May you live in interesting times.
Is that old expression a curse or a blessing? I think it depends on how you define “interesting” and, more importantly, how you adapt to it.
If you define interesting as unpredictable, challenging, and threatening, then we are clearly living in interesting times. Business these days is more like shooting rapids in a rubber raft than canoeing on a duck pond.
It is all too easy to be hypnotized by the danger of capsizing. If you focus on the rocks, that’s where you’ll go. The secret is to find and navigate to the high tide and row like a demon.
Survival is not the goal
If you focus on surviving, you might slip and sink. If you set your goal as prosperous, then you could prosper.
How do you thrive in these troubled waters?
Marketing is the result of all the messages that you and your staff send. In fact, your people send more powerful marketing messages than all the advertising you’ve ever done. Therefore, marketing becomes the end result of almost every business decision you make.
think long term
Don’t make knee-jerk decisions, especially about trading strategy. Gather as much relevant information as you can. Seek advice from people you respect. Be clear on your purpose. Examines the short-term and long-term effects of important decisions. Once you decide, act quickly and confidently. Your staff will look to you for leadership and hope. Be open to course corrections when and as needed, while clearly focusing on goals and purpose.
prepare for disaster
The fire department prepares for disaster: they don’t focus on it or obsess over it. They think, plan, acquire the best tools and rehearse their response so they can act quickly when needed. Where are you exposed and how can you protect yourself? When you’re shooting rapids, it’s silly to save money by not buying life jackets.
Review expenses
Do not make general cuts. That is a political response and just dumb. Instead, classify expenses and investments into four categories.
Items needed due to turbulent times to stay afloat or deal with disaster. More articles that generate a good profitability. These are new or increased expenses Items that are mission critical and should be kept as is Items that provide variable performance. Fix the level of expenses to the conditions and vary as the conditions change. Treat it like an exchange rate Items of questionable value. Eliminate them or gradually eliminate them.
Review training
Revise does not mean reduce or eliminate. Training may be more important during turbulent times. This is when your skills and those of your staff should be at their best. You don’t want to lose sales due to poor customer service or quality control. Please classify your training needs into three categories.
Key people who will guide you through the turbulent times. Provide coaching or individualized coaching. Invest heavily in your best assets, departments that need to stay sharp and ahead of your competition. Provide group training, teleseminars, or your own attention to improve skill sets Staff who need to be motivated and remember purpose and the little things that make a difference. Buy each of them a copy of the book that best conveys that message. Ask each person to report at the weekly meetings on an assigned chapter in that book. Make everyone feel important.
It only takes one person’s mistake or sabotage to sink your raft.
review advertising
Too many companies foolishly make big cutbacks in advertising during turbulent times. I guess they didn’t check their advertising during the good times. Classify your advertising into three categories.
Advertising that is measurable and has demonstrated profitable performance. Keep measuring as you increase your investment in this profitable avenue. Unfortunately, too many companies don’t measure advertising performance or design their ads in ways that measure results. So they have nothing in this category. A pity, advertising that has gained recognition in the market and that you think is working. You have no idea how profitable this place is. Start incorporating some measurement indicators. Vary ads and size. Then increase or decrease the investment appropriately. You bought an ad because your competitor did. It may be a waste of money, but you don’t know that. Reduce spending or eliminate it.
build relationships
In turbulent times nothing is more important than relationships. We will warmly remember those who suffered with us or helped us in turbulent times. Invest heavily in strengthening the relationship with your best customers. Segment your customers into three categories:
The best clients. Divert more attention to your needs. Instruct your staff accordingly. Jump through hoops for these customers. Offer them additional value and services to help them. Contact them more often Average Customers. Maintain service levels and prices. Try upgrading them to A clients by introducing additional services. Don’t let them intimidate you into lowering your prices. Instead, you could lower your level of service to them. Offer them the option to upgrade or leave. You will have less stress in your life.
important note for you
Relationships are more important than brand, especially during turbulent times. When you have the choice to invest in brand or invest in relationships, choose relationships. It is the much more profitable option for small and medium-sized businesses. Remember that big companies invest in branding because they can’t build relationships. Don’t be fooled by the brand hype.
online social networks
Do not hide. Use the Internet to keep your message and name in front of people. If you haven’t created your blog yet, this is a good time to start. Regularly post positive advice, news and messages. Sign up and maintain your accounts on social networking sites like Linkedin.com, Plaxo.com and Facebook.com. Explore the use of YouTube.com and Flickr.com to post product news and demos. Barack Obama, the President of the United States, used these tools to successfully promote his presidential campaign and plans to use them to convey his messages to the American people and the world.
May you prosper in interesting times.