5 Business Survival TIPS You Can Implement Right Now
REVIEW YOUR RECURRING EXPENDITURES
Many of us have not paid attention to the bills we pay month by month. They can go on for years without us noticing these unnecessary costs. Here are some examples:
Cellular Phones – People take the “All you can eat” plans which usually means overpaying. Pay for what you use.
Internet – Over the last year, speeds have gone up and prices have come way down. Especially if many are working from home now, can you adjust your plan?
LandLine – Most companies have significantly more telephone lines than they use Do you need as many phone lines as you have?
Credit Cards – Check to make sure there are no recurring charges for products and services you aren’t utilizing fully?
Bank Account - again check for preauthorized payments you may have forgotten about.
PayPal - Especially look for preauthorized annual payments that you forgot about.
Interest rates on loans and credit cards – Banks have been raising interest rates in an alarming fashion lately.
Leases on equipment. I have been caught paying for months of lease payments unnecessarily. Leasing companies will not tell you when the term is up. Typically leases convert to a rental until you exercise your end-of-term option. Know your expiry date and your options at the end.
Heating and lighting. Make sure everything that can be turned off at the office, is turned off (Unplug fridges, water coolers, unused computers, TV’s. Almost everything that is plugged in drains electricity, even when it’s not in use
I’m sure there are many other examples. Now is a good time to review all those expenses
MAKE FRIENDLY CLIENT CALLS
Touch base with your clients as the owner. Make it a friendly call to discuss how things are going. Ask what their challenges are How have they changed the way they do business? Perhaps you can provide some insight or refer to another customer who can help. Also, use it to update your records. Ask permission to keep in touch.
USE VIDEO CONFERENCING
Keeping in touch with video can be a little more personal. It also allows showing people solutions to things they were wondering about through screen sharing, whiteboards, or video. The new way a Telemarketing friend of mine has started setting up “first appointments” by video. People have been very receptive to this concept.
Many service calls can be handled by video.
Write more education-based material.
People appreciate being educated on things they are not knowledgeable in. They are looking for good quality information that helps them make a decision, without the sales “pitch”. When the time is right, they already know you, to a degree.
APPLY FOR EVERY GOVERNMENT SUBSIDY AVAILABLE TO YOU
Governments have opened the purse strings to a point that I have never seen in my lifetime. We all need to apply for every legitimate payout possible. As business owners, we often don’t want to rely on anyone for support. However, if your competitors are getting subsidies and you’re not, you will be at a strong competitive disadvantage.