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Survival Tips in Today's Economy
Are you suffering from “recession depression?” Business owners in the Kootenays, like business owners everywhere, are faced with two choices in this time of economic uncertainty: we can let the barrage of bad news throw us into a frenzied panic or we can view the turmoil as an opportunity. Here are some tips to help you thrive in any economy but especially in challenging times like the ones we currently face.
1. Keep the wheels in motion. Keep your marketing wheels moving forward. This is probably the worst time to cut back on marketing and promotion. In fact, study after study shows businesses that continue marketing are the ones that come out ahead when the economy turns around.
2. Get back to basics. Focus on the core of your business. Concentrate your efforts on product lines and brands that tie in to major industry trends and offer solid return-on-investment potential. The right product, at the right price, supported by the right marketing will give you a competitive advantage.
3. Motivate. Tough times can grind on the morale of staff and management. Make sure your people understand your company’s strategy. Be up front about the realities your company or industry is facing.
4. Innovate. Remember, the little guy has a real opportunity when the big spenders start to cut back or retrench. Do your market research and look for innovative ways to position your company or product.
5. Reach out and touch someone. One of the most overlooked business opportunities comes from your existing client base. In difficult times, customers want security and reassurance. Connecting with your customers will encourage their continued loyalty. Don’t be afraid to ask them for a referral.
6. Form an advisory board. Get together with a small group of employees, customers and other business people, then seek out their input and advice. Brainstorm and cultivate new ideas. Don’t dampen enthusiasm, energy or creative ideas. From these sessions might come the idea that will position your company to succeed for many years to come.
7. Communicate, communicate, communicate. In challenging times it easy to insulate or even isolate oneself. Make sure your key people—clients, employees, business partners, investors, family—understand clearly what you are doing and why. Quality communication goes a long way in dispelling uncertainty and negativity.
8. Make constant improvement. Now is an ideal time to evaluate all your policies, procedures and mandates. Are they still relevant in today’s economy? Can they be streamlined? Can some be eliminated with a goal of making it easier to do business with you? Take out your magnifying glass and do a thorough inspection of every aspect of your business. Then revamp as necessary and do it quickly.
9. Survey your customers. Invite your customers’ input and reach out to them. Develop a short list of questions that ask your customers to rate your products, service, convenience and staff. What do they like or dislike about your company? Gather the results and take action to implement their suggestions. Be sure to let your customers know you appreciate their input and that you are committed to making improvements. It’s as simple as sending your customers an e-mail with a link to a website like www.surveymonkey.com.
10. Inspire customers and employees. Optimism has been a key ingredient for many companies—inspiring consumers and building strong brands—through the last 10 recessions. Through the years, Coca-Cola’s optimistic messaging has become legendary. For example, in the middle of the 1980s recessionary years the message was “Have a Coke and a smile.”
11. Integrate your marketing. Make sure your marketing message is integrated and cohesive across all your media buys—whether it’s print, electronic, Internet, e-mail, website, billboard or couponing. When your message is consistent, then a small increase in your budget can give you a big boost.
12. Seize new opportunities. In a recession it is common that the “garage economy” will spring up. Look for opportunities to acquire such start-ups or adapt their technology to help position your company for the future.
13. Get help. Now is a great time to sharpen your own skills and become a better manager. Take a class, read a book or network with others to enhance your knowledge base. Sign up for a business improvement course offered by your chamber of commerce or local Community Futures office.
Story and photo by Keith Powell
Added on August 21st, 2009
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