Steps to Success During a Down Economy

  1. Reach Out: Now more than ever, your customers need to know you care. When times are tight, many are tempted to cut back on marketing, advertising, and promotions. But, successful marketing efforts can generate renewed enthusiasm in the present, and help ensure you will thrive when the economy improves.
  2. Customer Service: It’s much easier and more productive to keep customers than to find new ones. And, it’s very costly to lose them! In addition to going the extra mile with every customer and treating them as though they are the most important person in the world (because they are), consider providing special promotions such as discount coupons, gift certificates, rewards, etc., to promote customer loyalty and keep them coming back.
  3. Cash Flow: Examine your cash flow on a regular basis and trim unnecessary expenses and identify potential problems before they become problems.
  4. Communicate With Your Most Important Asset: If you are concerned with how the economy may affect your business, there is a good chance your employees are worried too. Keep your employees informed with accurate data and with strategic changes you are taking to remain financially sound.
  5. Find New Sources Of Income: Do you have the room to add additional services? Are locations near you becoming available? If you are in a financial position to expand, now may be the right time. Consider the pros and cons of new market opportunities, and then develop a strategy.
  6. Develop A Strong Financial Relationship: With over 15 years experience, over $200,000,000 in financing, and over 10,000 salon owners as customers; the consultants with BCL have the knowledge, the experience, the integrity, as well as the services and tools to be your partner in success during good economic times and in bad. Simply call one of our consultants at (800) 886 - 8944
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