It happens to everyone, and most of the time it just can’t be stopped. It could be due to the economy dropping, something internally being done poorly such as hiring the wrong people. Or it could simply be due to someone just selling what you’re selling, but better. It’s always a scary time to see profits plummeting. It may bring on thoughts of your business failing altogether, or you may even need to go through the horrible process of making people redundant. Whatever it is, there’s always a way through it before it gets too bad, this article will explore a couple.
Marketing, Advertising, and Free Publicity
Marketing and advertising are one of the essential parts of the business. Doing them right is even more essential. I’m a big fan of free publicity over spending money on your marketing or advertising, so make a kick start by following my free courses. Starting with A Media Kit That Sells, a blog post to help you reach out to sponsors and clients and the best practices to pitch, and Your Network Is Your Net Worth, a course that helps you make the most of your own network, how small that may be.
Invest In Paid Traffic Like Adwords
Investing money into things such as Google Adwords is such a good yet subtle way of getting your business noticed. Adwords are sponsored link placements are the top of a Google search. They’ll have a little green ‘Ad’ box before it, and around your link will usually be two of your competitors. The more you pay for the Adwords, the higher you appear out of the three, so it can be a constant battle. Sending out things such as offer emails to new, and old customers that haven’t used you for a while is really effective. It’ll refresh their memory of you, and the fact you’ll be offering them a deal will draw them in. All of this, in turn, will boost your overall profits.
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A happy employee is a happy business
Yet many employees feel so undervalued that their moral and effort drops, and in turn so does your profits. If your company is not too big, try taking the office out for lunch once a week to get to know them all on a more personal level. This will boost their happiness so much, just a little appreciation goes a long way. Or if you have a huge office, try placing fun things for them to take 10 minutes away from the desk to use. This could be anything from a football table or gaming console for the lads, to a dedicated chill zone with a TV and some up to date magazine for the girls. Getting them away from the desk at regular intervals will refocus them. Try sending out an email once a week congratulating them all on their hard work for the week, even name some people who have made some big sales, or met all the targets they have been set.
Borrow some money
It’s so easy to do and can get you out of a really sticky situation. Borrowing some may put you at a loss to begin with, but it’ll help you put money into the areas that are making profits dip such as employee’s, marketing or advertising. There are reputable companies out there such as businesslineof.credit, who can lend you affordable amount with lower interest rates. You can also look into fundraising if it’s for minor things such as needed some new technology.