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Guest Column
14 Tips for Small Businesses to Thrive in a Down Economy
By Francie Dalton
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.
Instead of giving succor to all the negative blathering, buckle down and
determine to take three actions every single day to improve revenue! Here
are some suggestions.
1. Don't you DARE Pick up that Phone 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 building your business.
2. Virtually Stalk 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; tap your network to learn more. This information
helps warm up cold contacts, and sets you apart from most others who won't
go to this much effort.
3. Work Backward 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 it.
4. Invite Scrutiny: Whose business acumen do you admire? Who's
already successful in your field? Whose clientele does your product or
service complement? Invite these folks to be your Advisory Board. Meet
quarterly to gain their advice on you business challenges. Advisory boards
impose a level of scrutiny and accountability that both challenge and
comfort. Ensure you get unbiased, unemotional, tough truths by not including
friends and loved ones on the board.
5. 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.
6. You Lag 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
three months ago!
7. Play the Numbers: 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, and focus on helping
others. Understand that networking is a numbers game. Play to win!
8. Don't Pander; Ponder! Showcasing your wisdom without taking time to
probe causal factors can be insulting. Instead, honor the complexity of
client issues. Be inquisitive about their goals, frustrations, hopes, and
struggles. Then construct a matrix of options, and augment this with the
advantages and disadvantages of each.
9. Prepare to Bend by Predicting the Trends: Be vigilant about
monitoring relevant trends, since they're always in flux. Even more
importantly, anticipate and maintain an awareness regarding forces that
could affect the trends you're monitoring. Doing so enables you to foresee
and adapt to emerging trends before your competitors do.
10. Don't Defer Getting Referrals: If you're not comfortable asking your
satisfied clients to provide referrals, do it anyway! Once you've delighted
them, conduct a brief interview to learn what they valued most about working
with you. Using this information, draft a brief testimonial for them to
edit and print onto their letterhead.
11. Publicize or Perish: Both credibility and sales increase from
publishing articles or books, and speaking on your area of expertise. It's
not that hard! Every time you solve a problem for a client, produce an
outline of the process from start to finish. Then fill in the outline, and
voila, you have an article or a speech. Multiple articles can comprise a
book. Writing a book is less daunting if you write only one chapter at a
time without thinking of it as a book.
12. Value for Free = Service for Fee: Consider providing an educational
session to prospective clients at no charge, but structure the delivery so
that they want more. For example, deliver the information you promised to
deliver, but make reference to additional, high value information your
clients receive.
13. Don't Attend Conventions without Clear Intentions: Recoup the
opportunity cost of attending conventions. Get an attendee list in advance
of the meeting, identify and research your targets before you even leave
town. Then make it your mission at the meeting to establish contact and
engage them. Remember: attendance is not an outcome. Make your attendance
result in new business by preparing in advance.
14. Break it Down to Build it Up: Identify key result areas of your
business, such as prospecting, delivery, marketing, speaking, new product
development, etc. For each, write out measurable goals each quarter. Break
these down into component parts, and include them in your calendaring tool.
No matter 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. They instead deliberately and diligently take
constructive action, thereby refreshing and reinvigorating their minds and
their spirits, enabling them to take more action, which refreshes and
reinvigorates.
About the Author:
Francie Dalton is president and founder of Dalton Alliances, Inc, a Maryland
based consultancy specializing in the communication, management, and
behavioral sciences. Her new book, "Versatility", published by ASAE, is
available at www.daltonalliances.com along with more information about her
offerings, reach her at 410-715-0484
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