I mostly manage residential properties but I have a handful of commercial properties and I have to say businesses are feeling the pressure of customers holding their money. Not to mention as a business owner myself I am always looking to save money.
So here are a few tips:
1. Eliminate advertising as much as possible.
2. Belong to community organizations and network
3. Pick up the phone and start making calls to clients - reconnect and build relationships
4. Make personal visits - again build relationships
5. If you belong to a business networking group take time to learn what other members do and try to help them get more business. If you aren’t in it to take people will start to refer business to you.
6. Experiment - don’t get gun shy. Here is an example of a wonderful experiment.
A plumber in town tried an experiment after we were discussing marketing in our local area. He decided to cut back on almost all his Yellow Pages advertising which at the time was $5000.00 per month! He is down to $500 per month and his business has increased 27%. He took the money savings and spent more time working on the company website. Spent time reconnecting with current and past customers. Offered special pricing for partner businesses such as my property management company. I can now say I use his services more because the price point is competitive with other vendors. They also offer outrageous customer service.
7. Trim hours, not staff. You still need to be productive and it costs more to find new people and train them. Also, when the economy turns around you will need your full time people. Lastly, it shows your employees that you do care about them and value what they contribute. It will build loyalty and the attitude we are all in this together.
8. Stretch your dollars. Review all your expenses and decide what can go, what can get cut back etc. One thing I have done is get my ink printer cartridges on line. I can get 4 for the price of 1 at Staples so that is a real savings to my bottom line. Also, print on the back of used paper for in office things. I also changed my phone voicemail with AT&T and went from $60 per month for my business voicemail box to $12 per box. I just had to call and ask. I don’t have all the bells and whistles but it suits my needs and I saved a lot on my monthly bill.
So bottom line get back to basics. Have a budget, review it, think outside the box for savings and get on the phone and start reconnecting with clients.
Kathleen Richards
Broker/Owner
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