5 Recession Proofing Tips for Your Business
By Jamie Cunningham, ActionCOACH
In times of economic uncertainty, it is time to get back to basics. The reality is there are no 'secret' strategies you can pull out to defeat a slow economy, but you can practice the fundamentals. Consistency in the fundamentals is ALWAYS what separates those who thrive from those who may or may not survive.
Here are our top 5 Tips:
- Examine your Mindset - do you believe in your ability to survive and be successful? Are you prepared and open to the new opportunities that exist? This is no time for Chicken Little thinking, invest wisely, but first on yourself and your mindset.
- Back to Class - the best investment you can now make is to increase your knowledge: read, attend a class or seminar, gain new knowledge, learn new skills, and even get a coach! And don't forget your team, is there any training that will improve their performance, customer service, sales, communication and team building; these are great areas to examine.
- Know your Numbers - numbers are the language of business; know your key indicators and what drives the indicators. It is not enough to have your bookkeeper run the monthly balance sheet; you need to know the numbers. To know your results and the meaning you will need to test and measure the key indicators of your business.
- Market, Market and Market some more - this is not the time to trim your marketing budget; you should have solid data that allows to pin point the marketing that targets the best results. You cannot afford to "spray and pay". You have to know what works and what does not work, measure the results of all marketing campaigns and repeat the successful programs. Do not highlight discounts or reduced prices, showcase value and unique product/service offerings. Take advantage of low cost, no cost marketing techniques.
- Protect your Home Turf - these are your current clients/customers. You should be building a loyalty fence around this group, and you should give them no reason to even think about competitors. Everyone in your company has to know the value of each client and treat them as if they are the most important part of your business (which they are). If you don't know how they feel about you and your business, ask and listen.
Complimentary WorkshopIf you really want to succeed in your business attend the ActionCOACH "6 Steps to Business Success in this Economy workshop".
This 2 hour workshop will provide you with
great insight into the knowledge you need including:
- The 3 keys to thriving in a challenging economy
- Streetwise Sales & Marketing
- The 6 Steps to take control and build your business
- The 5 Ways to Super Profits that only successful entrepreneurs know
- How to maximize the value of your Business
- How to find and retain good people
To attend the workshop please register online at ActionCOACH Events
To override the registration fee of $249.00 please enter your Promotion Code "HRF
- 6Steps" and click on the apply button