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10
Business Success Secrets in a Bad Economy
By Dennis Sommer (www.dennissommer.com)
The jury is still out about our current economy. Some
say the economy has stalled. Others say we are in a slight
economic decline. Many are calling this a full blown recession.
It doesn’t matter where you fall in the debate, one thing
is certain, financial growth is not as easy as it once
was.
If you read have been reading the news headlines many
CEO’s are focused on cutting costs and laying off employees.
These actions are precisely the wrong strategy to take
if you want to dramatically grow your company in good
times or bad.
The following is a list of 10 recommendations that turn
average companies into successful growth companies during
a bad economy.
1. Value Before Brand
Focusing your time and money on your “Brand” may increase
name recognition however it doesn’t generate revenue.
Showing customers what value your product or service provides
will generate revenue.
2. Stop Scaring Customers
Away
Most corporate websites scare customers away. Your website
wasn’t cheap and most likely was developed to attract
new customers. If you are not converting 10% of your visitors
into leads, then you need to revise your website content.
3. Catch Amnesia
Forget how great you and your business performed last
year. The past is the past. This year it’s a new game.
The rules have changed and the players are different.
What worked last year, will not return the same results.
Constantly re-evaluate your industry, competition and
economic conditions. From this research, modify your strategy
to improve sales and profitability.
4. Walk Away
When times are tough it’s easy to say yes to new business
so you can achieve your sales goals. However, not all
new business is good business. If the new business does
not meet your minimum profit expectations, say no and
walk away. Don’t waste your time and resources on non-profitable
business.
5. Keep Score
Measure and monitor your key business indicators at least
weekly. How do you know where to improve if you don’t
know how you’re performing. Do you measure your Customer
Conversion Ratio, Tradeshow ROI, Closing Ratio, Marketing
ROI, Advertising ROI, Sales Cycle Times, Calls to close
a Deal, deal size, etc.
6. Refresh Your Herd
Stop milking your old customers over and over again. Like
a dairy farmer, you need to refresh your herd to increase
production. To grow your business you need to start focusing
on new customers. One of the best ways to refresh your
herd is to pick up the phone and start calling new prospects.
7. Work On It, Not In It
Business owners and executives need to pull themselves
out of the day to day issues. When times get tough, they
spend more time in the details. By doing this they lose
sight of what is most important, focusing on how to improve
the business performance in a changing competitive environment.
8. Hire Slow, Fire Fast
Most business owners and executives do just the opposite
and pay the price. Spend more time hiring the best person
for the job. Let go of your non-performers quickly. If
you don’t, your costs per sale dramatically increases
while revenue decreases.
9. Don’t Generalize, Specialize
Customers will buy more and at a higher price from someone
who is a specialist, rather than a generalist. If you
are having heart trouble, would you go to a $500 per hour
cardiologist or a $100 per hour family doctor. Transform
your company, products and service into a specialty.
10. Hunt Now Or Be Eaten
Later
To grow your business you need to be a Hunter. Think and
act like a hunter in your business. If not, you are the
prey. Eventually, you will be eaten and out of business.
About The Author
- Dennis Sommer
Dennis Sommer is the founder and CEO of Executive Business
Advisers, a management consulting firm specializing in
sales and profit improvement.
As an executive adviser and a sales and profit improvement
specialist, Dennis helps CEO’s optimize their company
strategy, financial management, sales and marketing to
dramatically increase sales revenue, profit margins and
marketing return on investment.
Dennis is a highly
sought after author, keynote and seminar speaker on
sales, leadership and business best practices.
Contact Dennis at www.executivebusinessadvisers.com
or www.dennissommer.com
.
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