Growth Strategies For
Tough Economic Times
14 Blockbuster Ideas to Turn Your Lemons into Lemonade !
Daily, the media bombards us with bad economic news. Instead of listening, why not incorporate simple strategies to make 2009, your most profitable year ever!
Strategy 1 – Refuse to adopt a “down market” attitude.
Instead, think profitable growth. Say and believe: “this is
going to be my best year ever!” It’s all about attitude.
There will be winners and losers. Decide you’ll be a winner!
Strategy 2 – Steal customers from your big competitors!
Only interested in stockholders profit, “Bigs” cut “head”
counts (usually in sales/marketing) based on numbers—not
what’s best for long-term growth. Now, they just can’t give
proper attention to their smaller customers. This leaves you
a great opportunity to win them over.
Strategy 3 - Remove all barriers to obtaining new
business
Look at the purchasing process from customer’s viewpoint.
Streamline the process to make their life easier. While the
“Big’s” key employees are justifying their jobs, make your
process faster, easier, simpler and better.
Strategy 4 – Win new customers with superior service
Streamline the quoting process to empower your sales
people to respond to prospects/customers with a quote in
a fraction of the time – even on Friday afternoons!
Strategy 5 – Develop a strategic plan you believe in
If you have a strategic plan, update and implement it. If
not, write one! This will keep your organization from
wasting valuable resources. Develop goals and objectives
for each department. Everyone should contribute. Their jobs are on the line, too!
Strategy 6 – Implement the plans - then follow-up
consistently
Strategic plans are just a waste of time, if not implemented
consistently. You must demand that everyone do what they said they would do – accept no excuses! Hold their feet to the fire!
Strategy 7 – Hire competitors’ best available
employees
Keep your ears open. While cutting back on employees,
competitors often make mistakes. The also scare others
who think they could be next. Keep a sharp eye out and
consider hiring their best!
Strategy 8 – Get closer to your best customers
Don’t forget your customers! Don’t take them for granted!
Senior management should contact and take sincere
interest in your best customers. Ask for their input to help
you serve them better. Follow up with thank you letters
and ideas to benefit them! Don’t try to sell them anything,
just take an interest in them. It’ll earn their strong loyalty.
Strategy 9 - Don’t Abandon Your Core Competencies or
Values
Your company undoubtedly has real strengths that no one
else can equal. Take full advantage of them and brag about
them to your customers. If you don’t know what they are
(many companies don’t or have forgotten) ask a marketing
consultant to help you find them.
Strategy 10 – Tighten up your Marketing Message
After a presentation salesmen often review (in their
minds) what they should have said. So, day by day
their presentation gets better and tighter. When pre-
paring all marketing communications, there is months,
weeks or days to perfect. Make certain it is well researched, constructed and presented with power, while pinpointing the prospects needs!
Change your thinking about Ads and communications.
Think of them as a tireless army of salespeople all armed
with the perfect presentation and never afraid of the word NO!
Strategy 11 – Don’t forget goal-based incentives
Surprise! Rewarding your team for reaching their goals
will get them done. Tie part of employee rewards to
accomplishing achievable, pre-established goals they have
set during the planning process. Take them at their word
and reward them fairly for accomplishing them.
Management’s job then is to help take away impediments
preventing them from accomplishing their goals.
Like to build teamwork and leadership? Save the best
incentive for everyone to split equally, if all goals are met.
They’ll all work together to get them all finished.
Strategy 12 – Review vendor costs and terms
Often vendor contracts haven’t been reviewed or rene-
gotiated for a considerable time. Tough purchasing can
find better pricing, new available discounts and/or better
terms.
Strategy 13 – Carefully watch your own employees
Don’t let other companies steal your best employees.
Watch them carefully, so you don’t lose any. If you do,
you’ll have to expend expensive searches and training.
Strategy 14 – Limit Your Exposure to (Bad) News
It’s good to stay current, but network broadcasting
concentrates on the bad and alarming news. Just because
there’s a hurricane in
affected in
No matter how bleak it looks, 2009 can be your best year ever. People live by the fruit of their lips. So start saying strong words of belief and implement your carefully crafted plans. Let the other businesses complain, while you keep your attitude on business. Oh yes, don’t forget to coach your employees to do the same.
For further insights contact:
Edwards Business Associates, LLC
