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The Other 3Rs (Reduce, Reuse, Recycle) – More Business Tips For Tough Times
While the economy is still in a lot of uncertainty, instead of giving up on your small business, especially if you’re in the services business, you can instead follow the same principles that environmentalists recommend – Reduce, Recycle , Give back – extend what you offer to customers. and continue the dollars.
The downsizing strategy doesn’t just apply to the office products you use or how much space you take up; You should also consider how to reduce what you have to offer without detracting from your value proposition. This means never lowering your price, but instead looking for ways to cut back on what you’re doing so that customers can still buy from you while keeping your value proposition intact.
For example, depending on the work you’re doing, instead of covering the entire project from scratch, you might plan the front-end when it comes to finding labor and job placement sites. Or, they collect information and then you come in later to do the analysis and provide recommendations. The beauty of downsizing is that it still allows you to extract higher value tasks from your overall presentation. This does not mean that you will not be able to complete projects if the client still has the budget; of course you can! But for those customers who cut back, you can negotiate according to available funds. As they say, you are never remembered for your prices but they are worth their price.
This leads to the second part of the formula, Re-use. In this case, while you can always put your paper bags to good use, it also means looking outside your four walls for ways to help your customers. One form of “re-employment” is to hire people that your customers might otherwise be forced to lay off. Perhaps a client has always wanted to conduct a large national survey, but never had the budget? Or, do they want to do some business development work but haven’t had their feet on the street yet? Instead of paying exorbitant costs, including signage, to an outside company like yours, they let you act as the manager of an in-house team and employ your own additional people and expertise. That way, your client will see you as more committed to their business while the client teams you lead will get the job done.
Even if you’re already recycling waste paper and other items at the office, you need to consider how to recycle past work you’ve done for clients. While any such initiatives should avoid the betrayal of client confidentiality, especially if you have signed such agreements, by taking public parts of current client work, perhaps even from previous work for several clients, and finding ways to return these as products you can sell. , you will accomplish two goals. One is, you’ll generate some income and two, you’ve found another way to introduce potential customers to your services. You may want to produce a series of reports or your First Annual X Survey about a market in which you do a lot of work; if you’ve done similar work for large corporate clients in the last 12 to 24 months, finding ways to repurpose this information for small businesses will introduce you to a market segment you might not normally serve.
While no one likes a shaky economy, by using the 3 R’s to your advantage, you’ll be better able to weather the storms and position yourself for the fourth R – Recovery – when it happens!
Copyright Deborah C. Sawyer
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