Whether you were for or against in last week’s Brexit vote, one thing that we can all agree on is that there are uncertain times ahead as we move to disconnect ourselves from the EU. But uncertain times don’t necessarily have to be bad for business. In fact, with a bit of creativity and positive planning – you could get your business in the best shape ever. Here’s just 7 of many things you can do, not just to protect yourself whilst the dust settles, but to stride forward and maximise your business potential as your competitors sit around twiddling their thumbs waiting for answers.
Entice your customers into longer service contracts or into buying your product in bulk
Having a guaranteed pipeline of revenue is the perfect way to protect your business. If you have customers that are on a yearly contract and it’s coming up for renewal, entice them into a two or three-year agreement with a discount, free upgrade or some other special offer. You can also encourage customers whose contracts are not yet up for renewal to commit earlier to renewing by making a similar, time-limited offer. If you’re a business that sells a product, asking your customers to buy bulk “to guarantee a good price”, particularly in times of uncertainty is a no-brainer.
Look at exporting your good or services to outside of the EU whilst the exchange rate is low
You may not know this, but you can export services as well as goods and the UKTI are a perfect source of information and guidance on this. When the pound is week, your products and services become cheaper to foreign markets so if you’ve ever considered selling into new areas – now is the perfect opportunity to explore this further.
Bundle your products or services into something more enticing
McDonalds did it and it worked for them. If you’re selling individual lines of products or services, it’s time to think of your end market. Would they benefit from a product or service bundle/package at a discounted rate? We do exactly that here at businesshands with our outsourced marketing department services. Yes, your margins are thinner, but your turnover will continue to grow.
Use freelancers and outsourced service providers to enable your business to grow whilst minimising the risk
If you’re looking to grow, taking on a full-time employee when times are challenging poses a risk to the business. Instead look to freelancers, contracted staff and outsourced services providers to plug the gap and give you that extra flexibility to deal with changing economic circumstances.
Re-connect with former customers
The two easiest ways to get new business through the door are (i) upselling to existing customers and (ii) reselling to former customers. If you’ve had customers that have left you in the past few years, pick up the phone and find out how they’re getting on. Is there still a need for your product or service? If they’re with another supplier, what would it take to entice them to change?
Reach out to everyone on your database
Most organisations have databases (or at least spreadsheets) of client / prospect data they’re not doing anything with. Now is the time to make good use of it. Send everyone on your database an email to re-introduce your organisation and the products / services that you offer. If you need help with that, drop us a line here at businesshands on 0207 458 4788.
Spend more on your marketing
When economic times are uncertain, there’s a tendency to “close the shutters and bolt the doors”. Spending of absolutely everything gets put on hold until times improve. But if you want to make the most of these times – you have to see this as an opportunity. People still need your products and services and as other organisations retreat to “weather the storm” your marketing can make a significant impact in driving new business opportunities.
So there you go. 7 great ideas to help you maximise your business potential in uncertain economic times and there are plenty more ideas out there. If you like this article, don’t forget to hit the button(s) below and share it and of course, if you would like help with your marketing – get in touch. We’d love to hear from you.
Thanks for taking the time out to read this post,
CEO – businesshands