The market is shifting…are we shifting with it? In today’s market place there are many worries and concerns about the future. Here are 11 actions to focus on how to THRIVE and not just survive.
Build off of positives. Now is the time to be more disciplined mentally than ever before. If we listen to the noise we can get depressed really easily. Look for the positives that happen every day and build off of them. Where are our new clients coming from, how can we build off of that and gain more? Current clients are interested in multiple products and services, how can we build off of that? Keep your mind positive and help your team’s mind stay positive. Look for the positives daily.
Revisit our goals. As the market is shifting revisit the details of our goals. I am not suggesting to reduce your goals. I am suggesting to evaluate the mix of products to get there. Now is the time to make sure our goals are very specific and we are clear with exactly what we are working towards. The goals should be SMART – specific, measurable, achievable, realistic, and have a timeframe.
Revisit our plan. Ensure that our actions and strategies are written down. Be clear on timeframes, benchmarks, and actions that need to occur to achieve our goals. Identify who is accountable for each action and create accountability. Lack of accountability has gotten us into this situation. Those who prepare better will succeed.
Identify our knowledge gap and fill it. To make educated decisions we must continue to be educated. Keep up to date on industry issues, financing options, leadership and marketing. Spend time everyday gaining one tidbit of knowledge to help your business grow and improve.
Cut the fat from our business. Based on the revisited goals and plans, what is necessary and what is not? Cut the easy things that are not helping to grow the business. Make these decisions logically not emotionally.
Examine our products and services. Are there items that need to be added or dropped? Which products need to be repriced? Which products or services need to be repositioned in the market? What are our client’s needs and are we meeting them? This conversation will help us become more focused and manage our portfolio better.
Re-examine our sales and marketing strategies. We must have a clear point of difference or uniqueness in the market place. Answer the question “Why us vs. buying elsewhere?” The answer must be very compelling. Be clear on our target market. Make sure we are talking to and marketing to the audience that needs our product or service. Our message must clearly show how we can fulfill the needs of our clients.
Implement cash flow strategies. There are two big areas: credit policies and collection processes. Make adjustments to the credit that we offer our customers and ask our suppliers for better terms. By making progress on both sides, our cash flow management is greatly improved. If our receivables are out of line it is time to change our terms and begin to follow a collection process with timely phone calls and asking to pick up the check.
Know our numbers cold. Test and measure everything we can to help make educated decisions. Measure our return on marketing investment. If it isn’t giving a good return either stop or improve the message. Measure our conversion rate. This is how many leads that actually become clients. If we are getting the leads, let’s make sure they are buying. Measure the actions that create the results and then improve the actions to improve the results.
Keep existing customers and get past customers back. Who is easier to sell to current and past clients or new prospects? Current and past clients. They have already bought from us and they trust us. Service them and treat them well. Communicate with them frequently, inform them of our new products and services, and thank them for their business.
Go make SALES!! Plain and simple. Go out and help our clients and prospects. When you help your clients and prospects meet their needs we will gain sales. Now is not the time to sit around and wonder what to do. Keep making sales!
These 11 actions will refocus your mind and your business. In this economic market place, you will see if your business has been successful because of how good you are or because the market has been good.
Do you want to recession proof your business? Choose to navigate the recession and contact me for a complimentary coaching session to discuss six ways your business can prosper during lean times.
Monte Wyatt Your Action Coach 515-222-9193 montewyatt@actioncoach.com
