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Recovery From Business Disaster
It never ceases to amaze me that when people decide to go into business for them selves, the lack of planning that follows their initial enthusiasm.
Now I’m not talking about the use of a Business Plan, although terribly important for a business if you plan on acquiring financial assistance from some lending institution.
In fact these days you’d be lucky to get any funding without one.
As far as a expecting a new business operator actually running their business from the desired plan, you and me both know that once you have ascertained the desired funding that the ‘business plan’ you slaved long and hard over into the cold wee early hours on the morning to complete is simply tossed aside faster than a discarded pizza box.
What I’m talking about is the simple marketing plan, or at least a general idea of how you intend on getting customers through your front door.
It’s amazing that people are willing to throw thousands of dollars into an investment that they have no idea whether there will be any ROI.
A good example of this is a past client of mine. She had bought this business already established: it had good turnover and profit margins on take over.
It had a ready proven system that seemed to generate clients and get them to return and yet within 8 months of the business changing hands they were going backwards at an alarming rate and they were planning to close the doors in a few weeks of me meeting them because things had become so dire.
So you can see the task that was thrust upon me within weeks of taking on this challenge.
The first thing I needed to work out was the absolute quickest way to leverage the strengths of the business.
And secondly was to work out how to get immediate cash flowing through the doors. And in record time too!
After sitting down with the owner for a few hours I found out 1. They had quite a large database that was not being utilized.
Now this is an absolute goldmine for anyone who knows anything about marketing, we all know the money is in the list, right? That’s providing the list isn’t dead cold of course.
So the first thing we did was get a promotion out to all past clients giving them a special offer to come back again. 2. Their current promotions were not that exciting so these needed to be improved.
By applying these two strategies alone to the business guided them back on the road to recovery.
Scott Patterson has been involved in Marketing for the last 14 years, by applying techniques he was able to learn for the masters to grow not only his own businesses but many of his clients businesses anywhere up to 600% in 3 months. “These results truly are possible if you just stick with the basic principles”
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