I Am Willing To Participate In A Recovery – Five Easy Strategies to Grow and Be Profitable!

Posted by Warren Rutherford at 5/18/2008 11:27 AM and is filed under Small Business,one page business plan,Business,Business Consulting,Management,recession,business advisor,aligned

Economists, financial analysts, and politicians are increasing their rhetoric about an economic recession; yet few are discussing what we as business owners can do to increase our profitability and grow our business in a period of slowed economic activity.

As a business consultant it does me little good to place myself in a theatre and shout "Fire." There is enough of that to go around. For my clients, my business mentoring role is to encourage proactive and positive leadership by enabling business owners to increase their competitive advantage and add further value to their customers needs by participating in the economic recovery.

I will describe 5 strategies business owners can use to increase their growth and their profitability, and encourage business owners to use these strategies to also improve the attitude and outlook of those whom they service. The 5 strategies are – visioning, goal setting, marketing message, marketing strategy, and employee development.

  • Visioning – when was the last time you looked at your 3 to 5 year game plan? What resources will you need in place – human and financial to achieve it? Is there an opportunity for you to develop a new product of service? Is there a need or an opportunity to modify your target market? When was the last time you looked at your exit strategy? How can you set that longer term vision for growth now?
  • Specific, actionable, measurable goals and objectives – We all need a target; otherwise, our shots will miss more often than not. Have you identified at least 6 to 8 goals and objectives for this year – gross sales, specific sales for your various product or service offerings, repeat sales as a percent of your gross sales, total expenses, the number of new customers, marketing strategy, or a reduction of outstanding debt? What are your quarterly, monthly, and weekly goals for each of these? What is your action plan to implement and to measure and hold yourself and your employees accountable?
  • Marketing – what is your current marketing message – have you asked your current clients what motivated them to buy from you in the first place, have you asked them why they continue to buy from you now? Identifying current customer purchasing motivations can help you to refine your marketing message. Your current customers know the mission of your company as seen through their eyes. Ask them!
  • What is your marketing strategy – how much have you invested in building referral awareness with your current customers and your current network? Yes, your strategy should be diversified – Internet, direct marketing, and media ads, but you should also have a strong network referral component – and your current customer network and network should be at the base of this effort.

    • If you are in need of rebuilding your network during a slowed economic cycle, the rewards of these efforts will start to pay off sooner rather than later. Have you incorporated your marketing message into this marketing strategy? Have you asked your customers and network if there are any needs they have that you can assist them with – can you help them in some small, significant way? Don’t go asking for a sale, go offering your help, your assistance – show them how much you do care, how much you value their relationship with you. 

    • Employee development – or should I say their care and feeding. During challenging economic times employees will want assurance that they will continue to have reliable, steady employment. This means they may be concerned about other employment options – and may even start to look for other work.

    Be proactive – engage your employees in the growth of your company – they deliver your products and services, they see inefficiencies, they see opportunities, and if they like working for you and your company, they will want to see it become more profitable. Identify areas of mis-alignment – where you and your employees may not be connected – and engage in a discovery process to become more connected.

    We all have a role in economic recovery. I believe we best serve ourselves and each other by taking advantage of the recovery process by paying attention to the little things that have previously made us successful, and that will continue to make us successful in the future. We can choose. I choose to participate in an economic recovery! Do you want to join me? Please let me know your thoughts and comments on other ways we can participate in the economic recovery. Thanks in advance for your positive perspective – it is contagious! See you at www.RutherfordBusinessAdvisor.com.


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