5 Ways to Grow Your Small Business in this Economy

Being a small business owner is challenging enough - no less the pressure that difficult economic times burden you with. So why have some businesses thrived while others barely survive these times? Here are some secrets that national franchise chains coach their small business owners on to help stay visible and vibrant:

1.  Focus on Value -

Some national franchise chains have actually grown sales through the last few years by focusing on stretching the hard earned dollar as far as they can for their customers. For example - McDonald's Dollar Value menu, Subway's $5 footlong, auto repair centers like Meineke, dollar store specials, and others have all benefited from providing value promotions borne from the tightening of consumer wallets. So what can you do to promote value for your business? Start bundling items together that promote value - which ultimately increase top line sales because bundles sell for more than individual items. Consumers want and need to feel good about the price they pay - they need to feel like they received a bargain - give them a deal. Consumer value focus is not going away anytime soon, so look around your business and start bundling for dollars! For example an automotive garage could raise the price of an oil change incrementally, but then throw in a free engine air filter, car freshener, or other small low cost accessory. Value perception is the key - get creative!

2.  Rebuild Your Team -

While we may be facing economic uncertainty; now is the time for you to find superstars that will help grow your business to the next level. You can find them everywhere... next time that you're out having dinner somewhere and someone impresses you beyond belief with their customer service skills - that's your new hire. Hire for the customer service - train for the skills! Find them, recruit them, pay them well with strong incentives so that they don't have to worry about looking elsewhere for better opportunities. Build a team and give them a reason to help you grow your business. Document your requirements, train them, measure their performance, and grow your business to a higher level.

3.  Clean up Your Act -

When was the last time that you freshened up your stores look? Or re-lettered your signs? Or re-painted your counters or installed new carpet? Major brands remodel on a consistent basis to keep their customers engaged and interested in their offerings. Businesses that look busy - typically stay busier. Inexpensive ways of freshening up could include a new vehicle wrap, branded shirts for staff, cleaning & re-striping your parking lot, washing the windows, sweeping the sidewalks, etc. By looking and acting like you want to do business with your customers - it will help drive business.
  
4.  Focus on Your Neighborhood -

Studies show that most customers for a small business live within a 2 to 5 mile radius of a stores location. What are you doing to target those customers? Are you advertising beyond those areas? If so, you're wasting precious money from your ad budget. Focus on your market, by doing door-to-door gorilla marketing with coupons. For new customers - if they haven't tried your establishment give them a free coupon to try your products. If they have been a previous customer, give them a coupon for BOGO (buy 1, get 1 free) or receive 50% off on their next visit. Get creative and GET LOCAL!

5.  Surprise With Fireworks -

Are you doing anything for your customers that's totally unexpected? Are you providing them something for free in addition to the service or product they ordered? For example if you're an auto mechanic - for any repair or service completed, wouldn't it be nice to surprise the customer with a freshly cleaned car that is washed, vacuumed, cleaned windows, and a nice air freshener hanging inside? That is something totally unexpected, exciting, and surprising! Fireworks make customers go "wow" this is really cool and give them a reason to tell their friends about it. Other ideas might be providing coupons for McDonald's, or maybe a free night motel stay for the single mother that really needs a break from the kids. There are tons of inexpensive items or products/services that you can provide your customers that will surprise with fireworks - use your imagination!

Till next time... Be Bullish on Profits!

So what are your ideas for a small business to grow in economic uncertainties? Email me your tips for a chance to be included in upcoming articles.

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