Archive for May, 2010

How to Turn Your Business Around Amidst a Changing Economy

Monday, May 17th, 2010

 1. Focus on what you already have.

Your existing customers are your number one asset. Therefore, survey them and talk to them about their needs, operations, and product lines. Is there an unmet need you can fulfill for them? Can you supply parts for another product line they carry? Can you make their business easier to run in some way? A simple way to find out is to ask, “What other product lines do you carry?” or “Where do you need additional help in your business?” You may discover that they carry another product you can supply materials for. Even though they’ve been your customer for many years, they may not be familiar with all you offer. The fact is that most of the time we sell people the same product or the same line. In a changing economy, you need to find out what else your customers do or what else they need. Since their industry is likely changing too, they’re probably adding new products and services to stay competitive. You may just be the perfect supplier for their growing needs. But until you ask them, you’ll never know.