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Step 1: Act as a New Start-Up

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Imagine if you could start again. Decide which parts of your business you would change to build a new, stronger business on the foundations of the old one. Think about what you would do differently and visualize how the business would look.

You may want to:

Delete unprofitable product or service lines
Introduce new products or services that are experiencing growth
Close down parts of the business that are no longer profitable
Change the expertise mix of your staff, even letting some go
Invest in new research and development

Low-cost marketing ideas include:

Contacting likely customers directly by phone
Increasing your presence on social media
Using email campaigns for your existing contact list
Building word-of-mouth by encouraging referrals
Using virtual meetings to reach customers outside your normal service area

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Meet & Share Goals
Review Your Plan
Start Moving Forward

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Step 1: Act as a New Start-Up

You may want to:

Delete unprofitable product or service lines
Introduce new products or services that are experiencing growth
Close down parts of the business that are no longer profitable
Change the expertise mix of your staff, even letting some go
Invest in new research and development

Low-cost marketing ideas include:

Contacting likely customers directly by phone
Increasing your presence on social media
Using email campaigns for your existing contact list
Building word-of-mouth by encouraging referrals
Using virtual meetings to reach customers outside your normal service area

Investigate whether you can expand your offerings by adding something new or using a different approach, such as trial offers, free samples, special pricing, or added services. If you identify new opportunities in a defined target market, consider pivoting part or all of your business to meet that demand.

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If you’ve decided to revisit your business planning, you’re already taking a proactive step toward setting your business up for success. Whether you’re aiming to strengthen your market position, improve operational efficiency, or explore new growth opportunities, having a clear and actionable strategy is essential.

To help you get started, we’ve outlined five practical ways to reinvent or fine-tune your approach so you’re better equipped to navigate challenges and capitalize on opportunities in the year ahead.

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Kupo!

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Step 2: Employ Low-Cost Marketing Techniques

Bootstrap how you promote your business by finding inexpensive ways to get in front of customers. Review past promotional efforts and identify which delivered the best results. Rank them from least to most expensive and start with the most cost-effective options.

Low-cost marketing ideas include:

Contacting likely customers directly by phone
Increasing your presence on social media
Using email campaigns for your existing contact list
Building word-of-mouth by encouraging referrals
Using virtual meetings to reach customers outside your normal service area

Many of the most effective small business marketing strategies take more time than money—something you may have more of during challenging periods.

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Step 3: Sell More to Existing Customers

It is often easier to sell to existing customers because you already have a relationship and track record. Ask what they need and consider offering incentives such as discounts for prepayment or early access to new products and services.

Additional strategies include:

Using accounting software to identify and reconnect with inactive customers
Analyzing buying behavior to offer complementary products or services
Running product demonstrations

Review your costs and pricing carefully to ensure each sale is profitable. Extra revenue from low-margin customers with high costs or returns will not support long-term growth. Focus on the 20% of customers and products that generate 80% of your sales.

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Step 4: Find New Customers

If sales from existing customers decline and your business cannot quickly pivot, focus on acquiring new customers by:

Selling online by adding an e-commerce option to your website
Using third-party marketplaces or industry-specific platforms
Promoting products and services on social media
Forming strategic alliances with complementary businesses

New customers often resemble your existing ones. Define your ideal customer profile and research where they spend time and how best to reach them.

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Supporting Hawaiʻi’s small businesses.

Central Pacific Bank is Hawaiʻi’s #1 SBA lender and a trusted partner for small businesses across the islands. From first accounts to growth financing, we’re built for the way Hawaiʻi businesses work. Reprehenderit ut consectetur do incididunt id. Sit eiusmod eu Lorem do cillum exercitation ullamco sunt tempor reprehenderit. Adipisicing ipsum duis deserunt ea nisi sit enim.
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Find a branch or ATM near you.

With locations across Oʻahu and Hawaiʻi Island, a CPB branch or ATM is never far away.

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Next Steps

Identify which steps align most closely with your business goals and focus first on those with the greatest immediate impact.
Share your plans with your team and encourage collaboration and ownership.
Set clear objectives and regularly track performance, making adjustments as needed.
Reach out to industry professionals, mentors, or advisors for guidance and fresh perspective.

Over the next twelve months, much will change. Be proactive by deciding where to invest your time and money, then implement and test your ideas quickly to learn what works and what doesn’t.

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Step 5: Explore New Business Models

To maintain cash flow and uncover new opportunities, consider adjusting your business model.

Examples include:

Selling online if you don’t already
Targeting growth segments such as government, military, education, or healthcare
Creating a specialized platform or hub to connect buyers and sellers
Subcontracting services to other businesses for short-term projects
Selling your expertise online by the hour

If you decide to make significant changes, involve your staff, advisors, friends, and family in the planning process. Seek professional advice if decisions may affect your financial well-being.

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Take a Closer Look at Your Finances: Simple Steps to Make Positive Changes

April is Financial Literacy Month, making it the perfect time to step back and take a closer look at your finances. Whether you're trying to save more, manage debt, or just get a better handle on your spending, small adjustments can lead to big improvements. Here are some practical steps to help you make positive changes and set yourself up for financial success:

1. Review Your Spending Habits

The first step to better money management is knowing where your money is going. Take a look at your monthly expenses, including bills, groceries, entertainment, and impulse purchases. Are there areas where you can cut back?

Quick Tip: Try the 50/30/20 Rule

50% of income → essentials (rent, groceries, bills)
30% → discretionary spending (dining out, shopping)
20% → savings and debt repayment

If your spending is out of balance, small tweaks can make a big difference over time.

2. Build a Budget That Works for You

A budget isn’t about restricting yourself – it’s about having control over your money. If you don’t already have a budget, start by listing your income and expenses. Identify areas where you can adjust your spending and set realistic goals for saving.

A Tool to Help:

CPB’s digital banking tools help you track spending and automate savings.

3. Pay Down Debt Strategically

If you have credit card debt, student loans, or personal loans, now is a great time to create a payoff strategy. Consider using one of these popular methods:

Snowball Method: Pay off your smallest debt first for quick wins, then move to the next.
Avalanche Method: Focus on debts with the highest interest rates first to save money in the long run.

Even small extra payments can make a big impact over time.

4. Boost Your Savings

Whether you’re saving for an emergency fund, a vacation, or a home, setting money aside consistently is key. Start by automating your savings – even if it’s just a small amount each paycheck.

A Few CPB Savings Options:

Personal Savings – Start building your cushion.
Exceptional Super Savings – Higher rates for stronger growth.
Starter Savings – Ideal for new savers.

5. Check Your Credit Score

Your credit score impacts your ability to get loans, rent an apartment, and even land a job in some cases. Check your score regularly and take steps to improve it by:

Paying bills on time
Keeping credit card balances low
Avoiding too many new accounts

6. Make the Most of Your Banking Tools

Managing your money is easier when you have the right tools in place. With CPB’s online and mobile banking, you can:

Set up automatic bill payments
Use alerts to monitor balances
Deposit checks on the go with mobile deposit

7. Set Financial Goals for the Future

Whether you want to buy a home, start a business, or retire early, having clear financial goals helps you stay on track. Write down your short-term and long-term goals, then create a realistic plan to achieve them.

Start Making Positive Changes Today

Financial Literacy Month is a great opportunity to take charge of your finances. Small steps – like reviewing your budget, paying down debt, and boosting your savings – can lead to a stronger financial future.

Need help getting started? Visit CPB today to explore banking solutions that fit your needs. Or visit cpb.bank/insights to learn more for more financial awareness tips.