Running a Business in These Uncertain Times
- 1. Unless you are totally oblivious to the state of the worldwide economy, you know that the purse-strings of the average family have been pulled so taut that there is little room for much more than the essentials. Small and large businesses alike are feeling the effects of this economic downturn. We have seen both smaller companies and larger corporations close their doors, or merge with another, as a solution to this ever-worsening crisis.
- 2. So, where does that leave the small-business owner whose budget already can't support its advertising and inventory needs? What can you do to ensure your small business doesn't fold? After more than thirty years in business, I have experienced both good and bad times. Through it all, I have come to realize that it takes a person of stout character to weather the storm. Yes, a strong will to survive is essential, but that alone oft-times, is not enough.
- 3. There is a truth that I would like to share here that is summed up in a trite saying, "It takes money to make money." This is difficult to accept and act upon when times are hard. However, or should I say, nevertheless, this is the most important thing you can do to guarantee your business' survival. Think of it from a different perspective. While others are cutting back on their advertising budget, that leaves those of us who continue to do so the only ones marketing to our potential audiences. And, we all know that if you don't stay active in their minds, you won't reap the rewards in gained customers and sales.
- 4. This doesn't mean you have to spend a small fortune on marketing, but it does mean you need to discover avenues that you may not have previously considered. If you haven't already, get involved in social media. As I have stated before, keeping your name in the public ear is a must-do in these economic times.
- 5. Another option is to tap into your local market. The meetings and groups in your area are a viable entity that should be explored. If you are not a joiner, or don't have the budget for membership dues why not consider either splitting the dues with another interested business owner or offering to speak at one of their meetings?
- 6. I know of a group of business owners in my area who joined together to enable them to join the local country club. Where it would have cost each of them individually thousands of dollars - it now only costs them 1/10 as much. Therefore, that is affordable - and wise.
- 7. How can you employ this principle? Consider sharing a booth at a fair or local event. Better yet, put together a group of business owners and hold your own event. This can be done locally for sure, but done online you will find much less costly. Being a sponsor of an event gets you more media than just participating alone. Again, think about how you can form a joint venture with other business owners to make it more affordable and hence doable.
- 8. The other idea I would like to propose, at first, may not sit well with you. Regardless, it also is worthy of mention. Hire competent help. "What? Hire? Doesn't that mean I won't save money by learning and doing it myself? I can't afford to do that!" I hear these comments every time I share this suggestion. Bear with me as I explain.
- 9. Let's say you need to sell twelve widgets a month to break even. In order to do that you have to have a social presence, build a website, speak to a group, and design a new marketing piece. Since you, and only you, can do the speaking engagement that is one thing that you can't have someone assist in completing. However, even preparing for your event leaves areas where hiring help should come under consideration. Things like putting together your slide presentation, or learning how to use the conference room to its full potential can be done by a capable assistant.
- 10. Realize that if you don't have the knowledge or talent to complete a task, you will need to devote many hours more to accomplish your goal - than it would have to hire a competent professional to do for you in the beginning. And, we all know time is money!
- 11. While you are slaving away trying to figure out how to use a new program or to put together an attractive marketing piece, your competition has been out there marketing. This puts them miles ahead of you in the market place. Furthermore, if you happen to come up with an end result that doesn't attract your market, all that time and effort is wasted. How much wiser it is to hire someone to do it right in the beginning, and usually in less than half the time it would have taken you. Besides, your time is better- spent marketing, speaking, and networking.
- 12. Money is not made while learning, only while marketing. This is not to say learning isn't important. We should all strive to learn something new every day. Think of it more in terms of potential income. Will what you learn help you make a sale? If not, hire it out. Your time is much more valuable!
- 13. On this journey to business success, we will continue to experience booms as well as busts, times of plenty and times of lean. However, if you are wise, you will ponder the ideas I have shared and take action, as only action creates income.