10½ recession busting tips
As the recession continues to grip the world's economy, common sense dictates that it's the businesses that adapt quickly to changes in their own markets, both sector and geography, that are more likely to survive.
We want your firm to be one of the winners, so to give you a helping hand; we present our 10½ Top Tips to help you endure the recession.
1. Thrive, don't just survive
Survival is critical; but why stop there? By adopting a 'business savvy' approach to your marketing It is not only possible to survive in these economic conditions… you can also grow your market share, however modest.
Be optimistic and have the courage to ask for new opportunities whilst your competitors are barricading the doors.
2. Refine your product offering
Have you got the motivation and mindset to be able to deviate from the plan and change?
Throw away the rule book and start all over again. The vision you may have set for the short, medium and long term may no longer be achievable.
You must react quickly and change your product offering to suit the rapidly changing needs and wants of your clients and prospects.
What your clients required 6 months, or even 2 months ago may be totally different to the needs and wants of their business today and it's worth asking the question.
3. Time for guerrilla tactics
Investing in marketing may not be in the forefront of your plans; but when you are less busy it is an ideal opportunity to invest time to get out and visit your clients and contacts.
People’s immediate reaction will be to reduce or totally cut marketing budgets. By not following the crowd and maintaining or increasing your visibility in your own market you will be able to raise your businesses profile and reputation.
Guerrilla marketing techniques are planned, credible activities which are low or zero cost and moves against the traditional paths of communication with your audience, and therefore get you noticed. We adopt these methods successfully in our own marketing mix and we would be happy to share our ideas with you.
4. Increase your visibility
Make sure people know you are still as strong as ever by attending networking events.
Attending the correct networking events helps you to meet the right people, build relationships and generate new business leads.
Generally, when people look to network, they often think of the typical business setting: the business lunch, speaking events, award ceremonies etc.
Whilst these are very important, it is worth acknowledging that networking can happen anywhere, for example: in your children’s school playground; the locker room at the gym; ordering your favourite cup of coffee at a coffee shop; in the stands of a football ground.
Always be aware of the networking opportunities that you may be faced with when you step outside your door.
5. Invest In your clients
Do you really know your clients and not just their birthdays and anniversaries?
Investing time in your clients is critical to success in this current economic climate.
David Maister, the ex-Harvard professor who trains and writes on professional service firm management, says, "Clients don't care how much you know, until they know how much you care." Listen to your clients carefully and then demonstrate that you have heard them, to show how much you care.
Find out about your clients lives, their hopes, their goals and their desired outcomes be it at work or in a social setting. Keep asking questions to encourage a deeper sense of shared understanding.
6. Offer incentives
People like deals which will offer them value for money and manage and lower their costs.
Offering fixed prices and demonstrating the 'extras' you throw into their basket as part of being a valued client will help to strengthen your relationship and of upmost importance at the moment ….. save them money!
Beware offering discounts on your rates though, this will more than likely come around to bite you when we start to see an upturn in the economy.
7. Team talk
The skills of your employees probably represent the core competencies of your business. Your ability to adapt to meet the changing environment, the challenges and the opportunities, will depend on the skills and application of your employees.
Ensure to be open and honest and keep in house communication at an all time high. This will create an environment of trust and transparency leading to employees feeling valued and motivated for the challenges ahead.
8. Every penny counts
“Look after the pennies and the pounds will look after themselves”.
You could save thousands of pounds a year by paying more attention to the smaller items of expenditure.
Save money by having some general good housekeeping in place. When spending the businesses money, remember to treat it like it is your own.
9. Cash is king
Managing your cash flow is a necessity as without cash in the bank you don’t have a business.
Forecast the levels of cash coming in and out of the business for the months ahead. Stay close and build relationships with your debtors to ensure that the payment of invoices is received within the terms set.
It may be even worthwhile in the current climate to keep an eye on the bank position fortnightly so that you can quickly deal with any unplanned events.
10. Risky business
Completing a risk assessment will help you to focus on the risks that are a concern to you and your workforce.
Some example scenarios could be:
- How would your business be affected by a significant change in circumstances over the next 6 months?
- Would you have sufficient cash flow to trade in a few months time if you lost two or more of your key clients?
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Once your risk assessment has been completed you should be in a position to develop effective contingency plans to prevent or minimise the impact of threats to your business.
10½. Focus on what you already have
So many companies are too busy chasing new business opportunities and not concentrating on what the business has already achieved.
Focus your time and energy on growing the existing clients you have before diverting all your attention from turning prospects into clients.
Focusing on what you already have and know is less risky, more efficient and provides more effective results.
This month's Famous Feet
Just two races into the season and Jenson Button has already had a sensational start with Ross Brawn's new team Brawn GP, taking the chequered flag in both Australia and Malaysia. Go Jenson!
Jenson Button, Formula One racing driver, wears a size 7 racing boot.
What our clients say about us
We wanted to restructure the sales and marketing team of our firm to align it with our business objectives. We wanted an external viewpoint from somebody with a close but not exact industry experience, a track record and a flexible way of thinking. Now we have a robust model with the potential to be successful.
Chris Lonergan, Business Development Director, Cooper Parry, Accountants
The advice was commercial and demonstrated a genuine understanding of professional services and the real issues that face us in the current market place. Bernard was easy to talk to and ‘jargon free’. He added value over and beyond the brief.
Richard Field, Managing Partner, Rollits, Law Firm
Famous feet
Cheryl Cole
Singer
Shoe size: 5½
