As entrepreneurs find themselves bombarded by a plethora of evolving marketing platforms, two leading veteran entrepreneurs Jason Balin and Chris Haddon from the real estate, lending and marketing industries share 4 tips to help keep your business healthy even during challenging times.
4 Tips for a Stable Business:
1. ABM: Always be Marketing
Your business must be marketing constantly, not just on startup or during healthy economic times. In their interview with Entrepeneur.com, both Jason Balin and Chris Haddon stressed the need to continue marketing regularly to help keep your business visible and increase your chances of attracting new deals. They address the tendency to want to relax once a new business reaches profitability but advise against it.#ABM, Always Be Marketing Click To Tweet
Focused, continuous marketing campaigns will keep your business fresh in the eyes of established and hopefully new clientele. This practice is useful for any economic market status, and it will even serve you during economic downturns.
Alec Baldwin’s famous speech from Glengarry Glen Ross, which emphasizes the classic sales technique of “Always Be Closing.” To keep your business moving, ensure that marketing campaigns are always drawing potential business to your company.
2. Keep Cash Liquid
One of the most important keys to keep your business stable is to keep your cash flow liquid. Banks are not fond of lending money to cash-strapped companies, no matter what a desperate market like the U.S. before 2008 has made you think. To attract investment and business, keep your debt ratio low. Retain liquid assets, and invest in projects that bring you a steady income.
For more in-depth information on ways to keep your companies assets liquid, check out our recent article on next-gen factoring.
3. Keep Hustling
An active focus on long and short-term goals will keep your business running at a healthy pace. Only a press-forward attitude will overcome problems that seem insurmountable.
Step back from the proverbial mountain, look for outside the box opportunities and use footfalls to ascend towards success. Remaining active and focused will help you recognize new opportunities.
As new technologies emerge, constantly think of how best to incorporate them.
Lastly, as in all of live’s pursuits, adaptability is crucial. Allow your company to readjust and reassess business operation and goals. Shift key members of your staff to more aggressive positions so that you not only stave off stagnation while creating new avenues for income.
If you can heed these 4 tips for a stable business, when the market does improve, you will reap the benefit of Seneca’s words: “Luck is what happens when preparation meets opportunity.”