Business Survival Guide – Look after your existing customers

To help your business survive and thrive during these uncertain times, you need to look after your existing customers.

Right now, unless you are in a recession proof industry like debt collection, or in a business that supplies the medical industry, you may need to let go of any ambition for short term growth and instead focus on avoiding collapsing and calling in the administrator.

And to do this, one of the areas you need to focus on is your existing customers. Generally, the second biggest asset of your business.

Firstly, for many businesses it is cheaper to keep an existing customer than win a new customer. As the old saying goes “A bird in the hand is worth two in the bush”. Don’t waste money you may not have, to win a new customer at the expense of an existing customer.

Secondly, if you need to cut costs, make sure it does not adversely impact your existing customers. Otherwise you may end up on a downward spiral where you start to see revenue declining faster and the need for even deeper cost cutting to survive.

If at all possible, do something to improve the benefits you provide to your existing customers. Maybe it is better customer service. Maybe you have been able to reduce some costs and you pass some of this onto your customers.

And don’t forget to tell your customers what you are doing to help them. They will appreciate this and it will deepen their loyalty to you.

Now if you do this well, when the economy turns, you are ready to restart your growth with your existing loyal customer base. And you can take advantage of the opportunities presented by other competitors not servicing their clients properly, and possibly not even surviving.

Look out for more strategies from my Business Survival Guide to ensure your business can survive and thrive during these uncertain times.

Need help to determine your top and bottom profit customers? Use the below form to contact me or call me on 0412 227 052

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Contact Wayne Wanders for your FREE Business Survival Session

To ensure I help your business specifically, the best approach I have found is to have an obligation free session with you. In this session we will review your current business in a factual and objective manner, to better understand the challenges that you face. And this session does not need to be face to face.

At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times.

Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.

To get help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times, simply use the contact form on the left to email Wayne or call him on 0412 227 052.

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Let Wayne Wanders, a fully qualified and experienced CFO, help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times.

Wayne Wanders, A Real CFO

wayne@aRealCFO.com.au

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