4.
Identify new markets - Typically the more avenues of distribution you have, the better off you are. If, for instance, you cater to the commercial market, consider the government space or even the aerospace and the aircraft sectors. Your marketplace can also be expanded by demonstrating adherence to industry quality standards, like
ISO 9001, 14001 or AS9100.
5.
Enhance your Website - Your Website should be optimized so that it becomes a powerful Internet marketing platform for generating sales leads contributing to both short and long-term growth.
6.
Invest in Training - Great companies realize the value of their employees and staff development. Don't wait for the economy to reconcile itself to focus on training. Trained employees are be more confident, productive and resilient.
7.
Forge strategic alliances - Understand your core competencies, know what customers are looking for, and forge strategic partnerships to shore up your product and service portfolios.
8.
Trim costs surgically - Across the board cost cutting is risky at best. Analyze expenses with your key staff, one line item at a time. This way you can make strategic cuts, one cut at a time.
9.
Optimize your advertising effort - Go beyond traditional print advertising in trade journals and other publications. Be creative and don't discount using Web-based technology (e.g. pay-per-click advertising). And be sure to track the ROI for each activity to make your dollars count!
10.
Build a strong sales force - Develop a unified sales team focused on customer needs and expectations. Indeed, your sales representatives should become business partners to your customers.
11. Strengthen customer service - It is easier and far less expensive to retain a valued customer rather than gain a new one. Satisfied customers will stick with you and probably buy more.
