Surviving and Thriving in This Recession

What to do When the Tide Goes Out
Warren Buffet says, "Only when the tide goes out do you discover who's been swimming naked." Well the tide has gone out and so have many businesses. We want you to survive and thrive and come out financially healthy on the other side of this recession. It's all about preparation and, as Edna 'E' Mode in Disney's The Incredibles, said, "Luck favors the prepared." Here is what you can do to be more prepared.

How Many Sales Per Week Do You Need?
A client came to us that was very worried they couldn't make payroll by the end of the month. We talked to them about their average sale in terms of price and cost and determined how many sales they would need to make just to break even. It turned out they only needed thirty more sales a week on top of the hundred sales per week they were making. We discussed a few ideas for attracting 30 more customers per week. Once they knew the number they needed to hit, it wasn't that difficult to find solutions. They easily made payroll and have been increasing their sales all through the recession. Once you know exactly how many sales you need, you can start creating solutions.

One of the first things we do when meeting with a client is to help them determine how many sales a week they need to break even. Usually, the number is not as big as you are afraid it might be. We recommend that you do the math for yourself or get an accountant or someone like us to help you with it.

Improve and Increase Your Marketing and Sales Efforts
By watching our clients during this recession We have learned some important lessons from them. One consistent theme is that the companies that are improving and increasing their marketing are doing O.K. If the marketing or sales efforts you already engage in are working, chances are just need to increase how many people you reach in a day or a week. If the recession has changed the buying behaviors of your customers then you need to find ways to improve the effectiveness and then increase the reach of your marketing.

Have you seen the latest trends in TV and Radio ads. Keep in mind that these companies spend millions of dollars in research before they air these ads. Hopefully some of the successful advertising you see and hear will give you ideas to adapt your sales and marketing. Here are some key ideas we have learned from our clients:

• Email Marketing - just in case your not already doing it. It keeps you in touch with your fan club and gives them reasons to buy from you and to tell their friends about you. It is the easiest and least expensive way to give you top of the mind awareness with your customers.

• Focus on a Single Customer Type - Is there a certain type of customer your business attracts more than others? By focusing your marketing and sales efforts on a single customer type you can target a better message right to them and generate enough sales to start focusing on other customer types. We are aware of several companies that have increased sales by 30% by focusing on a single customer type.

• Recession Opportunities - Does your product or service make more sense to customers now because of the recession? Luxury sales are dropping. Do you offer something that luxury shoppers would now appreciate? Do you save people money, time, or effort? Now is a good time to tell customers how you have what they want.

• Help Increase Consumer Confidence - Customers and employees read your attitude. If you are worried, they are worried. If they are worried, they spend less and less often with you. As the leader of the business you must find reasons to believe that you will survive and thrive and focus on and talk about those reasons. Even if it is the best acting job of your life, you are on stage, and the audience looks to you to reassure them that it is O.K. to buy.

• Look for Ideas and Ask for Help - In a recession, your big enemy is isolation. If you isolate yourself or try to make it on your own the odds are not in your favor. Start talking to other business owners. Go to networking events. We highly recommend biznik (check it out). It is an online networking community for business owners. Their tagline is "Business Networking that Doesn't Suck." It enables you to network both online and in person.

The Small Business Assistance Center Can Help
By knowing how many mores sales you need per week and being more aware of marketing opportunities you will survive and thrive in this economy. The Small Business Assistance Center is available to help. We hope you will call us if you need assistance or perhaps we will see you at one of our classes.