It's been a rough year for many businesses and while the worst we've seen may be passing, there is still a sense of uncertainty resonating within the business community.
While every company is presented with its own unique set of challenges, business owners need to quickly adapt to their clients' ever-changing needs and assess where their value can be optimally leveraged.
I agree it's important to be mindful of the recession, but I believe the key to success in an economic downturn is to build a mindset in which you refuse to allow your business to participate in it.
I attribute my firm's success to following four key principals.
First, market relentlessly. The natural reaction in tough times is to pull back, circle the wagons and hoard resources to ride out the storm until things look better.
The problem with this is that while you're in a holding pattern, fewer potential clients and customers see your name, creating a loss of name recognition.
During the Great Depression, Kellogg and Proctor & Gamble actually increased their marketing while their competitors reduced efforts and faded away.
Second, leverage technology. In today's business world, your Web site and social media presence say a lot about you.
While all flash won't close a deal, you must show you are cutting-edge and tech savvy. Fresh news, Twitter posts, blogs and information that shows you are a leader in your field conveys experience and helps qualify your business to potential customers.
Third, study your market. During tough times, businesses fight for an ever shrinking market share of clients and customers, which means your product or service must differentiate itself above and beyond the competition.
Studying the strengths and weaknesses of your competition, along with learning everything you can about your marketplace, will keep you ahead of the curve.
Fourth, invest in people. One of the most undervalued resources in any firm is its people.
In a down economy, many companies quickly jettison staff to eliminate overhead. I've found that by investing extra time and money into classes and training programs for our staff, the team has grown stronger and more committed to our firm's goals.
Additionally, I believe in compensating our staff at a level higher than what the industry pays.
By tuning out the negativity that permeates the news and focusing on laying a solid groundwork for your business during tough times, you will be set for lasting sustainable growth once the tide changes to a positive upward cycle.
For more information, call Ernie Bray at 1 (888) 403-4223 or visit www.autoclaimsdirect.com.
While every company is presented with its own unique set of challenges, business owners need to quickly adapt to their clients' ever-changing needs and assess where their value can be optimally leveraged.
I agree it's important to be mindful of the recession, but I believe the key to success in an economic downturn is to build a mindset in which you refuse to allow your business to participate in it.
I attribute my firm's success to following four key principals.
First, market relentlessly. The natural reaction in tough times is to pull back, circle the wagons and hoard resources to ride out the storm until things look better.
The problem with this is that while you're in a holding pattern, fewer potential clients and customers see your name, creating a loss of name recognition.
During the Great Depression, Kellogg and Proctor & Gamble actually increased their marketing while their competitors reduced efforts and faded away.
Second, leverage technology. In today's business world, your Web site and social media presence say a lot about you.
While all flash won't close a deal, you must show you are cutting-edge and tech savvy. Fresh news, Twitter posts, blogs and information that shows you are a leader in your field conveys experience and helps qualify your business to potential customers.
Third, study your market. During tough times, businesses fight for an ever shrinking market share of clients and customers, which means your product or service must differentiate itself above and beyond the competition.
Studying the strengths and weaknesses of your competition, along with learning everything you can about your marketplace, will keep you ahead of the curve.
Fourth, invest in people. One of the most undervalued resources in any firm is its people.
In a down economy, many companies quickly jettison staff to eliminate overhead. I've found that by investing extra time and money into classes and training programs for our staff, the team has grown stronger and more committed to our firm's goals.
Additionally, I believe in compensating our staff at a level higher than what the industry pays.
By tuning out the negativity that permeates the news and focusing on laying a solid groundwork for your business during tough times, you will be set for lasting sustainable growth once the tide changes to a positive upward cycle.
For more information, call Ernie Bray at 1 (888) 403-4223 or visit www.autoclaimsdirect.com.