Seasonal peaks and valleys are common in business, and most business owners have developed strategies that carry them through the slower times. Spring is normally the time to take stock, and to plan creative new ways to boost sales and ensure higher profits for the coming year.
This spring, however, is different. The dramatic spread of the novel Coronavirus has caused a ripple effect that will leave no business untouched.
Traditional incentives to boost sales or attract customers are off the table. The truth is that American business will be affected for the long-term.
Looking Forward to Boost Your Sales
At American Capital, we understand. Pivoting to survive the current crisis is what matters right now. But planning for future growth and development is still vital. It’s a good time to consider alternatives.
Sometimes, you must spend money to make money. Spending wisely is the key. Assess your business needs and take an in-depth look at your unit costs over the last quarter, or the last year — your real cost per sale. It doesn’t matter if you run a cottage industry or a mail-order business. If you don’t know your costs, you can’t be sure of your profit! If new technology or a new machine would help reduce those costs, budget for the expenditure. But remember that you don’t have to pay in cash.
Whether you need a new computer, office cubicles, a conference table or expensive new machinery, American Capital stands ready to help. We offer unique options that allow you to buy needed equipment economically, through financing programs that meet your specific needs.
As our leaders continue to reassure us, “We are all in this together.” The crisis will end, and when it does, you should be in a position to respond quickly. As hard as it might be, now is the time to implement those strategies.
Ramp Up Your Social Media Presence
Because personal contact is greatly diminished, if not prohibited today, social media is your best friend. It offers an unparalleled opportunity to build on existing customer relationships and to expand your client base for the future.
We live in a digital world, but customers still do business with people they know! Use social media wisely to let your customers “meet” you. Highlight your employees and share photographs of them. Start a blog if you don’t already have one. Tell stories, begin a newsletter, support community efforts to keep citizens safe.
Focus on the human side of your business, and what you’re doing to maintain essential services. Support your business associates. Give a shout out to other businesses in your community. Your social media presence will pay big dividends. It’s one of the best ways to build a strong network and create good will.
American Capital works with large and small businesses, with a goal of smoothing the path to success. Contact us now to discuss the ways we can help. We may be working from home right now, but we’re still here to listen.
