This bunch of entrepreneurs have not heard about a recession.
My lovely wife and business partner (see pic) went to the Sydney Symphony in the Domain on Saturday (24th) as a guest of one of our clients. (Did not want to arrive too early at the VIP tent – have to pretend that we are used to it, right?)
Well, I found a little nook of Sydney that I did not know existed. There are many, but I must have walked 20 metres from this one a hundred different times. There are a couple of walkways through the Sydney Eye Hospital – a divine piece of architecture. (The irony of the beauty and the functional use of the building isn’t lost on me.)
There I saw a little courtyard café that normally probably only serves patients & visitors and a few passersby. But on this night, they set up shop outside their shop (see pic) and started trading. At $3 a cup of coffee (espresso) it was quite reasonable, and the coffee itself (Lavazza) was actually pretty damn good. We sat there for a few minutes to bide our time and people-watch.
My thoughts turned to business. (I know, I am a sad case; but this is the lot of an entrepreneur.) I though these entrepreneurs had exactly the right response. They saw a change in the shopping patterns – throngs of people walking though a normally quiet laneway. They recognised what this change meant ands they responded to it. They did not simply continue their routine of usual menu, usual trading hours, or even usual location. But the main thing is that they then responded to it. They took action.
Now the traffic flow outside your shop won’t change overnight or for one week. But there are other options to consider. The 3 listed below are all feasible. You must consider your brand and the logistics involved, but these options are not
- We have promoted multi-channel retailing for awhile now. Can you also sell your product as a wholesaler? Via EBay? On an e-commerce website? Direct mail catalogue?
- Can you add services to your current product offering to increase the average sale form your existing customers? Can you offer alterations, installation, maintenance or service agreements? Even delivery if you can make an extra buck.
- What about also selling second-hand stock? Most car-dealers have figured this out. Why not furniture? Most women I know have even bough second-hand fashion.
Those are just three ideas that could help revitalise a business. What else?
And as a special bonus: Here are a few links that will really make your day.
Pic 1: Collage of thousands on the US presidential inauguration. Zoom into anyone that was there on one picture. See if you can spot Hillary with her closed eyes.)
Pic 2: Must see this – a 100m picture. Read the story and admire the image.
And if you answer the Poll (what’s the main issue you face in your business?) on the right-hand bar, I will be able to report back soon.