Being mad and /or worried doesn’t help your bottom line, though. All it does is raise your blood pressure. If your business is suffering from the economic downturn, here are some steps you should consider to keep your boat afloat.

Monitor receivables closely. Start calling customers with gentle reminders that payment is due within a week of the time their payment is late. A good approach that won’t alienate customers: tell them you were surprised you hadn’t received payment yet and want to make sure they received your bill.

Encourage customers or clients to pay with a credit card instead of having you bill them. You’ll give up a small percentage to the credit card company, but you’ll save the time and expense of billing and following up to be sure you collect. Plus, you’ll get the money deposited in your bank within a couple of days of the time the charge is processed. That beats waiting 30 or 45 or 60 days or longer to get paid.

If you haven’t been doing so, do credit checks on new customers before extending credit.

Be sure you’re up-selling and cross-selling customers.

Look for ways to put together a package or kit of products and services. Sell it as a bargain – or as a convenience.

Look for ways to offer an upgrade to what you sell. More personalized service at a higher fee.

Whatever you do, don’t stand still. Do something. Preferably something different. If you aren’t advertising, start advertising – at least on a small scale. If you are advertising and don’t know what ads are working, start tracking your ads. (Coupons and special offers are useful for tracking advertising. Put a different special offer or coupon, or number on a coupon in each place you advertise. Or, if you advertise online, use tracking codes.)

Test different media. Send out direct mail to customers. Ask customers for referrals.

Finally, if you haven’t looked through all the articles in the marketing and ecommerce section of BusinessKnowHow.com, take the time to do so. You’ll find dozens and dozens of ideas for bringing in business and increasing profits.

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