Now that we are almost at the end of January, scary I know and most resolutions have now been forgotten it’s time to take stock and review your business plans for the year. I hope that the following 5 tips will be of assistance.
1) Always carry out a credit check on a new client. Barclays Bank Credit Focus is an excellent product for most limited company credit checks. If your potential client is a non-limited entity, please call our referencing team.
2) Raise your prices: It is a common misconception that you will lose your customers if you raise your prices, wrong. If you raise them by 10% on average you will lose no more than the bottom 10% performing customers, 90% will accept it.
3) Have a variety of pricing structures, after raising your prices you can A) If someone is prepared to pay on receipt of your invoice, offer them 5% discount. B) If someone wants to a longer settlement period, up the price by a further 5%.
4) Make sure you continue to spend as much as you can on marketing yourself. The company that will come out strong from the recession will be the one that is seen or heard.
5) Make sure that you reward your loyal clients with special offers or a discount if they buy or use a specific service.
I hope these tips help, but if you're still unsure and want some advice please do not hesitate to email me david@deanemcollections.co.uk
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