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Gosport News
Spring clean your business for the Recovery
29/03/2010
The recession is ‘officially’ over…
According to report, the recession is ‘officially’ over and the economy has recorded 0.1 % growth. Business confidence is reported to be growing, but there is still a long way to go for recovery.
Now is the time to ensure your business is ready and can manage the expected upcoming growth. Tracey Ansell, Gosport's Business Link Adviser provides some top tips for local businesses in Gosport. Here are a few top tips to consider:
Finance - Ensure your cash is flowing
• Your overdraft – how long is it for, what are the interest rate and charges? Evaluate if this is the best way to finance your cash flow.
• Don’t let other businesses put your cash flow in jeopardy. Watch out for unusual buying patterns as they may be having problems with suppliers elsewhere.
• Reduce your customer payment terms to 10 days.
• Margins - focus on profit not just your turnover
• Review your energy bills and look to switch suppliers to save money.
• Highlight where savings can be made with your suppliers
Planning – is your Business Plan fit for purpose?
• Focus on what you want to achieve in the next 12 months.
• Contact Business Link to arrange a FREE Business Review
• Keep an eye on invitations to tender.
• Set measurable goals for the coming month
Customers and markets- Having an organised marketing plan will help focus your business into recovery and growth
• Communicate key benefits and features of products and services to your existing and lapsed customers
• Cost effective marketing –In tough times, it’s tempting to cut your marketing activity, however, it’s proven that those who invest in marketing during hard times emerge the strongest when good times return, so use your creativity to implement low cost marketing techniques.
• Your online profile – ensure your website is working for you by uploading new content regularly, thus giving customers a reason to return to your site
• Media coverage – ensure your local media contacts are aware of your successes
• Branding - Your brand creates an identity and personality for your business. Be consistent and ensure your key message and contact information is on all communications.
• Network - Attend events, seminars and trade shows. Take business cards and make sure you follow up useful contacts with an email, letter or phone call and add them to your database.
If you would like to discuss any of these areas, contact Tracey Ansell for a free, impartial review of your business. Please call Business Link on 0845 600 9 006 or email info@businesslinkhampshireiow.co.uk