Small Business Feast or Famine? Here’s How to Get Out of It!Apr 16, 2023
As a small business owner, it’s not uncommon to experience the feast or famine cycle. Some months are great and others, not so much. You might even be covering your bills, but you’re sick of paying everyone else more than you pay yourself. You want to expand and max out your capacity consistently. If this sounds familiar, don’t worry! You’re not alone. In this blog, we’ll explore some tips to help you get out of the small business feast or famine cycle.
Get Clear on Your Goals and How You’ll Reach Them with a Solid Marketing Plan
One of the main reasons small businesses experience feast or famine is a lack of planning. It’s essential to set clear goals and determine how you’ll reach them with a solid marketing plan. This includes understanding your target audience and where to find them, as well as developing a consistent message that resonates with them. By taking the time to create a marketing plan, you’ll have a roadmap to follow and be able to measure your progress along the way. I teach my clients a system I developed called the ACRE Growth System so they plan for consistent revenue. It follows these steps: A-Attract, C-Convert, R-Retain, E-Expand.
Get Clear on Your Target Market and How You Stand Apart from the Competition with a Brand Strategy
Another important factor in avoiding the feast or famine cycle is having a clear understanding of your target market and how you stand apart from the competition. A well-defined brand strategy can help you do this. It’s not enough to offer great products or services; you need to communicate what makes you unique and why your customers should choose you over your competitors. By developing a brand strategy, you can differentiate yourself from the competition and attract the right customers.
Diversify Your Revenue Streams
If your business relies on one or two revenue streams, it’s time to diversify. This can help you avoid putting all your eggs in one basket and experiencing a sudden drop in revenue if one stream dries up. Consider adding complementary products or services, or expanding your offerings to reach a new market. (This is part of the E in the ACRE Growth System.)
Streamline Your Processes
Are there any areas of your business where you’re spending too much time or money? Streamlining your processes can help you save time and reduce costs. Look for ways to automate or outsource tasks, or consider simplifying your offerings to focus on what you do best. If you are spending time on the wrong things, it’s going to be pretty friggin’ hard to find the time to break this cycle!
Be Consistent in Your Marketing Efforts
Consistency is key when it comes to marketing. Make sure you’re consistently promoting your business through various channels such as social media, email marketing, advertising, and other marketing tactics that resonate with your target market. Consistent messaging and branding will help you stay top of mind with your audience and build trust and credibility over time. So in essence, once you’ve got your plan, actually DO IT.
Build Strong Relationships with Your Customers
Finally, building strong relationships with your customers is essential for avoiding the feast or famine cycle. Happy customers are more likely to refer others to your business and provide repeat business. Focus on providing excellent customer service and building relationships through personalized communication and follow-up.
Breaking out of the feast or famine cycle isn’t easy, but it’s definitely possible. By getting clear on your goals and developing a plan to reach them, developing a brand strategy, diversifying your revenue streams, streamlining your processes, building strong relationships with your customers, and being consistent in your marketing efforts, you can break the cycle and take your business to the next level. Remember, success doesn’t happen overnight, but with persistence and a solid plan, you can achieve your goals. So go forth and rock your small business!
PS- Need help. Reach out.
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