How to Turn Your Business Around Amidst a Changing Economy - Part 4, 5

4. Fine-tune your marketing.

If you want to attract new customers or even retain current ones, you have to let them know you exist. How is your company’s marketing exposure? Do you stand out from the competition? Are your customers aware of your full product line or services? During a changing economy is an ideal time to tweak all your marketing messages, including your web site, your brochures, your sales letters, and even your business cards. Granted, during a slow time many companies don’t have expendable cash. Realize, though, that you don’t need to do everything yourself or start from scratch. Many business templates are available for low cost or free that can help you improve your marketing messages. These include everything from web site templates to pre-made letterhead designs. Look for and use the inexpensive options that are available.

5. Conduct an overall cost analysis.

Look at where you can reduce your overhead, thus showing more profit. For example, can your employees negotiate with your shipping carriers for a better price? Can you use some local vendors and virtually eliminate shipping costs? Can you get your office supplies from a less expensive source? Now is the time to challenge what you’ve always done and discover new ways to save money. Usually when we’re busy and doing well we don’t have time for these types of communications. Now is the time to dig deep, question everything, and find those cost savings.

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