Sales are down this month, your biggest customer has reduced the budget they spend with you, your key contact has changed companies and the new person is using another supplier……what else could go wrong? These are all common scenarios that become more common when interest rates go up and the economy starts to cool down. This is a challenge for many businesses, but an opportunity for lean small businesses that can knuckle down and get on with it.
Contact former customers
Don't assume that a customer who stopped buying from you in the past will never buy from you again. Customers' needs and circumstances change, just as yours do.
Contact competitors of present or former customers
If a company needs what you sell, there's a good chance their competitors do too.
Call former prospects
The bigger a business, the slower they are to move. The project that was put on indefinite hold last year may become urgent soon.
Sell additional products and services to existing customers
Often the easiest way to bring in new business is to sell more to your existing customers.
Team up with partners
Recommendations and referrals are among the leading sources of new business for small businesses. An easy way to get more referrals is to team up with other businesses that sell to the same market but don't directly compete with you.