Repost from 09/ 22/ 2008
In a time when the lead news stories focus on businesses downsizing, the rising costs of gas and groceries, and general economic turmoil, it is hard to avoid feeling the "recession depression." But as business owners we have two choices: We can let the media send us into panic mode or we can view the economic downturn as an opportunity.
This is a time in the economy when millionaires are made. While some businesses are giving up and closing their doors, their competitors are seizing opportunities. Here are 10 ways to thrive in tough times:
1. Keep the marketing wheels in motion
Though your first instinct may be to cut costs, this is the worst time to cut back on marketing. Studies show that businesses that continue marketing through a slow economy are the ones that come out ahead when the economy begins to turn. Make sure you have a marketing plan and stick to it. If your current marketing efforts aren't producing results, try new strategies. When done correctly, marketing is an expense that should pay for itself. Find the strategies that work and then keep doing them.
2. Don't be afraid to discount
The reality is that consumers are holding on to their wallets more tightly. The key to unlock their dollars is in discounts. Take a cue from the big department stores--they are holding incredible sales and offering more coupons than ever. Reevaluate your pricing strategy and offer discounts off your most popular products and services. This may also be a good time to lower your prices across the board and then advertise your new lower prices.
3. Leverage the Internet
Are you selling products and services from your Web site? Can you expand your sales channels by selling on eBay or another online venue? Are you reaching your customers with e-mail marketing? Is your Web site optimized for the search engines? It doesn't have to cost a fortune to implement an online marketing and sales strategy. Even if you simply add gift certificate purchases to your Web site, you could uncover a whole new revenue stream. Seek out an online marketing expert and evaluate the opportunities.
4. Form a mastermind group
Get together with your staff or assemble a small group of people who understand your business and brainstorm opportunities. When several people get together with a blank slate and some good energy, magic can happen. Ask for ideas--you might be surprised by the results.
5. Tap into a new niche
Is there a niche that you have been meaning to focus on? Can you uncover a new market that makes sense for your business? For example, a florist that specializes in weddings could pursue the corporate market, a residential real estate agent could go after the investor community or a virtual assistant could decide to specialize in serving the unique needs of financial planners. Pick a new market and then develop a plan of attack.
6. Reach out to your customer base
One of the most overlooked business opportunities comes from your existing and past clients. The fact that they have already done business with you makes it far more likely that they will do business with you in the future. Make sure you are marketing to them, reaching out and reminding them that you are there. Ask them for referrals and offer a powerful incentive such as a cash reward or gift card for referrals.
7. Make improvements
This is an ideal time to evaluate all of your policies and procedures. Do they make sense in this economy? Is your customer service team delivering up to your standards? Could your sales team benefit from some additional training? How can you help your company perform even better? What are steps you can take to improve customer loyalty? Look at your business through a magnifying class and seize the opportunity to improve it across the board.
8. Survey your customers
Much can be uncovered by reaching out to your customers and asking them for feedback. Develop a short list of questions that include ratings on your products, services and staff. Ask specific questions such as, "How can we improve your experience with us?" Tools such as www.SurveyMonkey.com can help you accomplish this easily. Once you receive the survey results, evaluate them and take action to make improvements. You will undoubtedly find themes in the answers , so let your customers know that you heard them and share what improvements you are making as a result of their survey responses.
9. Keep an eye on capital
What goes down must come up and the economy will rebound, though it may be awhile. If business is slower than usual, form a plan for getting through this period. You might need to open a line of credit, visit your bank and apply for a loan, seek private funding or even bring in a partner. Running out of capital can quickly kill a business. Make sure you assess how much you may need before you need it and have a plan for forging ahead.
10. Get help and keep your eye on the prize
Now is a great time to sharpen your own skills. Take classes, read books and network with others in your industry so you can learn from them. Get involved in your trade association and make sure you are on top of your game. Look for joint venture opportunities. Make yourself more efficient by outsourcing services that consume your valuable time. Also, determine your priorities. Where should you be spending your time? What can you do to make your company bigger, better and stronger? Leave the worrying to your competitors and instead seek out opportunities and stay positive. When you put the right energy and focus into your business--despite the economy--the results can be extraordinary.
Repost from 09/ 22/ 2008
Written by Stephanie Chandler
Stephanie Chandler is the author of several business and marketing books including From Entrepreneur to Infopreneur: Make Money With Books, E-Books and Information Products. Discover hundreds of resources for entrepreneurs and more strategies for rejecting the recession at www.BusinessInfoGuide.com and www.TheBusinessGrowthConnection.com. For author and speaker details visit www.StephanieChandler.com.
Posted by: Eric Key in craigslist.com, Cary NC on
Sep 15, 2008
This is not really a blog, I'm just giving away some printable pdf files for our neighborhood yard sale this coming weekend. :)
You will need Adobe Acrobat to Open/Print these files. Just click on the image to download.
Just write in any other info in the box with the arrow - Use a sharpie to cut down on eyestrain and accidents!
I also found this cool Yard Sale checklist that has some great ideas on pricing, advertising, etc. Enjoy.
Your Neighbors,
Eric & Soyung Key
I am a firm believer in the idea that your marketing collateral, i.e., website or brochures, is your company's first impression on a potential customer. When we recently moved to the Cary, NC area, one of the first things we did was to find physicians for our two sons. We did the normal search in Google and came up with a huge number of doctor's in the area.
Well, we started clicking. It was here we saw a need for medical website design in the Cary, NC area as well as nationally.
Doctor web sites should be aesthetically pleasing to the eye and should contain relevant information that is both informative as well as useful to the patient.
Downloadable Patient Forms anyone?
All forms should be available for download so patients like myself can download, print (on my own paper), fill out and return so I don't have to sit in a chair and fill out the forms in my worst handwriting! It's a small but powerful effort on the part of the doctor.
I want to know where the physicain went to school. What degrees does he hold. I can always see his diploma in the exam room, but I might not get that particular room and only see his completion certificate for passing a rectal exam camp...
I want to know about that Nurse Practitioner I got stuck with rather than the doctor. Who is she? Where has she been? What does she do? When is she going to stop practicing and actually do something? Her bio online would be brilliant!
Job openings? Office hours? Insurance information? Do you take Joe's Family Insurance? All should be included online! What about an email address? The passing of insecure medical information is not approved by HIPAA, but confirming a doctor's appointment certainly is and should be implemented. Just as easy is Live Chat. Five people sitting in the office can certainly monitor the live chat application installed on each computer. I actually chat and talk on the phone at the same time on occasion!
All I mean by these ramblings is that doctor's office websites can be just as high tech as the equipment they use in their offices. When I visit a physican's website, I want "lasers," not "leeches"!
All our medical websites and features are HIPAA Compliant.
I have been using Craigslist.com since I first moved to San Francisco in 1997. It was small then and had not yet crossed over the great oceans. As a young man from Alabama who knew absolutely no one in California, Craigslist became the website that I depended on most. I was discovered by the recruiters at Mindscape and life in the design biz began for me there.
I found my apartment on Craislist - then filled it with used furniture I found on Craigslist - I bought a car. Hell, I even found girlfriends on Craigslist. It has been my friend through thick and thin. Ten years later Craigslist still serves a purpose, but the big dreams and expectations of what once was are now small and predictable.
If you place an ad wanting a web designer in cary, north carolina, you get bombarded with offers from -- well you know where. It has happened to us all. Not that there is anything wrong with people trying to pose as southernerns for the first few email exchanges until they gain your trust and sell you something. But it is wrong when you say local only and they ignore it. Now I don't want to go off on a rant here...
I have a friend who once received a cold call from a firm in India. The salesman told my friend his name was Lionel Ritchie. My friend told him to pick a new name and call back. I'd bet Michael Jackson is still dialing his number to this day.
