Navigating this current economic climate can be challenging, particularly for small businesses. Business owners are faced with steering their companies towards profitability in a market where customers are also making their own adjustments to cope with the economic downturn. Working with a reliable CPA and financial advisory firm can help small businesses not only survive, but also identify current market opportunities and pivot to meet your customers’ needs.

BradyRenner’s highly qualified experts work with business owners at every stage in their business journey, providing expert full-service accounting and consulting, as well as access to a trusted network of professionals who can help you capitalize on today’s market opportunities. Read on to explore key strategies that are always important in order to grow and secure your small business’ future, but which become especially vital during times of economic uncertainty.

Are You Up-To-Date On Upselling?

For companies that offer multiple services, upselling should be standard practice. Customers have many needs, and saving them time and money by making the wider scope of your products and services available to them is good for your business – and their wallets. After all, your customers are experiencing the same economic climate as you are, so special pricing for product and service bundles is a significant incentive.

In the B2B world, offering discounts to your customers for products and services that will help their business while saving them money further establishes your credibility and reinforces how essential you are to their success. Additionally, you are helping your customers create a more profitable business mindset: “Why buy one product or service when I can save long-term by investing in two?”

Assessing Your Current Offerings

The first step in strategically planning how to best capitalize on today’s market opportunities is to conduct a thorough analysis of your current practices. Small businesses should ask themselves if their products, pricing, and offer packaging continue to fit the markets they serve. And subsequently, do they fit within the current economic climate?

Packaging Your Offerings Wisely

Once you know where you stand, you can tweak the way you package your products and services in order to fit the diverse needs of today’s customers. For example, your customers may be looking for ways to cut expenses temporarily, so you could offer multiple levels of service for them to choose from. While building out these tiers of service, however, your goal should be to steer customers to select a cost-effective mid-level tier rather than a low-end, bare bones one.

Conversely, you may consider temporarily breaking up some of your products and services in order to offer a la carte options to your customers. While this may not be as profitable for your small business in the short term, you could attract new customers with initially smaller needs that may grow over time.

Keep in mind the reasons your customers have chosen your small business over your competitors as you look to today’s market opportunities. Making drastic changes can upset the established trust you have built with your customers, so instead focus on their specific wants and needs, and deliver on them with nuanced care that remains true to your brand identity.

Full Scale Financial Advisory Services Can Help

You are working hard to keep your business growing and succeeding during these uncertain times. Why not seek help from outside experts for an analysis of your products, services, and sales processes? CPAs who specialize in small businesses see the big picture and in turn can recommend changes that can help them grow.

Engaging full scale financial advisory services can help your small business:

• Identify your current target market in light of economic changes.
• Analyze your product offerings and whether or not they are still wanted by your customers.
• Review the current packaging of your products and services and determine if the way you’ve configured your offerings still serves your customers’ needs.
• Evaluate how much your customers are buying, how often they are buying, and if the current volume of business is enough to sustain your business.

Once these analyses are complete, you can work together with your dedicated experts to build a plan to move your small business forward and maximize your opportunities.

BradyRenner Knows How to Help Your Small Business

With years of experience, BradyRenner CPAs’ financial experts stay current on market trends and help businesses thrive with an entire suite of financial services. The outsourced CFO services provided by BradyRenner can help small businesses reassess their current offerings, create pricing strategies, and more.

Reach out to BradyRenner for more information on how we can help your small business realize success even in challenging market conditions. And make sure to come back soon for our next blog in this series aimed at helping small businesses navigate this year’s upcoming tax law changes.

Sources:
8 Ways to Identify Market Opportunities for Business Growth
THRIVE: Shift With Your Market & Customer
How to Capitalize on Change