Thriving In Tough Economic Times
As I scroll through my Yahoo account, I'm still surprised at the number of negative economic headlines posted by the media. BusinessWeek writes, "Flat Holiday Sales for E-tailers?" and the BBC writes, "Big drop in US consumer spending". With all of this "positive" media, how does a business continue to grow or thrive?
Here's my take on the top 5 things you can do as a small business to thrive during these so-called tough economic times. (Please remember, these are my opinions and do not reflect the opinions of Oracle Corporation and or it's executives)
1. Specialize
Take note of all your service and support offerings and clearly identify the margin/profit leaders. Take this opportunity to grow your business on it's already identified strengths.
2. Communication
Don't mince words. Clearly communicate your goals, objectives and required actions to your stakeholders and employees. Achieving goals is much easier when the entire team knows what's required of them.
3. Lead By Example
This one should be self explanatory. If you have any questions please speak with Wayne Gretzky or Pele.
4. Marketing
Many companies choose to slash their marketing budgets during less prosperous times. Don't fall into that trap. Managing your marketing expenses makes sense, but don't forget to continue to pursue new customers and new markets.
5. Your Customers
There's no better time to remind your customers that you are there for them than the present. When others choose to limit their interactions with their customers, you need to do the opposite and work even closer with yours. Times won't always be this challenging; collaborating today will grow stonger business relationships in the future.
If you have any other ideas you would like share, please email me and I'd be more than happy to post them.
Have a great weekend and good selling.
Jose
