Economic uncertainty can make anyone nervous, especially small business owners. And, as a result, many take a cautionary approach to business management, which, in the end, will threaten their ability to enjoy true longevity and profitability.
If you’re interested in gaining momentum during difficult financial times, you’ll be sure to avoid the following 5 big mistakes:
1. Stop Marketing. While you may need to reevaluate your marketing approach, you should definitely continue to market your services. Determine which tactics have worked well in the past and repurpose them for the current economic climate. Too many small businesses are decreasing their efforts to promote their businesses which will only enable their competition to eclipse them in the long run.
2. Mind Your Own Business. One of the worst things you could do is ignore your competition. You’ll gain a competitive advantage by monitoring their efforts in marketing, networking, retention, and service offerings. Only when you’ve research the competition can you be strategic in your attempt to outlast them.
3. Wait to Self-Assess. Now is a good time to assess your efforts, determining both your strengths and your weaknesses in order to improve your business. Prospective clients hit by similar financial difficulties will be even more deliberate and thoughtful when selecting a financial professional that best suits their needs. Your willingness to advance your business despite economic duress will demonstrate your professional dedication.
4. Minimize Networking. While networking may take time, it doesn’t require a lot of money. You would make a big mistake in minimizing your networking efforts. You can learn a lot from other professionals weathering economic storms, and as you continue to network, you’ll be exposed to good advice, helpful tips, and potential referrals.
5. Sit Tight. Now is the time to make all necessary efforts to improve your appeal to prospective clients. When you sit tight, you surrender the advantage to your competition and lose precious ground. Look for ways to enhance your service offerings and marketing advantage. When you do, your business will quickly become the premier financial provider in your area.
UAC’s Training Programs Will Catapult You Ahead of the Competition
It doesn’t take a rocket scientist to realize that by expanding your service offerings you can quickly expand your client base and, consequently, your bottom line. As an accountant, adding tax and QuickBooks services to your menu will not only attract more clients, but it will enable you to strengthen your competitive advantage.
If you’re interested in strengthening your business, visit Universal Accounting Center to sample our online training for FREE. Or see what our graduates have said about their experiences!