Hey There!

Your business is struggling to make sales that it required, follow this smiply steps and keep your business alive.

The key to avoiding closing down business during an economic downturn is to keep track of certain metrics. The numbers can assist with assessing your financial health. They also provide benchmarks so that in times of prosperity, you can find ample opportunities to grow or add more value to your products.

In addition, there are certain strategies you can implement to keep your business in the clear. These are more tangible and focus on the people involved with operations. These include your employees and customers. Every business relies on people for transactions, from buying and selling to making important changes. If you treat every person within the business life cycle well, then you’ll have a better chance of surviving — no matter what crisis arrives at your doorstep.

1. Analyze And Maintain Customer Satisfaction

Customers are the reason that you’re still in business. When you are working on a client-by-client basis or selling in retail, they buy your products. It’s important to know exactly how you deliver value to them and how you can keep them satisfied.

If you have a brick-and-mortar business, then create incentives for customers to fill out paper or digital surveys at checkout. Certain corporations, for example, may enter people who fill out surveys into giveaways for valuable products.

Online, you can implement customer review tracking onto a digital storefront. If selling on Amazon, monitor the reviews that come in from individuals who can verify their purchases. Keep regular tabs on social media, and have either a manager or intern take the initiative to address complaints. If your large or small business goes viral for the wrong reasons (e.g., failing to address basic complaints or having a faulty product), then it can cost you sales and revenue in the future.

Customer lifetime value is one such formula that you can implement. CLV tells you how much revenue that one individual customer or account will earn for your firm. This revenue is then converted into average purchase value by dividing it by the orders you receive. You then get the average customer value by multiplying the average purchase value against the average frequency purchase rate, or how often customers buy your product. Then the customer value should be multiplied against the customer’s average lifespan to determine their value, according to Hubspot.

Does this seem complicated? It can be for the average manager, business owner or specialist. We don’t recommend conducting such equations by hand. Know how to calculate them on Microsoft Excel or Google Sheets. Have them programmed so that you can assess if you are delivering value to customers and if they are providing the same in turn.

2. Maintain A Consistent Cash Flow

Cash flow problems are fairly common for businesses. You may be running a profitable venture, but low cash flow means that you can endanger ongoing operations. If funds completely run out, then your business will be dead in the water.

A line of credit may not always suffice; it can provide a solution when you need to pay bills quickly, similar to taking out a loan. Even so, you eventually have to pay back on that credit with interest. That is why you need cash and to prepare to inject it into your business to pay back debts and handle recurring expenses.

Cash is basically the definition of being liquid. You can use it to pay for any expense or debt. Thus, it is constantly in demand. That is why you need to follow up on customers who are late in paying their invoices. Set automatic reminders for web services that provide invoices, so that you can track where cash flows are being depleted and when they are not arriving. If customers are not paying in a timely manner, then you will need to discuss with management if you want to send them to collections or refuse to send them future products and services.

Have lines of capital ready to proceed when necessary. A good business owner will have cash available to invest in the business, from either related checking or savings accounts. They should prepare to liquidate other assets, if necessary. Ideally, it is also beneficial to have interested investors who will provide capital.

3. Organize A Productive Workspace

An employee’s office or remote workspace can affect their output for products or services. Within an on-site office, an employer or manager can ask for individuals to maintain suitable order. The less clutter that is around, in the area or on computers for working, the easier it is to focus on doing work in times of crisis.

The first step is to declutter the physical space. Ask employees to put important papers in labeled folders. Also, request that they have only necessary office supplies on their desks and just a handful of personal belongings. The local manager should have a supply closet on hand and inventory should be checked to determine ordering frequency for each item stocked.

Second, computers require organization. See if you can install a universal server that can hold everyone’s documents. Google Drive is also an option. As an added benefit, you can create company-specific emails under the same Google business account. Ensure that Instant Messaging is installed so that employees can correspond with each other on urgent matters and respond accordingly.

With remote work, the circumstances are different. Many employees will be checking in and using relevant websites to log their output. Managers can send out reminders of daily or weekly priorities on Slack, which is designed for business messaging.

You have many resources to stay alive and maintain your business. All you need to do is have a viable strategy to implement them. Take advantage of modern technology, mathematics and policies to remain in action.

Thanks for reading and please share tread.

Have a wonderful weekend.

Your Friend!
Joshua Adeyeye ❤️

Just keep moving and don't stop even when you get there.

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