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With
all of this uncertainty and turbulence in the marketplace, it is
important to keep our focus on what is important to us and what
makes our enterprise successful. Sometimes, like a deer caught in
the headlights of a car, you face uncertainty, unable to decide
what to do. Doing nothing is a prescription for failure. Doing something
positive to keep our business growing and moving forward is a critical
factor in the way you can differentiate ourselves from the rest
of our competitors. I call it separating the best from the
rest.
Here are ten things you can do to successfully manage your way through
these turbulent times:
1. Use downturn as an opportunity to evaluate performance and plan
for success. Think about what you are doing for our customers.
Which products and services are selling and which have to be re-evaluated.
Think about adding value. Planning for success means driving your
marketing effort.
2. Expand the pond. Get a larger share of your customer’s
wallet. For example, expand what you are doing for various existing
customers. Review all customers for present and future opportunities.
Make a plan to contact previous customers. Expand your product or
service offerings.
3. Get out of the bunker. Make sure you consistently go out and
meet customers and develop new ones. Target people or companies
that you have done business with or with whom you want to do business.
This is primarily about marketing yourself aggressively. To be very
successful you have to get good at generating appointments, selling
business. Add other elements of the way you go to market, e.g. announcements,
press releases, small seminars, collateral advertising, etc.
4. Be a hero to your customers. Build relationships and cement those
you already have. Under promise and over deliver. Over service,
contact, follow up, provide information, etc.
5. Lower your break even point. Review accounts and take them seriously.
Manage cash flow upwards by more timely invoicing and expense recording.
6. Focus on Nurturing New ideas. Have an idea conference. Elaborate
on current products or services. Nurturing requires us to get the
right people together, in the right social operating mechanism -
a system of meetings, assessments, and communications that relentlessly
conveys the values supporting the delicate business of bringing
new ideas along.
7. Keep up your investment in infotech. Manage the website better,
get all your systems working perfectly. Create a good tech image.
Use print medium effectively. This will accrue value to you.
8. Overhaul your financial management. Do the proper work forecasting
and prospecting. Keep the spreadsheet of Business Forecast up to
date and use it. Make the Marketing process work for you.
9. Keep track of early warning signals. Check with customers and
get their reactions to the economy. Maybe employ someone to provide
you with economic commentary. Use contacts to generate more contacts
and more information on the marketplace.
10. Keep Communicating. Develop a clear view of what you are building
and keep on talking about what it is. You will benefit from continued
communication. Make sure that communicating to your customers is
an integral part of the whole marketing process.
The whole idea of managing proactively is to make “the best
of times” better and “the worst of times” not
so bad. There is plenty of opportunity in the market for those that
see it and are not blinded by the headlights of challenge.
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