Telescope your services when business is slow.
Businesses that are successful in down economies learn to leverage their revenue generating services and find ways to increase focus on their big winners — as they should. In fact, specializing — finding your niche — is often “the right way” to grow your business.
Paul and Sarah Edwards, authors of Middle Class Lifeboat, suggest otherwise. According to them, small businesses need to telescope or extend and add to the range of services they provide to existing customers without undoing their reputation in the specialty they have previously developed.
Here’s some ideas on how to telescope in a rough market:
— Ask your customers what their goals are for 2009 and find them a solution.
— Find your customers’ pain — what keeps them from meeting their goals and what solution do you have or can you create to fulfill their need?
— Listen to your customers talk about their needs and accommodate them.
Now go out there and start telescoping!