One of the realities of business in today’s world is that there will be times that business slow down for a variety of reasons. The traditional reaction to these slowdowns is to run some major sales, which cut prices to gain more business. I believe that by using some strategic thinking in these slowdowns, you can look at doing things that will build your business in the long term – the things you talk about doing but never do because of not having time to do them. Well, here is an opportunity to take a strategic advantage of the time you have during a slow down in business. Your Strategic Thinking Business Coach offers ten (10) actions so you can gain this strategic advantage.
Action #1: Review and analyze your client and customer base to identify who your customers are: the geographic location of your customers; the common traits of your customers; and other demographics of your customers.
Action #2: Define your “Ideal Client and Customer” and document the characteristics of that “Ideal Client and Customer."
Action #3: Review and analyze your service and/or product mix by ranking your services and/or products by gross volume of sales. Use this ranking to review what services and/or products that you should consider dropping.
Action #4: Review and analyze the net profitability of your customer base by ranking your clients and customers by gross sales volume and by net profit. Use this analysis as another tool to consider which services and/or products to drop.
Action #5: Review and analyze your business systems and processes. Improve those systems and processes that need improvement and be sure the systems and processes that work for you are well documented.
Action #6: Review and analyze your client and customer needs: Talk with your clients and customers to determine what needs are not being met, what frustrations they may have in doing business with you, what they would like to see you do differently, and what challenges they face in their business. Then develop an action plan to take strategic advantage of what you learned from your clients and customers.
Action #7: Review and analyze your customer service performance. Identify customer service challenges and issues you need to resolve and develop a plan of action to resolve them.
Action #8: Review and analyze your web site. More and more business is being conducted on the Internet and your web site is a strategic element in your business. Review and analyze the traffic to your web site and make sure the web site is refreshed regularly, is user-friendly and presents compelling reasons to do business with you.
Action #9: Review and analyze your strategic marketing plan and your strategic action plan to determine if any revisions are needed, to do new projections, to determine what is working and what is not working, and how can you spend your marketing resources more strategically.
Action #10: Review and analyze your “strategic value” to your clients and customers. Compare your “strategic value” to: the cost to the clients and customers and the “strategic value” really needed by your clients and customers. Determine if your services and products warrant a continued relationship, if you could add more “strategic value,” and what would your client s and customers be willing to pay for additional “strategic value.” Then develop an action plan to implement warranted changes.
By acting strategically and taking advantage of the slow business time, you will be able to position your business to do more business after the slow down and create more gross sales and higher net profits in the longer term.
Your strategic thinking business coach encourages you to fully realize the benefits of business coaching to strategically lead and manage and proactively respond to change in your business. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com
Ten Actions To Take Strategic Advantage Of Business Slowdowns, From Your Strategic Thinking Business Coach - To learn more about this author, visit Glenn Ebersole's Website.
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