AS THE MARKETPLACE TURNS
Friday, June 20th, 2008In times of economic struggle, business slows down. For some companies, hard times lead to budget cuts, lay-offs, even closure. When the economy rebounds, the companies left standing are stronger for the struggle.
In times like these, it’s important to position your business to be on the top of the heap when the economy turns.
But how?
Shift your strategy.
Instead of growing your customer base, which is tough to do in a slow economy, concentrate on customer service and penetrating your existing customers. New customers are expensive to court, and the ROI isn’t apparent until they become regulars. Your current customers will generally spend more with you, and they’ll appreciate the attention.
Shore up your marketing.
Prepare your company for the eventual turn-around. Spruce up your website and prepare it for new visitors. Develop an innovative product or service. Create an email campaign to re-introduce your business to your customers. Companies who prepare won’t get caught with their pants down when business picks up.
Hone your processes.
Can you think of 1 process you have in place that’s a complete waste of everyone’s time? Evaluate your internal systems and trim the fat. Get rid of antiquated processes and implement more effective tools. You’ll find yourself more productive in no time.
Focus on your team.
It may smack of cheesy corporate retreats, but you don’t have to do the “trust” exercise to achieve team unity. Promote open communication on all levels. Encourage your staff to job-shadow each other to foster understanding and cooperation. Organize a company outing. (Business is slow, so you’re not losing much by closing the doors for a day and heading to the beach or to your neighborhood bar for a little co-worker camaraderie.)
Whatever you do, don’t put your head in the sand and wait for things to get better. With ingenuity and passion, all things are possible.