Your Business Can Survive this Economy
Coach Dave's Top 10 Business Survival Tips
As I've said, in prior writings, I am no economist and don't profess to be one. Therefore, I cannot predict whether the stimulus packages coming out of Washington, DC, will make a difference to any of us. What I am and what I can predict is this: I am a business owner who enjoys success and one who doesn't wait for politicians to stimulate my business. I refuse to let the economy manage my business. What about you? Take control of your business!
Today, I'd like to discuss some of the actions; those of us ignoring the economic downturn are taking, to ensure our businesses stay healthy. While I understand some of us are affected differently by the current economic conditions, I believe some of these tips apply to everyone. Try Coach Dave's Top 10 tips to survive and thrive:
1. Be Professional (This shouldn't be something you have to act out either): Let's face it. This is not the time to get emotional about your business. While I understand you may have invested everything you have in your business, don't love your business so much that you ignore the proper management of your business. Manage your business; don't let outside conditions or events manage it for you!
2. Get off the Fence: Delaying now can cost you your business or your job. This requires you to not only make decisions, but make them quickly. This is no time to delay decisions. Thinking about something too long, in this environment, in effect is a "no decision". Of course, make sure you analyze the change but then get on with it and take the necessary steps on your decision.
3. Take Action with Speed: When you've decided to make a change do it quickly. Time is money but time can also mean survival.
4. Reduce Overhead: If the overhead doesn't directly or indirectly add revenue it should be cut or reduced significantly. I'm not just talking real estate either.
5. Improve your Marketing: If you are doing the same marketing you were doing 2 years ago, chances are it won't work. Develop new marketing plans and techniques (a good Coach can assist you with this). You have to be able to track the return you're getting on marketing investment to truly know if your plan is working.
6. Review your Products and/or Services: If the market segment you sell to is not buying in these conditions you have two options. Get them to start buying or try to sell your products and services to a segment that is buying. If this doesn't work you may need to reinvent your company and what is sells.
7. Keep Financials in Order: This is no time to have sloppy financial records. You have to know your numbers or one small setback could kill your business.
8. Provide Training to your Team: Now is not the time to stop investing in your people (the good ones at least). Regardless of how good your sales team is they can always use a tune-up. This is a very tough economy to be successful in. Invest in them wisely. I've got a one day Sales & Marketing Bootcamp that will do just that.
9. Increase Productivity: Vince Lombardi said it better than I ever could when he said, "If they aren't fired up with enthusiasm, I'll fire them with enthusiasm. You can't afford to keep unproductive people on the payroll. Even if they are fully commissioned sales people, their lack of productivity can hurt your business in the field.
10. Have Fun: You still need to have some fun to keep some sense of balance in your life. Schedule your fun (whatever it is you enjoy doing) and do it. Just don't overdo it!
I firmly believe if you follow these tips you have a much better chance of making it through this current economic downturn. If you're on the fence, get off and start the action. If I can assist you in anyway, please contact me. Have a great week