« How To Change Your Property Tax Assessment Why Invest In Natural Gas Exploration »
Why business marketers need to set up their own stimulus package
Posted in Small Businesses
Today’s economy has many business owners wondering about what they should do for their business. They’re seeing their daily, weekly, and monthly gross income going down because consumers are no longer spending like they used to. People today are afraid of the future. Today’s news media has created a fear that people will be laid off and that they will be waiting in bread lines. While this is great, if you’re selling advertising on a news network it creates a problem for business owners.
To eliminate this challenge, you should take a look at your gross income over the last 12 to 24 months and compare it to the last six marks. Are people still buying what you’re selling? are they buying the same quantity they used to? in today’s economy people are no longer buying the things that they used to buy just six months ago. People have cut back in many areas of their personal finances. Things that people used to buy on a weekly or monthly basis have now become luxury items that are no longer buying.
Take a good look at your business, or their services or products that you could be selling on a monthly basis that you are not.These subscription services or also known as continuity programs would allow you to better manage your business and have better cash flow. Many business owners whose businesses were not right for continuity program are instead cashing in on their most profitable asset – their customer list.
Open up your personal checkbook. Look at what you have been spending your money on over the last 3 to 6 months consistently. Can you turn some of those monthly bills that everyone spends their money on into cash flow for your business? according to the National Retail Federation, we are committed to using today’s technology. More than 80% of us wouldn’t give up Internet access. Almost 2/3 wouldn’t cancel a cell phone, and more than 60% would never drop cable or satellite television.
Obviously, you want to be selling what people are buying. Today people have raised their expectations. We now expect others to have cell phones and to be able to accept our text messages. For entertainment, people are now watching more satellite or cable as it’s already a part of their monthly expenditure. As you look over your own personal finances, it begins to come obvious that the things you spend your own money on are the same things your customers are spending their money on.
As people cut back on their spending because of the fear of losing their job, it’s important to realize that you must be Smart about how you market your business and be selling the products and services that people will consistently by. A limousine service for example, would be considered a luxury item that many may have been using consistently, however in today’s economy they are instead renting a car or getting a friend to pick them up.
As the stock market continues to rock people’s confidence levels it makes it tough for a business owner to have consistent cash flow in their business. Businesses that were doing $4000 a day are now seeing their business average $2000-$3000. And for smaller businesses, it just makes it worse. Those that would normally spend $80-$100 eating out on Friday night are now settling for a $20 pizza.
In today’s economy to sensual that your business is selling what people are buying. This allows you to be consistent in your cash flow and to also continue to be financially stable.
Related posts:
Post a Comment