11 Ways to Turnaround a Cash-Strapped Business or Practice

11 Ways to Turn Around a Cash-Strapped Business or Practice
By Adam Urbanski

This past weekend I received a disturbing message from a dear friend. His business wasn’t generating all the income he needed. He’s exhausted all savings, started depleting credit card reserves and badly needed money to pay this month’s mortgage… Ouch! I wish I knew sooner…
Whether it’s pride or just human nature that keeps professionals from asking for help sooner, it’s just plain silly to keep “toughing it out” when there are so many strategies for generating new business fast.

You see, there is really no shortage of new business, there is only a shortage of knowledge how to get this business.

So if you are one of those professional folks who could use a few hundred bucks to help out with this month’s mortgage, here are a few strategies to get your business buzzing with new customers or clients:

1. Get on the phone!
   Pick up the phone and call everyone you know. Make sure they all know what you do.
2. Get out and meet people!
   Set a goal of how many people you want to see in person every day and find ways to meet that goal!
3. Stop competing and start leveraging!
   Approach competitors and offer to help out.
4. Ask for referrals!
   You should be doing this anyway.
5. Crank up your follow-up!
   Reach out to your “old” prospects – even if you previously gave up on them. Give them a call, send them a postcard or an article, and give them a special reason to say “yes” now!
6. Forgive your ex-clients!>br>
   Give them a way to gracefully come back to you and many will do it.
7. Catch a COI!
   Form an alliance with Centers of Influence who can introduce to a large number of prospects at once and give you instant credibility.
8. Educate, educate, educate!
   Regardless of what business you are in you can always find things your clients and prospects would appreciate learning from you.
9. Start thinking strategically!
   If you are having trouble attracting enough new business, the marketing tactics above should help you get things hopping, but to achieve a long-term sustainable success you’ll need to address your marketing on a strategic level.

   Identify or re-evaluate your ideal target market, clearly describe the benefits your product or service provides, create a compelling marketing message, re-evaluate your business model and re-define your methods of delivering your product or service, etc., etc.

10. Stop getting and start giving!

    When you are in the “how I can GET a client” mode, you are focused on you – and that doesn’t make you very attractive. Shift your thinking to “how I can GIVE clients more VALUE” and you’ll become an irresistible client magnet!

11. GET HELP!
    Collaborate with a successful associate, start your own board of advisors or a mastermind group, or hire a marketing mentor to pull you out of the quicksand. Remember, when time and money count – you can’t afford the expensive “trial and error” learning curve!

Oh, and one final thought – now that you are done reading – get busy implementing!

© 2006 Marketing Mentors. All Rights Reserved.

The author, Adam Urbanski, teaches service professionals and business owners how to develop marketing strategies that increase sales and profits. His website offers more how-to articles and free tips to create a winning marketing action plan