1. Don't be Hypnotized by the Bad News. Constantly watching the bad news on the TV, the newspaper or internet is not going to change things. Be informed, but don't excessively indulge in watching the bad news. Focus on things that you can change and be proactive. What's in your sphere of influence? Focus on that. Also make sure that you don't hang out with people who have been hypnotized. They will be like a wet blanket.
2. Cultivate an Attitude of Gratitude. Be grateful for things that are working in your life. Focus on the things you already have.
3. Over Communicate the Good News. Make sure you over-communicate with your team, your clients, suppliers, bankers and suppliers. When there is too much bad news in the market, be the shining beacon that gives fresh perspective that things are still working. It's like an antidote to the bad news. It gives people hope. Share stories on a weekly basis about how you and your company are making a positive impact. Highlight cost savings and increase in productivity your
product or service delivers.
4. Consult your Advisors Regularly. The regular consultation with your CPA and other key advisors can give you insight into the health of your business. They can highlight opportunities and avert potential disasters. Review the health of your business and communicate this regularly with your entire team.
5. Stimulate your Existing Customers. Get them to buy more or buy more often. Getting new clients can be harder than stimulating existing ones.
6. Use a Loss Leader Strategy. Offer discounts to get customers in the door with products or services that are easiest to sell. You can up sell them after that. Once clients are in they buy other items too. What could you do in your business?
7. Collaborate. On producing offers with other companies that have products and services that are complementary to yours. This simple strategy is powerful because it allows you access others people's customers that are in your target market (power teams). You can create a win-win situation. Some businesses get contracts because of a joint offering that individually they would not have been able to bag. Who could you collaborate with?
8. Negotiate. Negotiate. Negotiate...better deals with existing suppliers. Commit to certain quantities to get you bigger discounts but have them delivered in weekly or monthly quantities that would ease cash flow.
9. Boost your Cash Flow.
10. Cost Cutting. Assign each item on your balance sheet to someone in the company to focus on how you can cut costs. Reward the person who gets you the biggest saving. However make sure that you do not cut on Income Producing Activities (IPA's). For example, do not cut back on marketing, but you may be able to negotiate better deals. This gives you better visibility and is an IPA. Don't stop doing things that bring in more sales. In fact you may want to intensify these.
The Three Keys to the Future
1. The world is flat...from a business perspective. Get to know your clients - personally!
2. Fast will always beat slow-The speed of trust. Trust will lead to fast transactions.
3. The Gen Xs will inherit the Earth - go meet them now! Join at least two online social networks (Facebook, Linked In etc) and get your company on Yahoo! Local.
