The year is 2022 and the month is June, the world is now starting to get real.
Government financial assistance that carried most through COVID-19 has come and gone, now the tide has gone back out and we find out who was swimming naked.
As expected, with free money flowing in from the government, inflation is now a real problem in Australia. It’s a combination of the extra cash flowing around the economy but also magnified by the existing supply chain issues and decreased output in general.
Layoffs, Bankruptcies & Opportunity
We’re confident small business owners within Australia have heard about the doom and gloom. Let’s spend five minutes talking about the opportunity.
** This article and website does not contain any form of financial advice.
MERGE or ACQUIRE
If you and a previous competitor are both feeling pressure, what would a possible joining of forces look like? Maybe it’s not a complete marriage, perhaps it could be:
- Partnering on key contracts to win the business.
- Leasing of equipment, space.
- Agree to sub-contract out to one another parts of a contract that better match your strengths.
- Agree on a referral system so you can both keep the lights on the short term.
Whilst it’s often difficult to know your competitor is in trouble before they board up their doors, but if there was a way to find this out and get on the front foot and advertise that you are looking for a business to purchase, they may come forward to you.
DOUBLE DOWN
Every business completes work that is their least efficient. It may be a type of service or a product that you offer. If you find yourself saying no to better jobs you want to be doing while at the same time completing jobs that are not worth the time, one could consider doubling down on the strengths (say no, or simply outsource the works to another who is more efficient at that piece).
PIVOT
Listen to what your customers are asking from you. These are probably things you say no to or “we don’t do that here”. If the tide is shifting you may want to find out what direction it’s going and if it is time to surf that wave.
PROTECTION
Speak to lawyers and insurance brokers about making sure your small business is covered for what it needs to be covered for. 2010 – 2018 may have been good part of a decade where you could weather a few blows but consider now how much closer to the edge you would be if there was as a big roof leak, small fire, considerable theft, cancelled contract, etc. Make sure your small business is covered with the right (and updated) insurance plan.
Small Business Marketing for 2022
Now, when you’re in the drivers seat knowing where you want to go. Follow these three simple and powerful steps:
- Go back to customers who have purchased from you in the past. Find out what they need now and sell it to them.
- When a customer buys one thing, they often need 1 or 2 things on either side of that purchase. If they buy a new smartphone, they also buy a back up charger, new protective cases, a holder for their car, new earphones perhaps, insurance for the phone, etc. Why don’t you be the one to sell all the surrounding purchases to them also?
- Find more customers. If you don’t already have a reliable way of doing that each week you can contact us here.
2022 is not a time for “building your brand”, it’s time to run marketing campaigns that urge people to walk in your door. This is called “direct response marketing”.