It’s a fact of life that the economy has its ups and downs. And it appears that 2011 will mark an upswing in the economic recovery of the small business sector. But it won’t be automatic; just because the economy as a whole is strengthening, you can’t assume that your ship will rise with that very turbulent tide. Here’s why and what you can do about it.
We’ve talked to dozens of CEOs just in the past couple of months. Every one is concerned about how to reposition now that the economy is improving. Several report, “We used to be a referral business, but our referrals dried up. We don’t know how to locate new customers.” Others say, “I exhorted my team to bring in whatever business they could find. Now, how do we get over that and back to finding the business we want?” Still others point out, “Our market has changed so much. We don’t even know who are the industry leaders any more.” Is that you?
Historically, small businesses profit from recessions. If they survive, it’s because they have captured the opportunity for innovation, such as new ideas, new products, new services, new customers, or new markets. So if your company has come this far, the odds are in your favor.
But how do you re-position to get your head out of recession behavior and lead your team into new levels of revenue and profitability?
Here are the top five ways–the top five steps to take immediately in order to profit from the recession:
- Set the bar high. Reconsider your goals and aim for bigger targets.
- Reconstruct your market. Find out what your competitors are doing and how they are positioning themselves in a changing environment.
- Define and locate ideal customers. Take some time to figure out who are your next best customers and learn all you can about them.
- Captivate the buyers. Educate and coach your sales team and subject matter experts to be the best relationship builders in your market.
- Speed up your process. Define your key steps, measure progress against a defined system, and learn where you can improve. Seek the level of internal cooperation that will create efficiencies.
What are your post-recession strategies? We’d love to have your comments!