Washington,
D.C. — Many small business owners have cut costs by slowing down hiring and
capital spending while reducing overhead. Although it will take some time for
the economy to recover, SCORE mentors can help small business owners work out
a recession strategy, seek growth opportunities and keep current customers while
finding new ones. Each month as part of the “Accelerate
Your Success” Campaign, SCORE features an online toolkit to help entrepreneurs
during the recession at www.score.org/accelerate.
Mentors offer advice by email through Ask SCORE at www.score.org/ask_score.html.
Use the Find SCORE locator tool to find a SCORE office instantly at www.score.org/findscore. SCORE
also offers Five Tips on Planning for Profit Success: - Evaluate your
business. Now is a good time to revisit your business plan, which may not
have been updated since you first developed it. Look at your customer base and
how many new customers you’ve obtained in the past year. Review your costs,
revenue and cash flow information. Find out which products are generating sales
and which ones aren’t.
- Assess your competition. Research
companies that are about your size, provide the same product or service, and serve
your niche group. Compare how they serve their customers and you may find a key
element to your future success. Find out what products and services are in demand.
Focus on why customers choose one product over another.
- Consider
price points. If you do cut your prices, only do it for a limited time to
encourage customers to “act now.” See if you can offer a range of products
and services to appeal to different customer levels. For example, high-end offerings
may appeal to corporations and wedding planners, mid-range options to other small
businesses and special events, and low-cost options to everyday customers.
- Update
your products or services. Create packages or customizable plans that give
your customers greater freedom and flexibility. Let them choose exactly what they
want instead of getting the standard package that may include items they don’t
need. Offer a new product or service as part of a bundled deal, or provide free
samples or trials with purchase of popular items. This way, customers can test
new offerings they might not otherwise try.
- Grow your network
online. A quick and economical way to grow your customer base is offer your
products and services online. Build a Web site. Start email marketing to both
new and existing customers. Create a Facebook page, MySpace page and LinkedIn
group. These are free and fast ways to go beyond your in-person customers to a
much wider audience.
Credit:http://www.score.org/newsroom_profit_tips.html April
14, 2009 Michael L. Keaton, Director of Communications
202/205-7637; media@score.org Since
1964, SCORE “Counselors to America’s Small Business” has helped
more than 8.3 million aspiring entrepreneurs and small business owners through
counseling and business workshops. More than 11,200 volunteer business counselors
in 370 chapters serve their communities through entrepreneur education dedicated
to the formation, growth and success of small businesses. For
more information about starting or operating a small business, call 1-800/634-0245
for the SCORE chapter nearest you. Visit SCORE on the Web at www.score.org
and www.score.org/women. For
more information, contact SCORE's public relations manager at 1-800/634-0245 or
media@score.org.
Related
Information: NBA
Strategic Partner - SCORE NBA
Resource Article - Accelerate Your Sales in
March with SCORE NBA
Resource Article - SCORE
Launches Web Site with New Resources for Entrepreneurs Reprint
of this article does not constitute an endorsement by the National Business Association;
the article is for informational purposes for our members and viewers of our Web
site. |
| |
