Small Business Survival Tips

Survival Tips For Small Business

Someone once told me that you cannot control how people act, but you can control how you react. The same may be said about running a business in today's economic climate. It is going to be a long and difficult road ahead for businesses and consumers alike. Instead of burying our collective heads and saying I can't do anything about it, let's do the opposite.

Let's face it, in any economy there are challenges for businesses. In a great economy, sales are up, people are buying, and cash is flowing. But businesses, many times, struggle to keep up. In a lousy economy, sales are down, finances tighter, consumers slow down their spending, and budgets are cut back. Companies struggle to find ways to turn things around. So what's a business owner to do? Simply put, you do something or do nothing. How do you want to react? If you are somebody who has decided to do something, then please read on.

If you have been a business owner for the past 20 years or so, you have been operating, for the most part, in a strong growth economy. Many businesses, even though they did not run the tightest ship, could do no wrong. So what can you do when you are faced with an economy that is being described as the worst since the Great Depression? Well, you had better make sure that you are doing the little things right. Here are a few things you should be considering for improvements in your business.

Cash is King - Pay homage to the King. Having a cash flow forecast is a must and you must review it regularly to see where you stand. Review your accounts receivable aging weekly to ensure your customers stay current and identify problems early. Review your billing and collection policies to ensure that you are expediting your cash inflows. Make sure that you are paying your accounts payable when due to maintain your credit but not too early in order to conserve cash.

Cutting Expenses - Review your cost structure on a regular basis. Ask yourself, have I exhausted my opportunities to reduce costs. Review inventory levels. Holding too much costs money and so does holding too little. Talk to your suppliers about cutting costs. Review your fixed costs; put your contracts like insurance out to bid.

Customers - Meet and talk with your best customers. Ask them, what you are doing right and what you might be doing wrong. Segment your customer base to ensure that you understand their current needs in order to respond with practical solutions to satisfy those needs.

Plan to Fail or Fail to Plan - Prepare or update your business plan and budget. Review them monthly against business results and ask yourself whether you are on track and what has changed. Plan for up, down and sideways economies while anticipating modifications you will make as the economy changes. Consider "what if" scenarios in your planning activities to adjust for changing circumstances.

Solid Foundation - Businesses, just like buildings, need a solid foundation to survive. Take a critical look at your business foundation. Clean up and fix those things that you just didn't have time for when the economy was good. Ask yourself, do I have the right people in the right positions with the right training. Your company's policies and processes should be simple yet effective and produce the desired results. You must have your financial results completed on a timely basis in order to take action as soon as possible if there are signs of trouble. Consider the worst problem facing your business today and determine what you are doing to resolve it.

There's not a lot a business owner can do about the way the economy is acting, but they can control how they react. Make sure your business is still standing when the economy turns around.

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Tips for More Sales and Business Development

Tips For More Sales and Business Development 

Are you a good selling or business development professional? What distinguishes you from the remainder of the pack?

With over 27 years of experience working with those that develop business and sell for a living I find the following characteristics:

1- Those that seek relationships not a commission check

2- Do not procrastinate, using the hours in the day wisely to be with prospective and current clients

3- Do not waste "windshield time" on wasteful things or nothing

4- Reads voraciously to understand competitive intelligence that aids the client

5- Establishes a strategic account profile to understand prospective client opportunities and limitations

6- Knows the economic buyer in their accounts and does not waste time with gatekeepers

7- Think strategically not tactically to engage buyers

8- Learning the client's business and discovering methods to assist them now and in the future

9- Prepare provocative questions that engage and enlighten

10-Knows when to listen and when to speak

11-Networks constantly to meet new buyers

12-Engages a sales process

13-Creates emotion and has a passion for the sales process

14-Believes in what they are selling

15-Nurtures relationships with proper customer service, returning all calls and emails in a timely manner

16-Uses and respects the relevance of CRM reporting useful data to upper management

17-Understands the importance of customer to customer influences on account management

18-Thinks in terms of client outcomes, not units sold

19-Dresses professionally and is ready to engage with every client

20-Has poise and flexibility to engage gatekeeper and buyer ethically

Use the following as a checklist for your selling professionals if you are a manager or for you personally if you sell for a living. Check back periodically to determine methods to make you a more effective seller to alleviate time and develop more business.

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Technique for Creation of a Good Business Development Strategy

How You Can Create a Good Business Development Strategy 

Every business should have a solid strategy in place to help them develop in the future.

If a business was to move forward on a day to day basis with no firm plans for the future, it would be at the mercy of its customers and the economy, with no firm control over its own destiny.

Clearly there is a need for a good business development strategy if you want to make the most of growing your business for the future.

But how do you go about creating one?

First, it will help to jot down some ideas for developing your business.

Are there aspects of it that you have not yet fully explored?

How could you enhance the services you offer now in order to make more sales?

Some typical strategies which could be used include focusing more on your existing customers. You could find ways to connect with them more often, perhaps by sending email newsletters to keep them up to date with your latest offerings.

A good strategy here would be to send monthly newsletters to do just that.

An effective business development strategy begins by identifying a need that is present in your business. You then develop a plan to meet that need.

Another example concerns the need to find more new customers instead of simply relying on the ones your business currently has. A strategy to meet that need could be to increase the amount of advertising your business creates.
It is important not to treat this as a one off exercise however.

Businesses and the markets in which they operate are constantly changing. This means that what could begin as a worthwhile strategy may need adjusting over time.

Constant monitoring is another important part of ensuring the business development strategy you come up with is continually successful.

If you are not achieving the results you want, evaluate the situation and ask yourself why.

Is there anything else you could or should be doing?

Are you aiming at the wrong audience?

Have you achieved the maximum growth you can expect in that area?

How a business consultant can help...

Some businesses take on the services of a consulting firm to help them in this respect. Consulting is a good idea as it enlists the help of an expert who is an outsider to your business.

They may easily be able to spot things you have not noticed yourself.

You have no obligation to follow through on their recommendations, but if you are willing to take their advice you may well end up with a business development strategy that can work wonders for your business.

Although these types of strategies can and should be used on an ongoing basis, firm timescales can help to ensure you achieve what you set out to achieve.

For example, you may decide to increase your profits by a specific percentage during a specific time period.
Business development strategies can help you do all this and more.

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The Power of Voice Mail for Business Success and Development

The Power of Voice Mail For Business Development 

During a recent analysis of a selling organization, I conducted a mystery-shopping excursion to determine the best practices and limitations of the sales group. What I found is common in most organizations.

How often do you listen to your voice mail? How often do you change it? How often do you obtain specificity in the message?

Voice mail services two purposes:

1) to enable your caller to leave a specific message for you and
2) for you to leave specificity on your return call. However individuals will not leave specifics if you do not disclaim how. For example during my mystery excursion the following message was left [name changed to protect the guilty] "Hello this is Rhonda please leave a message at the tone." The last time I heard this was 15 years ago when voice mail was introduced.

Proper business voice mail should stipulate your name, the firm name, what you want your caller to do and the actions you will take upon receipt of the message. I tell callers to leave a brief message, the best telephone number and time to ring them and that I return their call in 90 minutes. Action is required otherwise your message becomes driftwood in a sea of eternity.

Your voice message must depict your professionalism, your ethics and your responsibility.

The second common selling issue is the identity of the firm when calling a main switchboard. During recent client analysis I ring up the reception area only to have been immediately placed on hold or immediately transferred to another party. Emergency responders take more time to diagnose my issue!

Reception is the first line of organizational identity. Rushing parties off the line, placing them on hold, using mechanistic approaches are methods that destroy prospective client interactions. 45% of every customer interaction involves some level of customer service. Do not allow prospective customers to judge a book by its cover, make a good first impression and treat 'em right!

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Business Strategies for Minimizing Online Business Reputation Risk

Business Development Strategy For Minimizing Online Business Reputation Risk 

When people deal with companies or other business people these days one thing is for sure: they will use Google search engine to find everything possible about the business or a person they are dealing with.

What will they find when they put your company name to Google search?

Unfortunately many times results can be quite devastating. As we all know bad news travel fast and online those bad news don't have to be true, they can just as well be opinions and gossip, but unfortunately many decisions are based on those opinions.

Internet today is a fantastic tool for information, but it is also a totally new way for competitors, unhappy customers or disgruntled employees to post all kinds of claims about your business.

Search engines do their job really well these days and the negative impact on your business is instant and it stays online forever.

What is The Best Business Development Strategy To Minimize Online Business Reputation Risk?

The best way to deal with negative comments is to spread as much positive things about your business as possible. Search engines are very efficient and pick that content as well.

Your Website Is Your Link To Your Customers and Prospects - Make It Human

Make your website look as positive about your business as possible. Include positive testimonials, tell how your company is part of the community and also tell more about people behind the business, both executives and employees. Make it as human as possible. Use videos and lots of photos of the people working in your business.

You can put up a blog where Chairman/CEO can write about your business and how it is helping people and community as well as adding value to the marketplace.

People like to read human stories, about people behind the business.

Be Open

The best policy in business is openness. We as humans tend to make mistakes and as there are human people behind every business mistakes happen. Deal with it, immediately, openly and effectively. The best way to deal with mistakes is to be candid, open and apologetic. People understand that mistakes can me made and they will appreciate it if you openly admit that mistakes have been made and they will be corrected.

Be Responsive

Being responsive is important. Of course, your company doesn't have to answer every complaint with a detailed report, but keeping a good, open communication policy helps to keep your business reputation solid despite of few complaints.

What About Search Engine Marketing

Again, as you build this positive image of your company it will be found online. Your website is extremely important on building this image. Use paid search engine advertising to point to your most positive content, be it news, testimonials and how your company is helping your community to thrive.

It is also important to remember that people like to deal with other people. Tell as much as possible about people who are working in your company; tell about their life, press coverage, honors and awards. Make it real and honest.

Online marketing is all about content. Use that to your advantage. Make press releases and articles about your business. Build a positive looking website. Make it look human. Flood the Internet with positive stories about your business. It is very easy to do and it doesn't cost much.

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