Your small business is beginning to fail. The life is slowly being sucked out of it.
If you’re in a B2B setting, get on the phone. Pound the phones. Don’t wait for people to call you. Start pounding phones and generating business.
If you’re in the B2C world, get the message out. Go door to door if you have to. Don’t fail.
Don’t just start spending more money on marketing because you’re worried about revenue. Don’t join every local networking group and send out a brand new direct mail campaign. Don’t blow your monthly budget on Google AdWords in 6 hours.
That would be dumb. Instead market smarter.
I assume you have Google Analytics and call tracking implemented to track your marketing’s success (if you don’t get them). There are free and very low cost versions available.
Anyway, look at your data and distinguish between what is working and what isn’t working. If a specific tactic isn’t driving phone calls or walk-in traffic, stop that tactic.
Only spend money on the most effective things. Period.
I’m at Dave Ramsey disciple. He’s a financial advisor with a widely syndicated national radio show and a couple of best-selling financial books. He talks a lot about getting out of debt. He says frequently that someone getting out of debt should “…sell everything that isn’t nailed down: and “sell so much stuff the kids think they’re next.”
You might have to get drastic if you’re going to save your business. Do you really need an assistant? Do you really need all this magazine subscriptions or extra inventory? Think about things you can cut. Most businesses skate on a razor thin edge. A few hundred bucks can make the difference between making it and failing to survive.
Cut everything you don’t need.