Now that we’re positioned to take advantage of a slowing market, let’s get a few things ready to go for this wave that’s going to take away our competition.

1. Think about creating a ‘package’ of your product or service that moves from the ‘luxury’ end of the spectrum over towards the ‘needs’ end.  People are looking to cut back and reduce their budgets.  How can your business help them with that?
2. Customer Service.  Maybe now is time to offer that amazing “100% Money-back Guarantee!”  If your customers are going to hand over their hard-earned dough, they will be more likely to do so with such a performance guarantee.
3. Cash.  Now is time to get a line of credit.  Banks only give money to people who can prove they don’t need it, right?  Even though we’re getting prepared for this wave, there are likely going to be a few tough months or weeks ahead.  In order to get through them as best as possible, it would be great to have a little rainy-day fund available.
4. Marketing.  Keep it going.  Don’t cut back.  This would be a great time to analyze your past marketing efforts and see what’s working and what isn’t.  Start reallocating your money to those avenues that have the greatest payoff.
5. Expenses.  Look over your expenses and identify places that you can cut back.  I  challenge you to find three categories of expenses that you can reduce by at leat 25%.  I know you can do it.  Heck, just start refilling your printer/toner cartridges rather than buying new ones.  There, that’s one.

In football terms, it’s time to hunker down with a good power running game.  Protect the ball and run out the clock.  When all is said and done, you will be in a great position.

This entry was posted on Monday, March 10th, 2008 at 7:33 am and is filed under Chandler business coach, Arizona business coach, Chandler Arizona, Business Consulting, Business Coaching. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.