Let’s face the facts. Owning a small business can be challenging at times. This is especially true during seasonal droughts.
Being an entrepreneur is like riding a roller coaster – one season your profits are up, the next season they are down.
What can you do to survive your company’s seasonal droughts? Take action. Here are a few ways you can keep your business afloat when profits are scarce.
1. Increase your marketing tactics.
Customers drive your revenue. It only makes sense that you need to attract more customers if you want to survive your organization’s dry seasons.
Use low-cost (or free) marketing techniques to get customers to notice your small business. Good marketing strategies with little or no costs include –
- Create a social media campaigns on Facebook, Twitter, YouTube and Instagram.
- Host webinars and informational seminars.
- Send cold emails to potential customers.
2. Apply for a loan.
If your income is sporadic, you may not qualify for loans from traditional financial institutions. This should not discourage you because there may be other borrowing options available to you.
With your lien-free vehicle title, you may qualify for instant online title loans. These short-term loans can get you through any short drought season.
3. Reach out to you prior customers.
Create an email campaign that is specifically tailored to the needs of the people on your customer list. Send information about current specials, offerings and updates.
Who knows? You might get a few sales from this effort, or you could get some valuable referrals. It is certainly worth a try.
4. Revamp your business plan.
If you experience frequent revenue droughts in your small business, it might be time for you to rethink the way you are doing business.
Take a look at your business plan to see if there are a few tweaks (or major overhauls) that need to be made. This could be the action that gets your business going.
5. Take a look at your expenditures.
One of the areas that has the potential for the greatest ROI is marketing. Other areas can be pared down to save money. Here are a few areas to consider.
- Office Supplies
- Travel
- Equipment
- Payroll
6. Create a referral campaign.
Large companies such as Amazon know the power of referral campaigns. According to the CEO of Amazon, a large portion of their revenue is due to these strategic campaigns.
Think of ways you can reward your previous customers for connecting you with their friends and family members. If you cannot afford to provide monetary incentives, you offer service incentives in exchange for referrals.
7. Optimize your website.
You might be surprised to know that many small businesses do not have proper SEO tools implemented on their websites. To increase your revenue, customers must first know that your business exists.
Take a look at your website to determine how many people visit your website each day or month. You can use the Google Analytics tool to determine this information.
If you are not satisfied with the results, you should change the content of your site to help it rank higher on the search engines. Although it may take a few months for you to see results from this action, the benefits are worth the effort and patience.
By applying these strategies, your business can survive and prosper after seasonal droughts.