Case study: Getting a small business back on track

Here's an example: you own a business that provides a service, let's say financial advice and planning. It's been around a few years but needs a bit of a re-boot as business hits a slump. There are a few steps you can take to ascertain why this has happened, and how to overcome the problem.

First, think about your position in the market: How many competitors do you have? If you have healthy competitors it's a positive sign... it means your industry is not redundant and people still need you. But if your competitors are starting to close down or trying to stay afloat by branching into other fields, it could be a sign that the industry in general is struggling. This may cause you to make some big decisions about the future of the business.

Next: Are you giving your clients the best service and the best value? A good way to get this info is to conduct a survey among your clients asking for feedback about your financial products, services and staff. Include questions about the way they perceive your business, how they found you to start with, and what keeps them coming back (tip: people are much more honest if the survey has the option to be anonymous). Analyze the results carefully and try not take it personally!

Now take a look at your logo, because it really is the face of your business. Try and view it objectively and compare it to other businesses in your industry. After a few years, some logos can start to look dated simply because of the changing trends in design (eg. clip art and rainbow text are SO last century). You may be happy with the logo concept, so just give it a little freshen-up with the help of a graphic designer. Or a total re-brand might be in order, which gives you the opportunity to start completely fresh. This can be risky though, as you might alienate or confuse your current clients if it's not done properly. In this case, getting the help of a marketing expert is advisable.

So, what sort of advertising have you done in the past? If you have only ever advertised in the Yellow Pages, it might be time to branch out a bit. It may make you cringe but "Networking" is a great way to assess the current state of your industry and meet new people. Business clubs and networking functions give you the opportunity to actually talk to people and tell them what you do, instead of just fighting for attention in the phone book. The more people feel personally connected to you, the more familiar your business will be, the more they will trust you and be likely to go to you in the future. Even if you don't get business directly from these people, the chances of being referred are very high. Would you send one of you friends or relatives to a business you had never or heard of? No. But if you have met the owner or manager, talked to them, trust them, and feel like you have some sort of relationship with the business, I'm betting you would be more than happy to refer them with a line like "Tell Mark I sent you". Mark might then feel inclined to do the same for you in return!

Networking can also be done online, thanks to the recent boom in popularity of Facebook, LinkedIn and Twitter, as well as other. These are all FREE and they have enormous reach. All it takes is a bit of time to learn the ropes. Facebook has a lot of settings which can be confusing, but with the right guidance you can set up your page and be spreading the word quickly and effectively in no time. (Do not, however, expect your revenue to start tripling overnight, and don't start it if you haven't done your homework or have no intention of maintaining the pages.)

Now, get yourself some promotional items. These can include everything from a humble (yet powerful) business card, to a custom designed product specific to your business. Pass these around at the events you attend, give them to clients who come in to your office, and use them as staff incentives. There are so many options and uses. The more useful the product is to the person who receives it, the more likely they are to keep it, use it, and pass it around. This gives you fantastic advertising value, and much more longevity than printed advertising. Think about how much junk mail you get every week and how much you actually read before it ends up in the "circular file". But if someone gave you a printed travel mug or a nice engraved pen or an embroidered picnic rug, would you throw it out?

Therein lies the value of Promotional Products!

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