Things Are Slow...

Things are slow ...You have heard this from others. You may have even thought it or even worse, you have said it aloud. Yes, things are slow and we, as business owners, are in a challenging time – the continuing real estate and mortgage crisis, weak prices, stumbling sales and lack of consumer confidence, has slowed our economy overall.

So, what do we do, continue to lament? Do we stick our head in the sand and hope that it gets better? By the way, when you put your head in the sand, you not only avoid reality…but, in your bent over stance you also position your butt for a good old fashioned kicking by those who decided to take advantage of this tough time. That’s right; you read it correctly – “take advantage” of the opportunities that are out there to be stronger when it does get better…and make no mistake, it will get better. These proactive competitors are going to take your customers, erode your sales and profitability (because you will think that you will stop them by lowering your prices!), take your better employees, etc or in other words…kick your butt!

So I ask again, what can you (should or must) do? Well, here are 10 battle proven suggestions:

Start a weekly campaign to strengthen your relationships with your existing customers (start with your A & B level ones first). Call them to just check in and to see how things are going; maybe even say thanks for their past business. Ask for their help about possible referrals or what they may be looking to purchase now or in the not so distant future –
Your customers will be looking for better deals – not necessarily cheaper prices – educate them on the value of your product and/or services. You should always be selling “value” and how you are different. Show them how you make it easy for them to do business with you. One of my mentors often said, “If the student hasn’t learned, maybe the teacher hasn’t taught”. Teach your customers not only how to do business with you but why they should do business with you.
Take the opportunity during this slow time to review all of the expense categories in your business and find a way to reduce them by 10% - the savings are there and they will not adversely affect your marketing efforts. If possible, try to pay down some debt. Put on hold any long term spending plans
Take some of your existing dollars and re-direct them to more marketing. Go after particular customers or niches if that makes sense. Go after the customers of those business owners who have put their head in the sand. Work on new products and building and/or strengthening your brand. Know who you want to attract so that you spend your dollars wisely.
Initiate training and development programs for your employees. Define what you want them to do; train them in how to do it; provide them constructive feedback and acknowledge when they do it right. Ask your employees if they have any suggestions on how to improve your business and relationships with your customers.
Launch your own personal improvement program to either sharpen your existing skills and/or learn new ones – you learn and get better and in the process of applying this knowledge, your business gets better. When you stop learning, both you and your business will suffer - dramatically.
Solicit the opinions and thoughts of some of your best customers. If asked properly, all would be more than happy to offer helpful suggestions.
Talk to your banker, accountant, attorney or any other person whose opinion you value. Buy them lunch and host a “brainstorming” session. Oh - talk to your coach too (Haven’t got one? See my offer at the end of the newsletter).
Watch the game films and learn from them – Ask yourself the following – Based upon where my business is right now, if given the opportunity to start all over again, what would I start doing; what would I stop doing; what would I do more of and what would I do less of?
Stay positive…focus on your goals and stay away from those who you know have made a career out of feeling sorry for themselves and blaming others for their situation. Stop hoping and start doing – take charge of your business and your life.

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