7Tips to Help Small Business Owners Fare Well in a Down Economy
By
Francie Dalton, CMC
If your thoughts are primarily fear based, if you’re envisioning the worst for yourself and your business, if your conversations are focused predominately on bad news, then you’re seriously impeding your own success. Stop being your own worst enemy! Instead of giving succor to all the negative blathering, buckle down and determine to take 3 actions every single day to improve revenue! Here are some suggestions.
Don’t you DARE Pick up that Phone, go into Twitter, FaceBook or LinkedIn during work hours unless it’s to Generate Business! Be ruthlessly disciplined about generating business as JOB ONE. Any activity that doesn’t secure new business should be delegated, or done during non-business hours. Prioritize everything else around this fundamental principle. During business hours, dedicate yourself exclusively to expanding your client base or deepening business with your current clients rather than connecting with friends. .
VirtuallyStalk your Prospects: Describe your ideal client. What types of organizations do they belong to? Join them. What kinds of publications do they read? Read them. What types of events do they attend? Attend them. Differentiate yourself with detective work about your targeted prospects. Research them; research their industry; tap your network to learn more about them. Think about how impressed you would be if someone had clearly extended effort to learn about you, your achievements, and your industry. This tip will help you warm up the cold contacts and will set you apart from most others who won’t go to this much effort. The result? You’ll be more likely than your competitors to get the business.
Work Backwards to Move Forward: If you’re tracking important ratios, you know how many qualified prospect meetings it takes to generate one client, and the average sale per client. With only these two pieces of information, you can control how much you sell each month. Determine desired sales volume, then conduct two to three times the number of qualified prospect meetings required to achieve your revenue goal.
Invite Scrutiny: Whose business acumen do you admire? Who’s already successful in your field? Whose clientele do your products or services complement? Establish an Advisory Board, and invite these folks to be part of it. Meet quarterly to gain their advice on you business challenges. Advisory boards impose a level of scrutiny and accountability that both challenge and comfort, and a level of ideation and innovation that helps you expand your scope and reach. Ensure you get unbiased, unemotional, tough truths by not including friends and loved ones on the board. Alternatively, you could treat selected individuals to a meal now and then to get their advice. Whatever the way in which you access the intellectual capital of others, be sure to thank them, act on at least one of their suggestions, and follow up with them to them know the outcome of having implemented their advice.
Your Pipeline is your Lifeline: NEVER stop prospecting. In good times or bad, keep your pipeline full! Even when you’re flush with business, don’t get cocky. Realize that if you wait to prospect until you need new clients; it’ll be too late to achieve immediate results. Sales is, in a large part, a numbers game. If you aren’t getting enough business, a major contributing factor is that you’re not contacting enough prospects, which means you’ll erode or prevent your success.
TheLag Before you Bag: The lag time between your first meeting with a qualified prospect and closing the sale is an essential ratio for managing your productivity. The sales you bag today likely began at least 3 months ago. In achieving your goals, knowing your average lag time is essential. If you’re calculating the total lag before you make a deposit, don’t forget to add in the time it takes to render the service before you bill it, and the time between the billing and the receipt of funds.
You Gotta Network to Get Work: Whether you enjoy it or not is irrelevant; networking is an imperative. Learn how to do it well. If you want to survive the lean times, you have to network regularly. Go to appropriate events with the objective of helping others rather than seeking those who can help you. Doing so will make others want to help you in return. Remember nothingcomes out of the blue. The seeding you do today will produce unexpected business in the future. Suggested reading: Make Your Contacts Count by Lynne Waymon.
Regardless of how many of these tips you implement, your own outlook and attitude can diminish their effectiveness. Those who prevail in difficult times are the ones who steadfastly refuse to allow negativity to form a barrier to their success who instead deliberately and diligently take multiple constructive actions every single day. Doing so refreshes the spirit, helps sustain a positive attitude, increases resilience, and reinvigorates a commitment to success.
So get started! Which of these tips will YOU implement today?
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