Updated: Nov 7, 2020
We may be starting to 'get out' of the corona-funk, but we still have along road ahead of us and it is still a tough world out there. To survive and thrive, small business owners need an Exit Strategy. What's an exit strategy? In simple terms it's a plan to help you either move your business forward or in a different direction. Remember: you want to keep your business moving or it will stagnate!
What should you do?
Step 1 Create your own Exit Strategy
Think like a business person: You are a business person first and an expert in your field second. (You may want to repeat this line more than once to really understand the meaning!) This means that financial survival is the most important factor! Ask yourself: Is your field of expertise still functioning? If it is take it online - go from hands-on to on-line and create a new audience. If it isn't - consider your old skills. What former skills can you bring to your business today to generate revenue. Don't worry about mixed marketing messages: Don't worry if you need to reinvent your business via an old skills (Translations? Admin?) In today's economic environment, survival is key. One example of many: today sales promotion companies sell digital thermometers and branded medical masks. This is the time to keep your business afloat - don't worry about product confusion or mixed marketing messages. Consider alternative payment methods: Everyone is feeling economic pressure and so it is time to be creative with your payment methods! Consider bartering! (Remember never give away products/services for FREE.)
Step 2 Market it
Market your message to your clients.Personally contact your clients and assure them you have a business exit strategy, that your business will survive and their continued support is very important to you.
Market that message to the world. .Never stop marketing your message! Things will return to normal and you need to be there before it does.
What shouldn't you do?
DON’T be tempted to stop paying for your website, hosting and domain name - to save money.
DON'T be tempted to stay on one path - if your business is in an arena that is closed down.
DON'T be tempted to give your services for free.
DON'T stop planning ahead. Vacation is over get back to business.
DON'T be tempted to put your marketing efforts on hold. No matter what your field keep your name out there – believe me your competitors are!
Do you want to open yourself to a more successful business? Are you lost in the social media jungle? Let me help you re-energize your business and rediscover your passion in your profession. We’ll work together to improve your marketing strategy and online exposure and find the perfect target markets for your business. Contact me today to schedule a free introductory meeting.