How do you view these tough economic conditions? Threat? Opportunity? How you think about it matters. Here’s a thought to consider: the kind of economy we are living with weeds out the weak players – is that going to be you or your competition. Here are some tips that may help you not only survive but also thrive.
Tip #1 – Listen: really listen. Your customers, your vendors, your peers and your competitors are all talking. Are you hearing what they are saying – especially your customers? Often it is the off-handed comments from a faithful customer that will help you clarify your mission for your business. Sometimes their comments can drive innovation if you are listening, learning and leveraging the ideas that emerge.
Tip #2 – Nurture a Positive Attitude. People are attracted to people who are quietly confident and positive. No one likes a whiner – not even your psyche! Seeing the glass half-full is contagious. Sure, there are hard realities. Bills to be paid. Money to collect. Negotiations to be generated with your creditors and maybe your landlord. Your attitude will help shape a positive outcome.
Tip #3 – Define the results you want. You will always succeed…in producing a result. Don’t like the result? Change what was done to produce it. You may have to lengthen or shorten your business hours. You may have to cut everybody’s pay so you all get something. You may have to sell some inventory at cost or below your cost to generate cash. But first, define what it is you want to happen. Run the numbers. If that is not your strength, get help. There are organizations that provide this kind of help for FREE – like you local SCORE chapter.
Tip #4 – Expand. Yes, that’s right. Expand your sales and marketing efforts. It may be time for you to join local networking clubs. Set goals when you do. Be the person that is ready to help everybody else without asking anything in return. Givers gain. Expand your impersonal communications. Community newspapers are looking for positive stories to write about local business. Tell you story. Print both sides of your business cards – the “back” side stating several values of doing business with you. Expand your customer reach – give current customers an incentive for bringing new customers.
Tip #5 – Meditate. Take the time to think about what happened each day. Maybe it’s time to write a business journal. Work at understanding what your competitors are saying to the market and what that might mean for you. Is there an opportunity to differentiate yourself in a new way? Could you acquire a failing business to gain a new location? What do you hear people chat about in your business category? Who, in your customer base, could become an evangelist for your business? Now is the time to think strategically and act tactically – and that can flow from you taking the time to understand what is happening on your city block, your section of town, your community, your customers, your life.
Copyright ©2009 by P. Griffith Lindell