Loose Change: Running your business in a meltdown
Running your business during an economic meltdown
What should you do in today’s economic meltdown to protect your business? Duncan MacPherson, co-founder of Pareto Systems, a business-development firm that helps small businesses and Fortune 500 companies, offers this advice:
Maintain your fees and pricing. You want to attract clients, not chase them away. Lowering your price can make prospective customers start focusing on your cost rather than worth.
Turn your clients into referral-generating advocates. In times of uncertainty in the market, many of your competitors are neglecting their clients as they attempt to actively recruit new business. If a client truly believes in your services, the likelihood that he or she will recommend you to his or her friend is extremely high.
Call your best clients. Make routine calls to the 20 percent of your best clients to touch base and ask them how they are doing. You aren’t trying to sell anything or be the bearer of any profound news. As the conversation winds down, remind them that you are available to help them.
Explain how your services are beneficial during times of economic uncertainty. Outline the short- and long-term benefits of your services to make yourself indispensable.
Heed the advice of your clients: If you want to improve your levels of service, ask the people who currently receive it. — Star-Telegram