Small business profit center – how to earn more in a weak economy

Posted December 24, 2008 by Bernz

Raise your rates. That’s right. If you haven’t increased your prices in the last year, then you’re past due for a raise. But before you start charging more; be sure to shop your competition. Knowing who they are and what they offer their expertise and what their customer support is like helps you gage where they’re failing their customers. Fill those gaps and you’ve proved your right to increase your rates to even the fussiest customers.

find-your-business-directionCreate additional income streams. Is there a service that you’re giving away that you could be charging for? Are you giving away small items that cost you money to replenish? Answer yes and you’re wasting money. Instead of giving away excessive freebies consider what services or products you can bundle into packages and transform it into a compelling offer people are willing to pay for.

Get referrals. It’s not enough to ask customers for a name and address of someone else when they’re in the middle of writing you a check. Think about what incentives are meaningful to them and then build a referral program around it. Ten ensure everyone in your company has a role in promoting customer referrals and that your staff is comfortable explaining the referral program and most importantly the benefits that come from using it.

Focus on your customer, not your product. Customers expect you to make their lives easier. Place yourself in their shoes and you’ll develop a better habit of exceeding their expectations rather than merely satisfying them. Let customers know you’re available to discuss any issues. Listen attentively. Are there ways you can add more convenience to your product delivery. Also, be willing to educate customers about projects that can help them save money.

Improve your visibility. You probably already have a company website. Does it contain current information about all of the services you offer? Does it introduce your staff and acknowledge their specific expertise? Are contracts published, easily accessible, and downloadable? Does the style and content of your website accurately reflect your image? Does it include past success stories (or case studies) that demonstrate how you solved a customer problem? Is there an FAQ that addresses common customer concerns? If you answer no to any of these questions, then you have an opportunity to improve your Internet visibility and strengthen your credibility.

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This entry was posted on Wednesday, December 24, 2008 at 8:27 am and is filed under Career. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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