How To Prosper In A Difficult Economy
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The document provides tips for prospering during difficult economic times. It advises to: 1) Don't panic, but rather evaluate the market and opportunities. 2) Cut expenses where possible, like unnecessary costs, but maintain marketing and customer experience. 3) Focus marketing on your target market and adjust products to focus on essentials and value. 4) Train sales staff to provide solutions and emphasize company values.
How To Prosper In A Difficult Economy
- 1. How to Prosper in a Difficult Economy Joy M. Johnson ActionCoach Certified Business Coach Partner and Co-Founder GrowthMindset
- 2. Growth Mindset Joy M. Johnson Partner and Co Founder ActionCoach certified Business Coach Over 30+ Years of Business Experience Kathy S. Keeley Partner and Co Founder Provided tools and strategies for Entrepreneurs for over 25 Years
- 3. Growth Mindset Mission To provide Business Guidance, Strategy and Management skills to growth oriented entrepreneurs and executives so they may achieve their vision and goals.
- 4. How to Prosper in a Difficult Economy First and Foremost Don’t Panic Cut Expense But not to the Bone Maintain Marketing Be Crystal Clear on your Target Market Adjust Product Portfolios Train Your Sales Force
- 5. First and Foremost Don’t Panic When panic sets in … We Tend to do Stupid Things Evaluate the Market … Now is the Time to do Market Research What is your Market Share? Who are your Competitors? What are your Opportunities?
- 6. Cut Expense But not to the Bone There is such a Thing as Going Too Far Don’t cut at the expense of the customer experience Take a Good Look at your Team Can you increase productivity Cut out the Nice to Haves Watch the Budget Try Bartering
- 7. Maintain Marketing The Worst Mistake business leaders make in a tight economy is to cut the Marketing Budget Focus on Family Values In campaigns Now is the time to Gain Market Share Make sure you know your BREAKEVEN for every campaign What is the ROI Test and Measure
- 8. Be Crystal Clear on your Target Market Closely define your Ideal Customer What is the Lifetime Value of your customers What is your Acquisition Cost What resonates with your Target What adds value… What do they Care About When money is tight people tend to focus on Hearth and Home
- 9. Adjust Product Portfolios Analyze your Inventory Product that doesn’t move is cash sitting on your shelf. Tough times favor multi purpose goods not highly specialized Re forecast demand by product line Focus on value
- 10. Train Your Sales Force You can’t afford to Lose Sales due to untrained sales people The sales process starts at the first contact Sales is about providing solutions to Wants and Needs
- 11. How to Prosper in a Difficult Economy Don’t Panic Cut Expense Maintain Marketing Target Market Adjust Product Train Sales force Emphasis Company Values
- 12. Growth Mindset Our Toolbox Coaching individuals, partners and management teams for performance, results and action toward growing the business. Consulting with business advice and strategy development so that your business grows in revenue and profit and achievement of your personal goals. Training through workshops and educational sessions developed for entrepreneurs. Leadership Development through one on one coaching or group training
- 13. An Offer From Joy and Kathy
- 14. Thank You for Your Time Contact us at info@GrowthMindset.com