11 Ways to
Turnaround a Cash-Strapped Business or Practice
This past weekend I received a disturbing
message from a dear friend. His business wasn’t generating all the income he
needed. He’s exhausted all savings, started depleting credit card reserves and
badly needed money to pay this month’s mortgage... Ouch! I wish I knew sooner...
Whether it’s pride or just human nature that keeps professionals from asking for
help sooner, it’s just plain silly to keep “toughing it out” when there are so
many strategies for generating new business fast.
You see, there is really
no shortage of new business, there is only a shortage of knowledge
how to get this business.
So if you are one of those professional folks who could use a few
hundred bucks to help out with this month’s mortgage, here are a few strategies
to get your business buzzing with new customers or clients:
1. Get on the phone!
Pick up the phone and call everyone you know. Contact all clients,
prospects, friends and family. Make sure they all know what you do, who you are looking for as a client,
and how to "give you away."
2. Get out and meet people!
Sitting in the office, shuffling paperwork and piddling around with emails
will not take you far enough fast enough. You need to be talking to people who
can buy your product or service. Set a goal of how many people you want to see
in person every day and find ways to meet that goal!
3. Stop competing and
Instead of being mad at your competitors for stealing all your business,
approach them and offer to help out. At times we all get projects that are too
big, too small, or too “whatever” for us to take on.
Contact your competitors and ask if they would be willing to outsource their
“too whatever” jobs to you - so that you can both make some dough. (Yeah, I know, it sounds like eating some humble
bread – but hey, I think it beats living under a bridge ;-)
4. Ask for referrals!
You should be doing this anyway. Have a conversation with all clients (past
and current) and help them think of people they can introduce you to right away.
Oh, and don’t forget – just because a prospect says “no”, it doesn’t mean he or
she doesn’t know someone who would gladly say “yes”.
5. Crank up your
Do you have a stack of cards from people who turned you down once before? Maybe
it’s time to resurrect them. Reach out to your “old” prospects -
even if you previously gave up on them. Give them a call, send them a postcard
or an article, and give them a special reason to say "yes" now!
Frequently ex-clients realize they made a mistake by getting involved with
another vendor – but they are too embarrassed to admit it. Give them a way to
gracefully come back to you and many will do it.
7. Catch a COI!
Form an alliance with Centers of Influence who can introduce to a large number
of prospects at once and give you instant credibility. Well thought out and
carefully executed strategic alliances with COI can infuse your business with
all the new sales you can handle.
8. Educate, educate, educate!
Regardless of what business you are in you can always find things your clients
and prospects would appreciate learning from you. How-to tips, informative case
studies, industry reports – those are all great tools that can easily attract
prospects hungry for your “stuff.”
9. Start thinking strategically!
If you are having trouble attracting enough new business, the marketing tactics
above should help you get things hopping, but to achieve a long-term sustainable
success you’ll need to address your marketing on a strategic level.
re-evaluate your ideal target market, clearly describe the benefits your product
or service provides, create a compelling marketing message, re-evaluate your
business model and re-define your methods of delivering your product or service,
10. Stop getting and start giving!
When you are in the “how I can GET a client” mode, you are focused on you – and
that doesn’t make you very attractive. Shift your thinking to “how I can GIVE clients more VALUE” and you’ll become an irresistible client magnet!
11. GET HELP!
When you are in the midst of a demanding situation you cannot always have the
clarity needed to creating solutions. Collaborate with a successful associate, start your own board of advisors or a mastermind group, or hire a marketing
mentor to pull you out of the quicksand. Remember, when time and money count –
you can’t afford the expensive “trial and error” learning curve!
Oh, and one final thought – now that you are done reading -
Bonus Tip: Discover how to
ramp up any business to a minimum of $5,000 in extra profits in 30 days or less
- starting from scratch and on a shoestring budget.
specific CASH BLUEPRINTS for FREE!
(c) 2000-2009 Adam M. Urbanski
ABOUT THE AUTHOR
Adam Urbanski, the Marketing Mentor, helps Independent Service
Professionals and Small Business Owners attract more clients. For more
promotional tips and a FREE 32-page marketing guide go to
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