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Posted by: | on October 12, 2020

How To Create A Marketing Calendar That Will Streamline Your Campaigns

If you’ve ever led a marketing team, you know it’s easy to get overwhelmed by tasks and plans.

Numerous blog posts, social media marketing campaigns, and emails crowd your pipeline. But distractions and urgent issues get in the way, and when you check the clock, several hours have passed.

It happens all the time: you miss one deadline and end up missing more. The result is a half-baked campaign that fails to hit your goals.

Without a concrete schedule, this becomes an inevitable cycle.

To solve this problem, consider using a marketing calendar.

Why Use a Marketing Calendar?

In my experience, you need a marketing calendar to get a full overview of your team’s deliverables, deadlines, and tasks.

Recent research in an article by Evinex states that marketers who record their strategies are 538% more likely to complete tasks on time. Consider goal-setting as well, as 81% of people who set goals do achieve them.

I’ve worked on plenty of marketing campaigns, and I can tell you that it’s easier to hit your goals when you can streamline your tasks and manage deadlines.

So today, I’ll show you how to create your marketing calendar.

Step 1: Understand Your Customers

Every task in your marketing calendar should revolve around attracting your target audience. Your marketing efforts’ ultimate purpose is to reach the most customers and get them past the sales funnel.

For example, if you’re offering video games to students, you’ll want to launch aggressive marketing campaigns during school breaks. Similarly, if you’re targeting employed adults, you’ll want to post content during normal break times, after work hours, and or weekends.

Here are questions to consider when planning the activities in your marketing calendar:

  • What does my audience need?
  • What are their interests?
  • When is the best time to engage with them?
  • How will they interact with my content?
  • Are they more likely to sign-up for your program or service during a specific period or season of the year?

You have to think long term to reach the most number of consumers for your marketing campaigns. 

Step 2: Identify Marketing Calendar Responsibilities

Every member of your marketing team has a role to fill. Their responsibilities are often based on their skills, which will determine their tasks in your marketing calendar.

Here are some typical marketing roles:

  • Marketing Specialist
  • Social Media Manager
  • Search Engine Optimization Specialist
  • Email Marketing Manager
  • Web Content Writer
  • Web Producer
  • Product Manager
  • Marketing Analyst
  • Advertising Coordinator

Here an example of how to make it work for you.

  1. Web Content writer: works on blog posts, guest posts, social media copy, and landing pages.
  2. Social Media Manager: responds to social media messages, schedules posts, and plans social media marketing campaigns.
  3. Email Marketing Manager: builds customer segments, oversees email marketing campaigns, and develops contact strategies.

Since most marketers on your team work on different content types or areas, you may want to organize their tasks through other marketing calendars and templates.

Here are common types of marketing calendars to consider:

  • Content marketing calendar: With this all-purpose calendar, you get full visibility of your entire marketing strategy. This calendar includes your team’s marketing functions, content marketing campaigns, podcast series, SEO tasks, etc.
  • Editorial calendar: Use this to streamline the production and publication schedule of blogs or articles.
  • Social media calendar: If your business is active in several social media platforms, you’ll want to plan posts and organize tasks. This calendar lets you track high-performing posts and determine the best times to post throughout the week.
  • Email marketing calendar:  Use this to plan, organize, and schedule the content you’ll share with your subscribers.

The specific goal of each calendar is to organize and schedule your marketing initiatives.

Unlike your marketing plan, which lists down your deliverables, a marketing calendar shows when your team can expect to work on a task. Marketers may use several types of calendars to track related activities in one document.

Step 3: Determine Marketing Calendar Content Quantity and Publication Frequency

Most successful websites have a specific quantity and frequency for publishing content.

It would be best to plot out the content you must create per week or month. Then, once you’ve determined how often you will promote, consider your marketing budget and your team’s capabilities.

The types of content which you can publish per week include:

  • Blog posts
  • Case studies
  • Videos
  • Podcasts
  • Social media posts

A good tip is to finish a consistent number of deliverables each week.

For instance, you can host a podcast episode on Tuesdays and post a long-form blog post every Thursday. Meanwhile, you may aggregate the results of your social media campaigns every Friday.

marketing calendar example

Yes, it can be challenging to plan and fulfill different types of marketing content. But a consistent weekly plan enables your team to establish a routine and consistently finish their tasks.  

Step 4: Identify Marketing Calendar Themes

For B2C retailers, core themes of marketing campaigns revolve around specific seasons or dates. A millennial fashion brand could regularly promote back-to-school outfits near the end of the summer.

In contrast, B2B brands could focus on their industry’s opportunities and challenges. Due to the pandemic, some businesses may want to cover topics such as “digital transformation,” “future of work,” and “long-term impacts of a recession.”

Now get a spreadsheet and list potential themes that are specific to your industry. Set a meeting and invite your team to brainstorm topics relevant to your target market.

Now use Ubersuggest to find out the search volume of each keyword. Themes with a high search volume are likely to be relevant topics that your target audience searches for.

For this example, I used Ubersuggest to research the phrase “digital transformation.”

using ubersuggest to build a marketing calendar

I discovered the topic has a pretty high search volume and a moderate SEO difficulty, so it is a good theme to keep in mind.

using ubersuggest to build a marketing calendar graph

I highly recommend having various themes and topics to cover each month, especially for brands catering to different buyer personas.

In the long-run, this will help you establish a variety and keep posts fresh.

Step 5: Creating a Marketing Calendar Backlog

Next, it’s time to create a marketing calendar backlog.

Think of content projects and marketing deliverables. During the process, you may discover some tasks are better suited for execution at a later date.

Having a content backlog ensures you can document all the ideas for your next campaigns, podcasts, or blog posts.

Here’s an example in Google Sheets to create a content backlog, but you can use other software and apps too.

The document should include the type of content, topic or headline, priority level, and deadline for each content idea.

marketing calendar example

Coschedule has a useful marketing project prioritization matrix for identifying tasks with the most significant impact on your marketing goals.

They suggest using a “10x versus 10% framework,” which goes like this:

  • 10x ideas are relevant to a significant portion of your target consumers. These ideas are likely to increase your results by at least 10x.
  • 10% of ideas refer to projects with minimal or almost no impact on your marketing results.

Let’s see how you can put this theory into action:

  • Step 1: Create an X/Y chart and place “Value” in the vertical Y-axis and “Target Audience” in the horizontal X-axis.
  • Step 2: List down each idea in a sticky note and place them on the X/Y chart. The most valuable projects are placed on the top, while projects relevant to most people are on the right side.

The most prioritized content should be situated on the top right corner of the chart.

Step 6: Create a Marketing Calendar

While there are many calendar tools and software in the market, we’ll use Trello for this article as an example.

A Trello kanban board usually consists of tasks that are organized into lists. 

using trello to build a marketing calendar

However, Trello also has a calendar view that gives users a complete overview of their tasks and deadlines per month.

Here’s how it’s done:

First, create a Trello board.

Hover to the Menu Bar and click “Power-Ups.”

trello card example marketing calendar

On the “Essential Power-Ups” section, add the “Calendar” to visualize Trello cards in a calendar format.

using trello to build a marketing calendar options

To create a task, click a date, and choose the “Add Card” button.

add card in trello marketing calendar

Then type the name, deadline, and task description.

You can open up the tool again and complete the following fields:

trello card example to build a marketing calendar
  • Card description: provides more in-depth information about the task.
  • Comments: gives feedback to team members. You can @mention your team member so they will receive a notification.
  • Add members: lets users assign tasks to members of the Trello board.
  • Add checklist: adds subtasks for activities that require several stages to accomplish.
  • Add due date: adds deadlines to cards.
  • Add attachments: attaches files from Google Drive, Dropbox, OneDrive, and Box.

Trello calendars provide a complete overview of your marketing team’s activities and deadlines. By monitoring deadlines, marketers can set priorities and accurately determine the time it takes to complete each task.

Note: Mark vacations and holidays. These events could impact the schedule for your marketing content.

Step 7: Updating Your Marketing Calendar

Planning your marketing initiatives often involve a multi-step process. Prior to publication, most marketing content starts with a draft and requires reviews from superiors.

Here’s how it’s done in Trello with a sample account.

First, a deliverable gets written on the Content Backlog of your Google Sheet. Content with a high level of priority is the first one to get assigned to an author. When a content creator claims a task, the status of the deliverable becomes “In Progress.”

using spreadsheets in progress to build a marketing calendar

Next, return to Trello and create a card for the task. Add a due date, description, comments, and assign it to a member of your team.

blog post trello card example in building a marketing calendar

Trello lets you sort cards into “Lists.” The title of each list can be based on the current status of the task, which includes:

  • Open: a task still needs a deadline, description, due date, and other additional information before it gets assigned.
  • In Progress: a task has been assigned, and your colleague is working on it.
  • In Review: a task has been completed, but it still needs to be reviewed by your organization’s superiors.
  • Completed: the task is done.

If your colleague is working on the task, set the status to “In Progress.”

After submitting the draft, you can classify it as “In Review.”

trello card example in marketing calendar

In this phase, a superior will check the article to make edits or ask revisions. If there are significant changes, the card returns to the “In Progress” column with a new due date.

Once the task receives approval, then the card can be transferred to the “Closed” column.

You can also de-clutter the Trello board by archiving cards upon publication of the post. This removes them from the list.

Step 8: Plan Ahead 

Now that you’ve launched a marketing calendar, you’re ready to plan your projects for the upcoming weeks or months.

Holiday marketing campaigns take months or weeks to plan.

For instance, the entire bundle of holidays for the end of the year include Hanukkah, Thanksgiving, Cyber Monday, Black Friday, and Christmas. Many marketers may begin holiday planning as early as August to prepare for the influx of customers during their busiest time.

There’s no need to come up with specific content to publish yet. Just be aware of the main marketing campaigns and tweak the plan as you see fit.

Aside from preparing for upcoming campaigns, a calendar will help you set a realistic amount of projects. You can create content weeks in advance to hit your marketing goals during peak sales time. Your team won’t be stressed out with a practical schedule or be forced to downsize the campaign due to missed deadlines.

Conclusion

If you want to build a marketing campaign, you need an elaborate plan to succeed.

A marketing calendar lets you determine how far in advance you need to begin your marketing campaigns and the amount of time you have to fulfill them. Setting up tasks and deadlines is the only way to streamline your campaigns and make sure your team is on track to hit their goals.

How will you use your marketing calendar?

The post How To Create A Marketing Calendar That Will Streamline Your Campaigns appeared first on Neil Patel.

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Posted by: | on September 8, 2020

Get the Best First Credit Card to Build Credit

Are you looking for a first credit card to build credit for your business? Your business credit does not come about by accident. You will have to build it – and business credit cards can be a huge help in getting you where you want to be.

Fortunately, there are choices out there. But keep in mind, a lot of them will hinge upon your personal credit scores. Good FICO scores will help you get a good first credit card to build credit for any company. But don’t worry – we also have some choices for when your personal credit is less than stellar.

The Very Best First Credit Card to Build Credit for a Business

We investigated a lot of company credit cards for you. So, here are our selections for the best first credit card to build credit for a business.

Per the SBA, company credit card limits are a massive 10 – 100 times that of personal credit cards!

This reveals you can get a lot more funding with corporate credit cards. And it likewise shows you can have personal credit cards at stores. So, you would now have an additional card at the very same stores for your small business.

And you will not need collateral, cash flow, or financials to get business credit.

Benefits

Benefits can and do differ. So, make sure to pick the benefit you would like from this choice of alternatives. There are a lot of ways to start building credit with business credit cards. So, open your mind and consider the myriad of possibilities.

First Credit Card to Build Credit for Fair to Poor Credit, Not Calling for a Personal Guarantee

Brex Card for Startups

Take a look at the Brex Card for Startups. It has no yearly fee.

You will not need to provide your Social Security number to apply. And you will not need to provide a personal guarantee. They will take your EIN.

But keep in mind, they do not accept every industry.

Also, there are some industries they will not work with, as well as others where they will want added paperwork. For a list, go here: https://brex.com/legal/prohibited_activities/.

To determine creditworthiness, Brex will check a business’s cash balance, spending patterns, and investors.

You can get 7x points on rideshare. And get 4x on Brex Travel. Also, you can get triple points on restaurants. And you can get double points on recurring software payments. Get 1x points on everything else.

So, you can have bad credit scores (even a 300 FICO) to qualify. Amazing!

Find it here: https://brex.com/lp/startups-higher-limits/

First Credit Card to Build Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

First Credit Card to Build Credit for Fair Credit

Capital One® Spark® Classic for Business

Have a look at the Capital One® Spark® Classic for Business. It has no yearly fee. There is no introductory APR offer. The regular APR is a variable 24.49%. You can earn unlimited 1% cash back on every purchase for your business, without any minimum to redeem.

While this card is within reach if you have fair credit, beware of the APR. Yet if you can pay on schedule, and in full, then it can be a good deal.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-classic/

First Credit Card to Build Credit with No Annual Fee

No Annual Fee/Flat Rate Cash Back

Ink Business Unlimited℠ Credit Card

Have a look at the Ink Business Unlimited℠ Credit Card. Beyond no annual fee, get an introductory 0% APR for the first 12 months. But after that, the APR is a variable 14.74 – 20.74%.

You can earn unlimited 1.5% Cash Back rewards on every purchase made for your company. And get $500 bonus cash back after spending $3,000 in the first three months from account opening. You can redeem your rewards for cash back, gift cards, travel and more via Chase Ultimate Rewards®. You will need exceptional credit to qualify for this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/unlimited

First Credit Card to Build Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

First Credit Card to Build Credit with a 0% Introductory APR – Pay Zero!

Blue Business® Plus Credit Card from American Express

Check out the Blue Business® Plus Credit Card from American Express. It has no annual fee. There is a 0% introductory APR for the initial one year. But afterwards, the APR is a variable 14.74 – 20.74%.

Get double Membership Rewards® points on everyday business purchases like office supplies or client suppers for the initial $50,000 spent per year. Then get 1 point per dollar afterwards.

So, you will need good to excellent credit scores to qualify.

Find it here: https://creditcard.americanexpress.com/d/bluebusinessplus-credit-card/

American Express® Blue Business Cash Card

Also check out the American Express® Blue Business Cash Card. Note: the American Express® Blue Business Cash Card is identical to the Blue Business® Plus Credit Card from American Express. However its rewards are in cash as opposed to points.

Get 2% cash back on all eligible purchases on up to $50,000 per calendar year. But after that get 1%.

It has no yearly fee. There is a 0% introductory APR for the first twelve months. But after that, the APR is a variable 14.74 – 20.74%.

So, you will need good to excellent credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/business-bluecash-credit-card/ 

First Credit Card to Build Credit for Cash Back

Flat-Rate Rewards and No Yearly Cost

Discover it® Business Card

Take a look at the Discover it® Business Card. It has no annual fee. There is an introductory APR of 0% on purchases for one year. But then the regular APR is a variable 14.49 – 22.49%.

You can get unlimited 1.5% cash back on all purchases, with no category restrictions or bonuses. They double the 1.5% Cashback Match™ at the end of the first year. There is no minimum spend requirement.

You can download transactions| quickly to Quicken, QuickBooks, and Excel. Keep in mind: you will need great to excellent credit scores to get approval for this card.

https://www.discover.com/credit-cards/business/

Bonus Categories

Ink Business Cash℠ Credit Card

Take a look at the Ink Business Cash℠ Credit Card. It has no yearly fee. There is a 0% introductory APR for the initial 12 months. Afterwards, the APR is a variable 14.74 – 20.74%. You can get a $500 one-time cash bonus after spending $3,000 in the first three months from account opening.

You can earn 5% cash back on the initial $25,000 spent in combined purchases at office supply stores and on web, cable, and phone services each account anniversary year.

Get 2% cash back on the initial $25,000 spent in combined purchases at gasoline stations and restaurants each account anniversary year. Get 1% cash back on all other purchases. There is no limitation to the amount you can earn.

So, you will need superb credit to receive this card.

Find it here: https://creditcards.chase.com/business-credit-cards/ink/cash?iCELL=61GF 

First Credit Card to Build Credit Suite

Establish business credit fast with our research-backed guide to 12 business credit cards and lines.

Boosted Cash Back Categories

Bank of America® Business Advantage Cash Rewards MasterCard® credit card

Take a look at the Bank of America® Business Advantage Cash Rewards MasterCard® credit card. Get an 0% introductory APR for the first 9 billing cycles of the account. Afterwards, the APR is 13.74% – 23.74% variable. There is no annual fee. You can get a $300 statement credit offer.

Get 3% cash back in the category of your choice. So these are gas stations (default), office supply stores, travel, TV/telecom & wireless, computer services or business consulting services. Get 2% cash back on dining. So this is for the initial $50,000 in combined choice category/dining purchases each calendar year. After that get 1% after, with no limits.

So, you will need superb credit to qualify.

Find it here: https://promo.bankofamerica.com/smallbusinesscards2/ 

First Credit Card to Build Credit with Flexible Financing

The Plum Card® from American Express

Have a look at the Plum Card® from American Express. It has an initial yearly fee of $0 for the first year. After that, pay $250 each year.

Get a 1.5% early pay discount cash back bonus when you pay within 10 days. You can take up to 60 days to pay without interest when you pay the minimum due by the payment due date.

So, you will need good to superb credit to qualify.

Find it here: https://creditcard.americanexpress.com/d/the-plum-card-business-charge-card/ 

Business Credit Cards for Jackpot Rewards That Never Expire

Capital One® Spark® Cash Select for Business

Take a look at the Capital One® Spark® Cash Select for Business. It has no yearly fee. You can get 1.5% cash back on every purchase. There is no limit on the cash back you can earn. And earn a one-time $200 cash bonus once you spend $3,000 on purchases in the first three months. Your rewards will never expire.

Pay a 0% introductory APR for 9 months. Then pay 14.49% – 22.49% variable APR afterwards.

So, you will need good to exceptional credit to qualify.

Find it here: https://www.capitalone.com/small-business/credit-cards/spark-cash-select/

The Very Best First Credit Card to Build Credit for Your Business

Your outright ideal first credit card to build credit for your business will depend upon your credit history and scores.

Only you can pick which features you want and need. So, always make sure to do your research. Because what is outstanding for you could be devastating for another person.

And, as always, make sure to establish credit in the advised order for the best, quickest benefits.

The post Get the Best First Credit Card to Build Credit appeared first on Credit Suite.

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Posted by: | on May 12, 2020

5 Warning Signs Your Business Is Failing in the Decline of the Economy

Are there warning signs your business is failing in the decline of the economy?  There could be.  By knowing the signs you can take action and help keep things running even during the worst of time.  Right now, the problem is COVID-19.  The Federal government and state governments are working hard to help small businesses, but you can do something for yourself as well.

There are Warning Signs That Your Business is Failing in the Decline of the Economy, but What You Can Do About It

You can see the impending doom on the horizon. Its building like a sand storm and you can’t promise you will not be buried in it.  The decline of the economy is inevitable, and you cannot promise your business will survive.

Our economy runs in cycles, with waves of good times and bad coming in like clockwork.  The fact that a rise or decline will come is pretty much the only predictable part however.  No one knows when the economy tide will change, only that it will. If things are good, you can bet eventually the decline of the economy will come.  If your business is to make it through the sandstorm of hard times, you have to know the warning signs.

You may think you are safe if your business is already established. While it is true that it is much harder for a new business to stay afloat during the decline of the economy, research shows that 50% of small businesses fail in the 5th year, and as many as 30% go belly up in the 10th year.

The news is depressing, but if you can spot the warning signs you have a fighting chance.  You may not be able to stop the storm, but if you can see it coming, you can at least board up the windows and ride it out with as little damage as possible.

COVID-19 and the Decline of the Economy

The federal government is working to try to stem the tide of business failures. This includes SBA Paycheck Protection Program funding. But you’re going to need to be in business to take advantage of the financing.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

How do you keep your business from failing? If you are already sinking, how do you reverse the damage? Sometimes you can’t. Sometimes the decline of the economy is too much.  Don’t give up though.  If you’re taking on water, we can help you do more than scoop it out with a plastic cup.

Set Yourself Up for Success

Wherever you are in the life of your business, now is the time to set yourself up for success.  Don’t wait another day.  In order to protect your personal finances and build business credit, you need to separate your business from yourself. Doing so on the front end is easiest, but many business owners do not know the importance of this when they first start.  Building business credit is vital for the survival of your business, and protecting your own personal liability is a necessity at all times. Here are some ways to make it happen:

  • Incorporate as an LLC, S-corp, or corporation. Do not operate as a sole proprietor or partnership. If you do, you and your business appear to be one in the same.
  • Get an EIN. They are free at gov and act as an identifying number for your business, similar to your personal SSN.
  • Open a business bank account. It should be used exclusively for business expenses. This is another tip that also helps at tax time.
  • Go to the Dun & Bradstreet website and get a DUNS
  • Make sure your business has its own telephone number and address that is not your personal telephone number and address.
  • Have a professional website created that does not use a free service. The web address needs to be paid for, and you need a dedicated email address that uses the same URL as the website.  It can’t be Yahoo or Gmail or some other free email service.

These things will help you not only when it comes to taxes and liability, but also when you are trying to establish and build business credit, which is essential for the growth of a business.

Prepare for the Unknown Known

While that sounds crazy at first, there really is an unknown known out there.  The economy will take a dive.  It is a fact of life just like birth and death.  That is the known.  The unknowns are the how, why, and when.  How do you prepare for something like that?  You cover all your bases.  Here are some things that can cause a business to go down during the decline of the economy along with some tips on how to prepare for them.

Cash Gap

Prepare for this by getting your business credit in order on the front end. Establish and build business credit so you can access the cash you need to bridge the gaps that are bound to show up.  Setting up your business as a separate entity is the first step in the business credit building process.

Gaps happen for a variety of reasons. Sometimes they are temporary timing issues, and sometimes you are leaking cash faster than a dam with a hole in it. If your business credit is strong, you can access credit cards or a business line of credit to help you shore up the leak while you look for a more permanent fix.

Without a solid business credit foundation, you will have a hard time finding the cash you need to fill the shortage, even short-term. Without access to cash a business cannot survive.

Growing Too Fast

You have to start slow. If you dive in before you are ready, you’ll cramp up and never make it to the other side. Take things one step at a time and research everything before you take the leap. Want to expand? Make sure you can handle the financing. Want to open a new location? Double check demand to make sure it’s there.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Trying to grow too much too fast is a sure plan for disaster, especially if the economy is in decline.

You Don’t Have a Plan

You had to write a business plan to get a business loan in the beginning. Even if you were solely founded on the backs of investors, they probably wanted to see a plan. It should already be there, in writing. Use it!

Work the plan you started with, tweaking as needed. It was good enough to get you started, and with minor adjustments for growth, it should be good enough to keep you going even in a decline of the economy.

Working without a plan is like heading into the dust storm naked.  If you survive, you will have much damage to repair.

Not Focusing on the Endgame

While branching out is a great thing in many cases, you can diversify too much. For example, if your specialty is pizza, and you want to add other entrees to the mix, that may be a great idea.

However, if you are a pizza shop and you decided to sell hunting equipment also, you may run into problems.

Find what you are good at and stick to it. Before you make any decisions on diversifying product lines, do the necessary research to determine whether or not that is the best plan of action.  It may sound good in theory, but will it create profit?  This is where good market research and a healthy dose of reality comes in handy.

Not Retaining Good Employees

If you have great employees, treat them right. Offer benefits, time off, fair payment, and appreciation as much as is in your power. Showing appreciation for a job well done is crucial to keeping good employees, and keeping good employees is vital to the success of a business.  This is especially true in a decline of the economy.  Starting over with new workers in hard times is not an easy task. Keeping the people that already know your business and do their jobs well is a much better recipe for success.

Is Your Business Failing in the Decline of the Economy?

Maybe it’s too late for prevention. Maybe you are already going down and you need a rescue plan. How do you know? What does it look like when a business starts to fail?

There are many warning signs, but these seem to be the most common.

  • You consistently can’t pay your bills.
  • Sales are steady but you have a ton of old receivables on the books.
  • Inventory is too high.
  • Your employees keep leaving.
  • There’s no chatter about your business.

While these aren’t always bad signs, they usually are. It might not be too late though. Let’s look at each one and see what can be done.

decline of the economy Credit Suite2

Inability to Meet Financial Obligations

If you have that business credit foundation we mentioned before, you can buy yourself some time here. Figure out a way to pay now, or ask creditors for more time. Then set to work figuring out the problem. Is it a timing issue? Look at getting a credit card or line of credit to bridge that gap.

Are your customers not paying? We’ll hit that in a minute. Are sales simply lagging? Find a way to increase sales! Have a sale, work harder at marketing, and improve the quality of your product or service.

Collect on Old Receivables

First, sell old invoices. Invoice factoring is a great way to get some cash fast, and if this is why you are short, it’s a suitable temporary fix. Get those accounts off the books and the cash in the bank.

Then, reconsider your credit strategy. Do you need to offer an incentive for early payment? Does there need to be tighter regulations when it comes to extending credit?

Slow Inventory Turnover

What’s up? Did you order too much? Maybe you need to have a sale to clear some of it out. Do you have too many different types of inventory? Go back to your first love, your original product, and off load the rest at a deep discount if you need to.

Employees Keep Leaving

This one is hard to fix on the back end. They aren’t happy, and trying to make them happy after the fact is almost impossible. If you have good workers, show your appreciation. They have plenty of options when it comes to places to work. Increase pay where possible and warranted. Offer as much flexibility as you can. Most of all, just show appreciation. Courtesy goes a long way. It may not be too late.

Demolish your funding problems with our rock-solid guide about 27 killer ways to get cash for your business. Get money even during the worst of a recession.

There is No Word of Mouth

Word of mouth is a powerful thing. If you have no reviews and no recommendations, that is a bad sign. Try offering incentives to those willing to leave a review. They can send you a link to the review in exchange for a discount or trinket.

Create social media chatter in a similar way. Incentives to like, share, or retweet sometimes take off like wildfire.

Even better, hire someone who specializes in this type of publicity.

Sometimes it Really is Too Late

The fact is, once a business is already failing, it is sometimes too far gone to save it. If you see the warning signs early enough and take big enough action, you may be able to make it through a decline in the economy.

Stay Aware of Your Surroundings

Keep your eyes open. At the first sign of trouble, take action. Follow these tips, do your own research, and start working to save your business. It is yours to save. You can enlist others if you need to however. Consultants and specialists may be able to help, and certainly in many cases professionals such as accountants and those trained in marketing research can be of tremendous value.

The most important thing is to not stand by and watch. You may still become a statistic, but you don’t have to go

down without a fight. Prepare for the inevitable and be ready to act when they come.

Have an Armory of Weapons Ready for the Fight During the Decline of the Economy and Any Other Time

No one starts a business planning to fail, but if you do end up in trouble, you can at least give yourself a fighting chance during the decline of the economy.   The best time to start is now.  Establish your business as separate from yourself so you can begin to build strong business credit.

If your business does actually fail, remember those mistakes you made, learn your lessons well, and start anew. Your next business venture will only be stronger for what you learned on the last one.

 

The post 5 Warning Signs Your Business Is Failing in the Decline of the Economy appeared first on Credit Suite.

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