Step 7: Keep up marketing. Many companies cannot afford to stop marketing, regardless of economic conditions. New products are always sure revenue generators if marketed properly. Determine what sets your business apart from the competition and market it like crazy. Attend networking functions, spruce up your website, send out post cards, put out a new sign in front of your office, etc.
New business, however, doesn’t have to come from new customers. Many small business owners can find that their best prospects for new revenue are their existing customers and clients — established relationships mean an owner doesn’t have to spend time, energy and money trying to make a good impression, and knowledge of customers’ needs makes it easier to come up with new products or services they’ll want to buy. Whether prospecting for new business or working with a long-standing customer, success can turn on making a valid case that your product or service will benefit the buyer, even if the economic times are uncertain.
Step 8: Do additional research. The tax and accounting profession in the United States has created free resources and tools to help small business owners with personal finance issues. To learn more, check out the profession’s 360 Degrees of Financial Literacy (www.360financialliteracy.org), and take a look at the “Entrepreneurs” tab.
The AICPA and the Ad Council have also created the following public service announcements to help the public better manage their personal finances. These Public Service Announcements can be seen online at http://www.feedthepig.org/VideoPage.aspx.
The AICPA (www.AICPA.org) is the nation’s largest professional nonprofit association representing more than 340,000 CPAs that specialize in the area of tax, accounting and consulting services such as personal finance.