Making Money in Tough Times: Five Tips to Stay Ahead

Is your business growing? Why not? If historical trends hold true, we should be coming out of the recession soon. Wouldn’t you rather come out poised to grow instead of scrambling to keep up?

There are lots of things you can do to make money and grow, even when a recession might tempt you to shrink or think small:

  1. Look at your web site through the eyes of your customers. Does it make sense? Do you have a clear call to action on each page / section?
  2. Look through your existing customers keeping in mind what you offer and what they have purchased. Offer an upsell based on what you find. Perhaps if they’ve bought one item or service from you, there is a natural progression (or you can create a “natural” progression) for the next level.
  3. Leverage relationships. I recently found myself short-staffed. I was able to leverage a relationship with a key partner to have him service some of my existing customers. He made money and my customers didn’t experience a lag in service.
  4. One of my favorite new money-makers is turning things I’ve already created into information products that I can resell. For example, you can purchase one of our ebooks online or, if you’ve missed a seminar that EduCyber offers and really wanted to get it, you can purchase the audio online. If I can do it, so can you.
  5. The old adage that you have to spend money to make money still holds true. We are investing in new technology and investing the time to stay on top of trends in the Internet so that we can make even more money moving forward. What can you invest in (either time or money) that will pay dividends moving ahead?

Growing in a Down Economy

How do you grow your business in a down economy? There are lots of cliché’s I could throw out there. But it really comes down to tuning out the naysayers and focusing on what you do best. So here’s what the technology experts at EduCyber recommend:

  1. Turn off the TV. Leave it on too long and you’ll be barraged with advice to give it up because the economy is tanking.
  2. Don’t worry about what you can’t control. Strongly related to the first tip, the point is that you still have your business. Look at ways to expand your customer base, increase sales to existing customers, or make bigger sales to new customers.
  3. Leverage your existing IT infrastructure. Sounds like big business but it isn’t. There are always efficiencies that can be gained. Take the time up front for training or learning how to best use your network and applications.  Greater efficiency equals more money for your bottom line.
  4. Look at your web site. Can  you sell more products to more people through it? Can you target your ideal client more effectively through paid advertising or paid search?
  5. Continue to invest in yourself and your company. When others see that you’re investing in yourself, they’ll know you aren’t going anywhere. This will help them make the (right) decision to do business with  you.