- Home
- Business Management
- Small Business Owners: Listen to Harry Nilsson and Keep Your Business Alive
Small Business Owners: Listen to Harry Nilsson and Keep Your Business Alive
- By Tara Roitman
- Published Tuesday 17th 2008
- Business Management
- Unrated
Tara Roitman
Tara Roitman is the marketing manager for Media Heaven Ltd - full service experts in CD duplication, DVD duplication and associated packaging
View all articles by Tara Roitman
One is the loneliest number that you’ll ever do, Harry Nilsson wrote and he was right. If you’re in business, especially if you’re a small business, one of anything is a sign of trouble.
You should never have one product, one supplier, one main client or one marketing method. If you have one product, how do you think it will be before the demand for that product starts to wane? How long before a competitor finds a way to offer this product at a lower price and starts taking away your business? If you have one supplier, how long before they go out of business? Or maybe they decide to change their terms of business and start to demand payment up front from you or minimum quantities in order to maintain your level of pricing? If you have one client that accounts for more than 50% of your business, how long before they decide to try one of your competitors? Or maybe they go out of business? Or maybe the contact person that you built a relationship with retires or moves on and a new person is in their role? If you have one marketing method, how long before this method stops pulling in the business that you rely on? Or maybe some new regulation makes it harder or more expensive for you to get the leads that you need? You get the idea.
You must think about this often. Too many times, you can be so consumed with running your business that you don’t realise that you need to have options
and backups everywhere. How can you avoid this number one?
Communicate with other business owners, especially those in related but non competitive fields to your own. You can set up joint ventures with them or just have brain storming sessions for new ideas for your businesses. This is so important because it also helps you realise that you’re not the only business facing certain challenges.
Test as many marketing methods that you possibly can. Not every method works for every business but you will only be sure if you test it. Try direct mail, try telephone sales, try networking, try pay per click advertising, try leaflet drops and even try radio advertising. Test it all and be brutal. If it isn’t working, stop it! If the magazine ad is not generating enough leads, pull it. Test but don’t test your business into bankruptcy.
Treat your current clients like gold. You have found them and now you don’t want anyone to steal them. Let them know that they are important to you by staying in touch all year long and giving them extras such as faster or free deliveries, discounts or whatever applies to your market. Don’t just sell and move on. You have heard a million times that it is easier to sell to an existing customer than to a new one. Make that a million and one times now!
Always have backup suppliers. This can be difficult in some markets but if you have more than one product or service that you offer your clients, then you won’t be stuck with only one supplier.
You should never have one product, one supplier, one main client or one marketing method. If you have one product, how do you think it will be before the demand for that product starts to wane? How long before a competitor finds a way to offer this product at a lower price and starts taking away your business? If you have one supplier, how long before they go out of business? Or maybe they decide to change their terms of business and start to demand payment up front from you or minimum quantities in order to maintain your level of pricing? If you have one client that accounts for more than 50% of your business, how long before they decide to try one of your competitors? Or maybe they go out of business? Or maybe the contact person that you built a relationship with retires or moves on and a new person is in their role? If you have one marketing method, how long before this method stops pulling in the business that you rely on? Or maybe some new regulation makes it harder or more expensive for you to get the leads that you need? You get the idea.
You must think about this often. Too many times, you can be so consumed with running your business that you don’t realise that you need to have options
Communicate with other business owners, especially those in related but non competitive fields to your own. You can set up joint ventures with them or just have brain storming sessions for new ideas for your businesses. This is so important because it also helps you realise that you’re not the only business facing certain challenges.
Test as many marketing methods that you possibly can. Not every method works for every business but you will only be sure if you test it. Try direct mail, try telephone sales, try networking, try pay per click advertising, try leaflet drops and even try radio advertising. Test it all and be brutal. If it isn’t working, stop it! If the magazine ad is not generating enough leads, pull it. Test but don’t test your business into bankruptcy.
Treat your current clients like gold. You have found them and now you don’t want anyone to steal them. Let them know that they are important to you by staying in touch all year long and giving them extras such as faster or free deliveries, discounts or whatever applies to your market. Don’t just sell and move on. You have heard a million times that it is easier to sell to an existing customer than to a new one. Make that a million and one times now!
Always have backup suppliers. This can be difficult in some markets but if you have more than one product or service that you offer your clients, then you won’t be stuck with only one supplier.