Being A Small Business Can Be A Great Advantage In This Recession
By | January 6, 2009
Just because you own a small business does not mean that the recession has to be the end of it all. Being a small fish in the sea of commerce, at this time, has plenty of advantages. Now is not the time to get discouraged by shallow profits, soaring costs and slowing business traffic. This is an opportunity to be thankful for the advantages made available because you are a small business owner.
While large corporations and conglomerates are at the mercy of banks and government to provide loans and bailouts to keep their heads above water, you as a small business owner have a much better chance of survival even though that may not appear to be the case. If your business is on pretty solid ground financially, the less you have to borrow, the better the chance you have of obtaining a loan should you need one. Provided they are in the same economic boat as the rest of the world, the larger company generally needs a larger amount of funding. The more needed, the less likely a financial institution will be to take on such a risk in these tumultuous times.
Small business has the benefit of being able to create personal, lasting relationships with its customers and can use these relationships to their advantage. It is easier to get feed back from a patron that you have a personal relationship with and these same customers are the same ones who provide word of advertising as well as give referrals to family and friends. Should it become a necessity to cut back on marketing, you can rely on your loyal customers to help you out. The public in general is more apt to be supportive of a small business because of their relationship to you and your staff. You are more on their level than the corporate giant is.
As a small business owner, you are in a position to see changes more readily than big business. CEOs and VPs do not normally have their fingertips on the pulse of their larger companies and rely on others to keep them abreast of changing situations. Sometimes this can be a slow process. By the time upper management is advised of circumstances and current business trends, a timely solution needs to be implemented. After a considerable “wait and see what happens” time has passed and upper management sees the need to implement changes, the necessity sometimes is in a dire state. By the time the whole process is complete, considerable time has been wasted and upper management must take drastic measures to maintain the status quo.
Small business, on the other hand, has better than a bird’s eye view and can act immediately as soon as changes begin to take place. As long as you are on top of things and are prepared to take the bull by the horns because you have taken the time to prepare and anticipate changes in business trends, you can proceed confidently and implement strategies to offset a disastrous situation.
You are your own boss and have sole responsibility for decision making. Should you decide to take on a new product line or execute a new promotion, you can do so straightaway without the hassle of conferring and seeking approval of decision makers. Yours is the opportunity many are wishing they had at this time. Take advantage of being the small fish in a big pond and swim like you own it… because you do.
Topics: Recession | 1 Comment »
Beat The Recession By Overcoming The Obstacles Of Negative Mindsets And Attitudes
By | January 5, 2009
When times are tough and business is down, it is sometimes easy to get discouraged and frustrated. Even on a good day, a business owner has a tremendous responsibility, but with the current state of economic affairs, that responsibility has become more challenging. The recession is proving to be trying for everyone. There are many obstacles to overcome if a business is to survive a recession and like it or not, the responsibility for addressing these difficulties and finding feasible solutions ultimately falls on your shoulders. Two major hurdles you may be faced with as a business owner are your mindset and your employee’s attitudes.
An important thing for you to remember is… you are the Captain of your ship. Not only do you chart your business course, but you are the one at the helm, steering your company through the calm waters of prosperity as well as the rough waters of leaner times. You staff is your crew and they look to you for guidance and will easily pick up on any indication of distress.
In order to keep your tub afloat, you first have to get your head straight before you can begin to effectively manage the mindsets and attitudes of your employees. If you have already begun the process of negatively programming your mind for upset and failure…Stop now! The mind is a strange thing and only knows what it is told. If you are constantly worrying about failure, talking about how bad things are and expressing doom and gloom, that is the reality your mind perceives. What you believe is what you receive.
Instead of taking that approach, learn to substitute those negative thoughts with positive expressions. Wake up in the morning on the right side of the bed and tell yourself that you are going to have a positive, productive day. No matter what distractions or complications come your way, stay focused on the positive.
Listen to a motivational cd to get you going or arm yourself with an arsenal of positive affirmations to combat a wave of self defeating thoughts and recite them often. When using affirmations, be sure to form your statement in the present tense and in the first person. The internet is also a good source for finding them if you choose not to write your own. Find the ones that “speak to you” and speak them to yourself. You will be amazed at the power your mind has over your circumstances. As a business owner, not only are you responsible for your own morale but it is important that you consider and take charge of the morale of your staff. They look to you and the attitude and mindset you display will no doubt be a factor in the way they perceive their jobs, their future with your company and will directly affect their performance and attitude they convey to your patrons. Their outlook directly affects the relationship your customer has with your business. In order to maintain control of your company and
your financial future, you must maintain control of your employees and their way of behaving in regard to your business.
Be creative and come up with ways to keep your employees motivated and positive. Perhaps a monthly potluck lunch or company activity that provides employees a chance to bond together, relax and lighten the mood. By all means, keep employees abreast of any situations and changes in business that affects them.
A positive stance is one of the best defenses a business owner can take to beat this recession. When you see yourself and your business as thriving and prosperous, you and your business will become thriving and prosperous. Try this approach and see the results for yourself.
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Wishing You A Prosperous New Year
By | January 2, 2009
With the economic doom and gloom forecast for this year, you may feel that wishing you a prosperous New Year is unrealistic. I appreciate how you feel and yet I do truly want for you to have a prosperous 2009.
The thing to remember is that even if many other businesses are struggling, it doesn’t mean yours will struggle too. There is usually much that can be done within a business to ensure that it survives and even prospers during these difficult times. You have the choice as to whether you buy into this recession or choose to do whatever needs to be done to keep your business moving ahead successfully.
This starts with your mindset. You need to believe that your business can do well and that you as an individual have what it takes to make this happen. Now this doesn’t mean that you have to do it all yourself as learning from and benefiting from others wisdom and experience can really help to shorten any learning curves you may face. Your mindset needs to one that attracts success.
The next step is to follow through with actions. You need to be ‘doing’ the things that will keep your business going. Although there many be some new things or ideas you need to learn, putting them into practice is where you will see results.
Now, I realise that I have simplified having a prosperous year down to two things, that’s mindset and action, but these are two of the most critical factors. And its why I truly belief that you can have a prosperous 2009 because both if these factors are easily within your reach.
So, I encourage you to do what’s needed to have a success mindset and act on these successful thoughts to bring the results you want this year.
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Diversify To Attract New Business And Prevent The Recession From Biting
By | December 29, 2008
If your business is starting to see the effects of the recession and it is beginning to bite into your profits, that may mean that you have too many of your eggs in one basket and may need to diversify. It may be that you are reliant on one large customer or one main product or service line. Perhaps you cater to one target market. Relying too heavily on one performer may hit your revenues. In order to see your business through this recession, consider what area or areas could be the most beneficial to move into.
If you have a few large customers who are carrying your business, you need to find ways to bring in new customers. Consider incentives to those main customers for every referral that comes in and spends a specific amount of money. Reward them with a deal on a new product that you are stocking or service that you are providing. For example, giving a free service for every ten referrals that they bring in. Brainstorm for creative ways to cater to these patrons who probably, by association, have business colleagues, friends and family that are capable of becoming large purchasers also. Create a two for the price of one coupon to be used for new customers or for existing patrons to bring a friend. Offer incentive for first time buyers and special promotions for new clients who subscribe to your services or make purchases of a certain dollar amount. Offer a free gift for signing up for services or for a first time purchase.
One main product or service can limit your business. If your product or service is an expendable one to your patrons because it is not a necessity, you may be in trouble. Try adding compatible products and services that will compliment the lines you already carry and provide. Consider incorporating necessary products and services to boost sales. Contract with vendors to acquire “exclusives” on hot items. The possibilities are endless and are well worth implementing if you are reliant on one or more specific products or services to see you through these slow times.
Another potential problem may be that your business is catering to a specific market. There are all different types of people with all kinds of needs and desires. Why limit your company to only a small part of the market share. A collector’s shop that furnishes patrons with the opportunity to purchase collegiate apparel may benefit from adding racing memorabilia and clothing to draw in a different market. A tuxedo rental business may well benefit by adding women’s formal wear into their boutique. Perhaps you own a residential cleaning service that could incorporate commercial cleaning services to attract a new type of customer.
Consider the possibilities by making an assessment of the products or services that you already provide and find creative ways to market them to a different clientele, especially those that are still buying. A hair salon that normally attracts mature women could benefit from hiring a stylist that is current on hairstyles that appeal to a youthful market.
There are many ways to diversify your business to accommodate a variety of customers and maximize profits. All you need to do is put on your thinking cap and go to work to make the changes necessary to expand you business as well as your financial horizons and you may well find that a few small changes can have a huge impact on your bottom line.
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Enjoy Christmas And Put Your Business Out Of Your Mind
By | December 24, 2008
I appreciate that business wise this past year may have been tough or perhaps you’re concerned about what the next year may bring. I’m not here to diminish these concerns and at the same time I do want for you to enjoy Christmas.
I want to wish you a very Happy Christmas and I trust that you will take this time out from your business and enjoy yourself. Even if you do feel concerned about your business, I encourage you to put those worries to one side, just for now. And know that after Christmas you can focus back on your business and start doing what needs to be done to get your business through this recession.
Taking this little bit of time out to be with your family and friends will hopefully leave you feeling refreshed and raring to go again. Focus on enjoying yourself in every moment during this Christmas period. Its the little things that count . . . the joy on children’s faces, the shared times with family and even those silly games we so often play at Christmas.
When Christmas is over, we can start focusing again on business and I will do everything I can to support and help you drive your business forward.
Wishing you a very Merry Christmas
warmest regards
Wendy
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To Fight This Recession Accept That Change Is On The Cards
By | December 23, 2008
Thought for the day…”The key to change is to let go of fear”. Change is in the air and on the lips of anyone who opens a newspaper and reads about the world’s financial state of affairs. The current economic crisis, like it or not, means change. In order for companies to survive, modification is imperative.
The thought of change brings about fear in the most confident man so don’t feel alone when the thought of doing something different produces sweaty palms, migraine headaches and a panicky feeling in your stomach. Change is the one sure thing you can count on and is the most constant condition in the universe. Rather than fight it, accept it and you will fare much better as a result.
Acceptance of change, embracing it, and learning to love it is the best chance you have to prepare for what is to come. The more comfortable you become with the transformations that must take place, the easier they will be on you. You will find it much easier to accept things that you have already prepared yourself for rather than feeling like these changes are being forced upon you.
Chances are, you are already feeling the effects of a slowed, sluggish market and you recognize that something is going to have to be done to keep your head above water. That something is called change. Consumers are changing their attitudes about their money and the way they spend it, save it, and give it away. Business is going to have to take a cue from the public and find ways to change their practices to accommodate cautious consumers and stimulate sales as a means of survival.
The best approach to making the alterations necessary to improve your bottom line is to survey the business landscape and identify the changes that need to be made. Be aware of what your competition is doing, and how their business is faring. In some cases, you can learn what to do or what not to do simply be observing what is going on in the market place. Do you drive by and see that their parking lot is full? Find out why. Maybe they have reduced prices or they are offering incentives to bring customer in the door. Check it out and use what you can to make improvements in your own business.
Consult with your employees and ask for suggestions on ways to improve sales, keep repeat business and establish new clientele. Your staff can be a valuable source of information as they may have ideas or opinions from personal experience. More importantly, they are on the front line, interacting with your customers and may have feedback that you are unaware of.
Gather information about the hottest, new product on the market that fits into your current line of products and put it on your shelves. Carrying the latest item that is all the rage may be the ticket to drawing in a different genre of clientele and could spark a surge in business. Be sure to include your “revolutionary find” in all of your advertising.
There are a variety of ways to make positive changes to your business that will invoke positive results. It will be necessary to do your homework, research and be creative in your quest for finding solutions but the impact of such changes could be well worth your trouble. Just stay positive and view the changes you are making as a viable means to achieve success. Once you have resolved yourself to change, you will find it to be an empowerment rather than drudgery. You can do it!
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Beat The Recession Together - How Businesses Can Benefit Each Other
By | December 22, 2008
There is an aspect of commonality in the business community now, regardless of market type, services rendered or products sold. That universal thread is one that can conceivably knit together local business for the greater good. The recession has many companies facing a sink or swim situation.
The marketplace as a whole is being threatened. Communities are watching whole shopping centers and malls closing their doors. Companies that find it feasible and advantageous are pulling up stakes and taking their businesses to more lucrative locations and the small businesses that are left behind are seeing a decrease in traffic and revenues as a result.
For this reason, if for no other, business owners need to stick together, support each other and the local marketplace by finding creative solutions to improve business. More often than not, two heads are better than one and as leaders in the business community, you are well placed to help maintain and revitalize the marketplace.
You can do your part by actively participating in local chapters of business associations, Chamber of Commerce endeavors and community revitalization projects. While these may seem to be daunting responsibilities to add to your already full plate, these affiliations can have a two- fold benefit.
Not only would you be contributing to the overall success of the business community and helping the residents in your locale, but the contacts made, relationships built and camaraderie with other leaders in the community could be invaluable to the growth of your business.
If you are not already involved in an association, find a place to fit in and get to work. Networking with other business owners is a viable way to exchange thoughts, make and receive suggestions and brainstorm for ideas to increase business and revenue.
Getting to know other business owners in your community allows you the opportunity to implement creative solutions to drive sales, perhaps by co- op advertising, cross marketing or mutual referrals to vendors and customers. It may even be possible to work with the owner of a business complimentary to yours to exchange discounts to customers that may buy in both establishments.
Becoming involved in business associations can also provide for added benefits such a tax help, insurance discounts and the like. Not to mention the exposure that is possible by means of newsletter articles that spotlight and promote your business’ good will, community involvement and civic achievements.
Consider, also, the possibility of hosting a meeting at your business location so others become familiar with your operation and location. You may even want to offer to speak at a meeting. This gives you the chance to introduce yourself and your company to other association members, speak of your experiences and offer suggestions and solutions for the economic problems facing the group as a whole.
Your involvement needs be something well worth considering. It could be a huge benefit to your company, as well as, benefiting others with your knowledge and experience, that are facing the same circumstances and situations. grouping together can be advantageous and profitable for all.
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In A Recession Savvy Consumers Want Value
By | December 19, 2008
Sales are down, customers are pinching pennies and you are left wondering what to do. Now more than ever, consumers are looking for ways to stretch their money. Many are going back to the basics and finding creative solutions to keep from spending. Your goal is to promote sales, increase profits and keep your business afloat.
The all important answer to the question of what to do to keep customers trading with your company lies in the ways you are marketing and selling your products or services.
By now, hopefully you have already begun the process of evaluating your position in the marketplace and devised some strategies for improving customer service and cutting some costs without cutting off your nose.
The key to promoting, acquiring and maintaining sales is to impart value to your customers. Patrons are becoming more knowledgeable and sensible about making purchases, as money is tight and harder to stretch. They are coming up with creative solutions to forgo unnecessary purchases by conserving and cutting back.
No longer is there a “sellers market” but one where the buyer is calling the shots. In order to make a sale, particularly if the product or service is a luxury and not a necessity, business owners and employees are going to have to cater to patrons, go the extra mile and devise ways to “show” customers the perceived value in their discretionary purchase.
A savvy shopper is on the lookout for a bargain. Purchasers want to see a lot for their hard earned buck and are more satisfied and more likely to purchase when they believe they are getting a good deal.
One good way to impress your customers and make them feel good about a purchase is to market and promote value. Bargain hunting enthusiasts find it hard to refuse a deal that promotes a sense of accomplishment and certain euphoria. For many, that incentive alone is enough to pull out the debit card.
Consider promoting one item per week as the “deal of the century” or a “recession buster”. Rely heavily on your regular advertising, flyers and posters to circulate your promotion and step out of the way of the stampede of customers.
Be knowledgeable about your products and services. Present bundled packages and economy sized products, introduce customers to multi use products or ones that save time and effort and publicize reusable items and ones that are environmentally friendly. Advocate recycled products. Promote services that make consumers feel good, free up personal time or save money and maintenance in the long run.
All of these are things to consider when selling to a cautious buyer. Perception is everything. If your patron can see the value in your product or service and are convinced that it is a good deal, they are more apt to purchase and view your business as a friend.
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Handling The Negative Aspects Of A Business Recession
By | December 18, 2008
“Simply tell me what you want”
This was my response as someone was telling me all the things they didn’t want. With all the talk and news about the recession and especially its effects on small businesses, I appreciate that its easy to slip into negative thoughts and language.
The problem is, these negative thoughts and focusing on what you don’t want tends to play out in your actions and hence the results you get. In other words, focusing on what you don’t want, brings more of that into your life and therefore your business.
Sometimes these “I don’t want” thoughts are obvious, such as, “I don’t want to see my sales drop again today” or “I don’t want to keep struggling with my business”. These are fairly easy to pick up on.
What can be tougher to pick up on, is the negative thoughts that aren’t so clearly “I don’t wants” but still have the same message. For example, “I’m fed up of waiting for business to increase again” or “why aren’t my staff making more of an effort during these tough times”.
Even though these may be harder to identify, I encourage you to first be aware that they might be there, and then to apply this question to almost any language you use or thoughts you have.
“What do I want?”
Although this question appears very simple, it can be very powerful. Why? Because asking yourself this question takes you away from what you don’t want, which is usually negative, and shifts you to what you do want, giving you a better focus.
Once you know what you do want, you’re now in a much better position to see what actions you can take to fulfill that.
During this recession, you may be facing some fairly tough times in your business and I encourage you to keep looking for the way forward, along with taking the actions to support this. If you believe there is a way for your business to survive this recession, you are more likely to find out. Focusing on getting your business to thrive is another positive step forward.
As you go about your business each day, I invite you to take note of your thoughts, ensure that you are focusing on what you do want and take the actions to make this happen.
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Keep Your Employees Motivated During This Recession
By | December 17, 2008
It no longer appears to be . . . but is a fact that we are in the throws of a full-fledged recession. Everyone is feeling the pressure on the home front as well as in the work place. Employee moral may be down from what it was previously as staff are taking notice of the changes in the business flow, wondering if their jobs are in jeopardy and concerned about making ends meet.
All of this strain can take its toll and if you haven’t noticed already, you may begin to see a decline in productivity, negative attitudes, and depression in some of your staff. While all of these reactions are common, and understandably so, if left unattended, these attitudes can be detrimental to your business.
Your business needs positive, upbeat employees to provide excellent service and that is an impossible task for someone with an unenthusiastic, pessimistic attitude. Patrons pick up on this and you can not take the chance of depressing attitudes rubbing off on them. Most importantly, purchases are not made by people who feel in a less than positive mood.
It is very important that you take notice and find ways to counteract any negativity in the workplace to provide a comfortable and positive environment for your customers as well as your employees. Anyone can tell when there is tension in the air and it is awkward to say the least. An unpleasant atmosphere is the last thing that your company needs…for your sake as well as for the sake of your consumers and employees.
To offset any downbeat attitudes and behaviors that may impede your growth, take steps to first communicate with your staff openly and honestly. Perhaps weekly meetings are in order to keep them appraised of what is going on in the business so that they feel secure in their positions. I encourage you to ask for feedback, suggestions and ideas as to how you can best keep them motivated and enthusiastic.
Implement creative ways to keep the lines of communication open and encourage staff to come to you when they feel a need to talk about problems they may be having. You will have to take an active role and be the one who motivates and supports your employees. Letting them know that they are of value to your organization and that they are appreciated for the job they perform will go a long way in shaping and maintaining their attitudes. Initiate, for example, pot luck lunches, recognition programs and contests to improve morale. Continue praise and thankfulness for a job well done. In a word, be the kind of perfect employer that you, yourself would like to have.
Get to know them on a personal level. It is possible to maintain the employer/ employee balance in a relationship while having care and concern. Be genuine in taking an interest in them…their aspirations, goals, motivations, families, etc. Allow them to get to know you and see you as a person instead of just “the boss”. Creating a lasting bond promotes loyalty, dedication and improved performance. Just be mindful to not allow your new found associations to become a source of rivalry or favoritism. Treat all employees equally, with the same respect, consideration and admiration as you would have them show to you.
Encourage your employees and motivate them by remaining optimistic and cheerful yourself. Find creative ways to inspire, stimulate, and induce your staff to continue working with smiles on their faces. Smiles are contagious and if your employees are happy, they have the potential to improve relations, and make your customers more comfortable.
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