Why business marketers need to set up their own stimulus package

Welcome back!

Today’s economy has many business owners wondering about what they should do for their business. They’re seeing their daily, weekly, and monthly gross income going down because consumers are no longer spending like they used to. People today are afraid of the future. Today’s news media has created a fear that people will be laid off and that they will be waiting in bread lines. While this is great, if you’re selling advertising on a news network it creates a problem for business owners.

To eliminate this challenge, you should take a look at your gross income over the last 12 to 24 months and compare it to the last six marks. Are people still buying what you’re selling? are they buying the same quantity they used to? in today’s economy people are no longer buying the things that they used to buy just six months ago. People have cut back in many areas of their personal finances. Things that people used to buy on a weekly or monthly basis have now become luxury items that are no longer buying.

Getting creative in your business today is important. You’ve got to ask yourself what you should be selling and will you sell enough of it to make it profitable? the most creative business owners are now creating continuity programs also known as subscription services that allow them to better manage their business and more consistently get their cash flow.

Open up your personal checkbook. Look at what you have been spending your money on over the last 3 to 6 months consistently. Can you turn some of those monthly bills that everyone spends their money on into cash flow for your business? according to the National Retail Federation, we are committed to using today’s technology. More than 80% of us wouldn’t give up Internet access. Almost 2/3 wouldn’t cancel a cell phone, and more than 60% would never drop cable or satellite television.

Obviously, you want to be selling what people are buying. Today people have raised their expectations. We now expect others to have cell phones and to be able to accept our text messages. For entertainment, people are now watching more satellite or cable as it’s already a part of their monthly expenditure. As you look over your own personal finances, it begins to come obvious that the things you spend your own money on are the same things your customers are spending their money on.

While people today do have a fear of recession and of losing their job, the smart business owner has changed the products they sell, How they sell them, and even where they sell. For example: a dry cleaner may choose to sell $200 worth of dry cleaning services for $50 using a coupon book. This generates income, and insurers that their customers will not go to a cheaper competitor.

As the stock market continues to rock people’s confidence levels it makes it tough for a business owner to have consistent cash flow in their business. Businesses that were doing $4000 a day are now seeing their business average $2000-$3000. And for smaller businesses, it just makes it worse. Those that would normally spend $80-$100 eating out on Friday night are now settling for a $20 pizza.

In the end, no matter how long this recession shall last you’re still going to get to two years from today. The question is Will you be where you are today?, will you be selling the same things? Will you be working harder? Take the extra time you have now and invest that in education, so two years from today you’ll be a better business owner.