When tough times strike there are five mistakes to avoid:
1. Ignoring customers
If you neglect them, someone else will take them. Most customers leave because they think you don't care! Instead of chasing new ones, negotiate a great deal because it's six times more expensive to get a new customer than it is to keep an existing one. Have you graded your customers A – D? Focus on As and Bs, convert Cs, and let Ds go! Keep contact at least every 90 days - a call, visit, card or email.
2. Stop advertising, marketing, promoting
Avoid knee-jerk, panic reaction. This accelerates the downward spiral. Marketing starts long before the sale and continues long after. You need spend only a little money - just be prudent. Contact me I'll share 21 low- to no-cost ways to get noticed. Advertising must have a call to action. Focus on your target, communicate a compelling offer, and drive the sale!
3. Neglecting your team
Now, more than ever, the team has to be "firing on all cylinders". Get rid of under performers. Many good folk are looking for jobs. A recession grants the opportunity to select some great talent. As the leader, strike a careful balance; encourage and motivate your team players while sharing feedback and holding them accountable. Technology helps us communicate - conference calls and webinars help travel-cost cuts. Train, train, train - investing now pays future dividends.
4. Wasting time
Your only non-renewable resource is time. Ask yourself: What is the best use of my time for the business right now? Ask every day, especially when planning the next one. The time to plan tomorrow is at the end of today. Turn off automatic email receipt - the time saved from this distraction is startling. When did you last up date your default calendar? Take control – do it today.
5. Making excuses for doing any of the above
If you are guilty of succumbing to the temptations above - congratulations, you are human, however, you can do something about it! Take ownership and be accountable now. We all choose how we respond to the curve balls that business throws. If you're not yielding the results you want, something must change. Nothing will, until you do. Are you involved in or committed to your business?
Involvement means taking action when it's convenient, commitment means accepting no excuses, only results.
Now, get out there and do what you do best...
Article submitted by Patrick Greenaway of ActionCOACH Business Coaching.