Are you looking for ways to combat the current tough economy? Hopefully the following 5 ideas will motivate you to look at a few things in your business and generate some new income.

1. Monthly Services
If you traditionally have sold your product or services, consider leasing your services or develop a SaaS model. It can actually improve your cash flow and develop new clients. Believe it or not, I actually know an attorney that developed a plan for clients that allowed them to pay him monthly. The clients received a discount on services and the attorney is getting a level monthly income. Also, try a free period or free sample of services for a period of time. Neither of you has anything to lose. You can give services away, or spend the time trying to find new clients, what’s the difference?

2. Clean up the Site of the Wreck
There have been a number of companies (some are competitors) go out of business over the last 24 months. Also, new start ups have arisen from the ashes. Take advantage of the ones that went out of business. Put someone (or yourself) on the phone one day a week letting prospects know that you are still in business and looking to expand. Call your new competitors, get to know them. Chances are, they are more interested in hooking up with you, than you are them, but granddad always said, “there’s nothing like a Win/Win deal”. Helping a new competitor is one of the best ways to develop a friend instead of an enemy. And there’s always a chance they can pull you into a larger deal that you both can win at.

3. Understand Who Your Clients Really Are
Generally if we have been around for several years, we think we know our customers. Until they start to wander off, then we realize that they have outgrown us and we took them for granted. If you think you know your clients, go talk to them and ask them if you are meeting their needs. Clients are like spouses, a little communication goes a long way. Give them special attention every other month (clients, not spouses). And if you consider that by simply giving them good customer service, special attention, look at your marriage, it may need some help! You need to go see your clients, or at least call them and check in every 45-60 days. Ask them if there is anything you can do to help their business. And selling them more services may not be what they need. I had a client that was having issues with a new hire. I hooked her up with a counselor that was able to turn the new hire around, save the invested training and the hire’s job. Everybody won, granddad was happy.

4. Think Outside the Box
The internet is a wonderful thing. It has flattened the world and allowed us to go outside of our general geographic area to offer products everywhere. Is your business spraying lawns? Develop a booklet on when to spray and how to spray, and offer it on the internet as an E-book. Or write a blog on starting a spraying business and develop a following of yard spraying companies, then sell advertising on the blog. The only reason we can’t see beyond the box is because we haven’t kicked the side panel out.

5. Review History and Learn
Sometimes we forgot who brought us to the dance. We start chasing new ideas and products and forget about the products, services, and customers that got us to where we are. Yes, new ideas are critical, but that comes under the section entitled working “on” the business, not “in” the business. Pull out that old business or marketing plan, dust it off and revise it. Give it some vision which will also give you some clarity. If you are not involved in a small group of like minded professionals, look one up, or start one yourself. Meetups are becoming a great place for people to get together, share ideas, discuss issues, and improve your business. Talk to retired people that have weathered the storms of the past and come through them. As a child I always followed granddad through the woods. Why? Because chances are, he had been there before and knew an easier way out.