Attention Entrepreneurs: Need Advice for the Changing Economy?

As we continue to see changes in our economy, many businesses are learning to harness the changing tide in order to become more profitable than ever. Check out these creative tips that will help you to thrive in the transitional economy.

Tip #1: Your USP Is More Critical Now Than Ever Before

In business, USP stands Unique Selling Proposition - it's what separates you from your competition and gives your customers a reason to buy from you (instead of the other guys). Now, more than ever before, your USP is positively critical to your success. If you don't already have this concept nailed down, it's time to get clear about it right now, and make sure it's clearly expressed to your potential market in all of your sales offers. Don't be fooled by the simplicity of this one tip -- it can quite literally make or break your success.

Tip #2: Money Matters

If you haven't already done so in the past 30 days, now is a great time to walk through your expenses line item by line item to see what you can cut. In many cases, businesses are paying for services or inexpensive subscriptions that are no longer necessary or useful. Now is the perfect time to trim any excess fat and thereby improve your bottom line. For each item, ask: is this necessary? Are we using this on a consistent, regular basis? Can you find a free or inexpensive alternative that would meet your needs all the same?

Tip #3: Negotiate, Negotiate, Negotiate

Because more and more businesses are having to adapt in order to survive, now is an ideal time to negotiate your vendor contracts for products and services. Is it possible that you are purchasing more of a good or service than you require? Can you ask for a greater discount? Better payment terms? A short hiatus (perhaps a month or two) from a service that is non-essential at the moment? You would be surprised how many businesses and vendors - even major corporations - would be willing to negotiate right now in order to keep your business. Don't be afraid to ask, all they can do is tell you "no" and you won't know unless you ask.

Tip #4: Give 'Em What They Want

One of the easiest ways to increase sales right now is to poll your existing customer base and find out what they want. What needs are currently unmet, and what product or service can you create in order to fulfill those unmet needs in a fast, reliable and affordable way? It's a proven fact that once people buy from you, if they have a good experience, they will buy again. You can leverage that fact by finding out what they want - and selling it to them at a fair and equitable price.

Tip #5: Reach out and Network

If you can't create a product or service to fulfill the unmet needs of your existing client base, chances are you know someone who can. Look into affiliate programs, referral commissions, and ways that you can direct people to the right service or product, while you still benefit from delivering such expertise. Dip into your network to maximize your bottom line.

When you follow all these steps, you will almost certainly see a growth in your business -- in this and any economy.

About the Author

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