“I just lost my biggest client because of a corporate cost cutting mandate. I was getting 60% of my business from them! What do I do?” – Bob, Minneapolis MN
I hear more and more small business owners worrying about a business slowdown, if they aren’t already feeling the effects of one. Have you ever lost a major client unexpectedly or seen your sales drop over a short period? It can take your business months or even years to recover. How do you keep this from happening, especially in an uncertain economy?
My daughter lives in New York City and works across town from her apartment. Now that it’s June and stays light later, she likes to walk home through Central Park.
When she heads out the door in the morning, she pops a small folding umbrella in her bag. That way in case a passing summer rainstorm catches her in the park, she can stay dry.
Keeping your business from getting drenched and your profits dry also requires planning and preparation.
What’s the secret to growing your business in any economy? Find out >>
There are always opportunities for small businesses and entrepreneurs – it just takes planning and preparation to create them.
If you lived in a place where afternoon rain showers were common, or if you looked out the window and saw threatening rain clouds, you’d take an umbrella with you when you left the house, too. Here’s how to provide your business with the same protection so you can keep a steady stream of profits coming in.
Want to maintain your profits, even in a downturn? Discover how >>
Here are a few examples:
In May, GM’s sales were down by almost 30%, Toyota’s on the other hand were essentially flat. GM and Toyota are both in the same industry. How is it that one’s sales are down by 30% and the other’s sales are holding steady?
Unless you’ve been hiding in a cave for the last 20 years, you knew that oil supplies are dwindling, new sources are harder to tap, and demand from China and other developing countries is growing fast. Gas prices were going to go up. GM’s response was to keep selling their gas guzzling but highly profitable SUVs. Only now that sales have tanked (sorry, bad pun) and they’re shutting factories are they talking about making smaller, fuel efficient cars.
Toyota, on the contrary, has been designing and building fuel efficient cars as well as SUVs for the last decade. They’ve profited on both ends, when gas prices were lower and SUVs were in demand, and now, when gas prices are going up and consumers want better fuel economy.
What kind of business do you want to be running, a GM or a Toyota?
With banks tightening credit, it’s harder and harder to get a loan for that new car you want. Here’s what one car dealer did to keep his sales up; a year or so ago he saw the start of the credit-tightening trend and refocused his marketing on selling used cars. His business doubled in the past twelve months.
Residential real estate sales have dropped by 15 to 50%, depending on location. That took a bite out of one realtor’s income.
Then she noticed that while U.S. buyers were less likely to buy more and more foreign buyers were showing interest thanks to the dropping dollar.
Customers from Canada, Germany, Norway and elsewhere see the dropping value of the dollar as a great real estate investment opportunity. When she target these buyers, her sales shot up.
Do you have a client who provides you with 60% of your sales, like Bob did? What should you do to protect your business? Find the answer here >>
I doubt that I’m the first one to warn you about the problems with building your business around one “gorilla” client. What you should know if that there is a good chance that you’ll lose that client through no fault of your own sometime in the future.
To keep your business growing, you need to pack a small business marketing umbrella. Create a small business marketing plan that keeps new business coming in so that when the economy falters or existing clients sign off, your business keeps growing and you stay dry, comfortable and profitable.
You’ll be amazed at how much more you can make in any economy with a simple umbrella marketing strategy. Get the details here >>
To your success,
P.S. It happened to me 3 years ago. I lost one client who had reserved 25% of my coaching time. When a senior VP shut down all consultant spending, my contract went out the window even though it was providing a huge return on investment.
P.P.S. A few simple steps can help you grow your business in any economy. If you don’t take them who will? Start here >>