your current products and services with a new set of customers?
OR
2. Do you want to grow by developing new products or services primarily with the same customers?
Tip: It's critical to not be trapped in your comfort zone. That is a common pitfall even the most successful owners can fall into. If your customer base and/or your margins are declining this is a wake up call for informed and objective small business advice. A candid business assessment and fresh strategies based on your new realities will help you and your team to regain the right focus.
Have You Gone Passive?
Passive income is one of the most neglected areas easy revenue sources. With a roll up your sleeve attitude ingrained in most owners this can be counter intuitive.
Start with taking inventory of the small business advice and expertise that has driven your success.
One of the biggest missed opportunities is the smarter use of the Internet. If you are already leading a successful venture that means you are doing something right that others would value and gladly pay you for. Basic internet marketing approaches can help connect your own small business advice to those who are already looking for it.
Consider these examples of small business advice categories:
Do I have a "best practice" that has been a central contributor to my growth?
Are others selling similar product or services that would benefit from my small business advice?
Am I willing to share my industry knowledge or expertise with other owners who do not compete in my core geographic markets?
I recently heard the story of a west coast dentist who shared a simple but highly effective tool. He had crafted an introduction letter that had won him a lot of new clients over the years. He was inspired to share his best practice with peers wanting to grow and was paid handsomely for it.
Keep in mind there are millions of people looking for accurate information every day that can be a source of passive income for your firm.
Imagine making a major contribution to your growth by receiving a growing monthly passive income check? What would it mean to realize your goals of a thriving business knowing you are helping others do the same? All because you shared a best practice with someone you won't ever compete against in your local market.
Any one of these small business advice strategies can help your firm overcome a slow growth economy.
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