Profit Producing Tips for Small Businesses

© Kurt Geer

Account for everything. Employees, performance , inventory, sales, and receivables. If you can't do it find someone who can. It could be the life or death of your business.

Become your customer and know what she expects before she asks. Walk a mile in her shoes and you'll see things from her perspective. Then exceed her expectations.

Don't be afraid of the competition. If it is a major force you can strike lighting quick. Same size companies represent yardsticks for comparison to reach your full potential as a company.

Expand your niche in speed, specialization and service by discovering new markets and different market segments.

Follow up. the old 80 / 20 rule can be applied here. 80 percent of sales are from 20 percent of existing or former customers. Be tireless trying to find new customers.

Fusion market your small business. Team up with other business partners who can spread the word about your business when they close a sale. Make sure that your offer is a special promotion for that market partner.

Treat your business like family. They require constant attention, love, nurturing and support.

Trust your marketing, hang in there and follow your plan. Times change and if you can become a rock of stability your chance of success will increase tenfold. 

When planning the future forget the past. Expectations, service and technology represent opportunities for change.

Work on your passion. Passion is a heart felt difference or that feeling deep down in your bones. Get emotional about it. Don't get paralyzed from the neck up and freeze up the process before it gets untracked.

The psychology of buyers coming out of the last recession and continuing through the boom, buyers were divided into 5 categories, they will continue coming out of any recession.

29 percent are Practical Loyalists - Buyers who try to save on the brands they are loyal to.

26 percent are Bottom line Price buyers - Buyers who buy simply on price and do not care if it is a brand name or not.

24 percent are Opportunity switchers - These buyers watch for sales or use coupons when shopping.

13 percent are deal hunters - These buyers are value hunters and do not mind which brand it is as long as it is a bargain.

8 percent are nonstrategists - These buyers just buy and go with no strategy.