Are you dwelling on opportunities or bad news as it relates to your business? Remember, businesses grow during a recession. Companies learn how to be successful by re-strategizing about their markets and targets. They don't give up. They find new products and services to provide. New businesses open and flourish. Just yesterday, I picked up the paper and four news businesses were opening here in the Reno area. Why succumb to the common thinking?
There are so many things that can get you down in a recession. And the bad news and discussions are everywhere: job losses, massive cuts in expenses, businesses closing, people losing their homes ... It is depressing. With the New Year here, it is time to get over the negativity and pick up your business and get going.
I love the quote, and don't know where it came from: "I never learned anything when I was having fun." With that in mind, we should be learning a lot right now. So, this is a column that focuses on opportunities. Here are some thoughts to get your head in the game and your business on the right track.
Grab the market share as others struggle. OK, I don't mean to sound like a shark, but when there's blood in the water, and it's not yours, celebrate! Did a competitor close the doors? Did they downsize? What about their clients? It might be time to go on a fishing expedition and see what new customers want to bite.
If you just stay the course with your marketing activity, you gain market share now. As your competitors shrink their budgets and hide, the pie gets smaller and you end up with a bigger piece of the market.
Don't forget about media relations and public relations, which is lower cost than advertising placements. Almost all media outlets have slashed their staffs and the reporters left are strapped for time and resources. Providing news about your business or your industry provides badly needed content. This is just another way to gain market share now.
Do you and your staff have more time than money? Take advantage of idle time by doing some needed training and participate in online and local learning opportunities. Also, this is a great time to focus on, or start creating, your online presence which takes time and not much money. Your younger staff can take on some social networking projects, as that is what they are doing every day in their personal lives.
Lastly, now would be a great time to revisit your vision, mission and strategic plan with your management staff. Are the documents still relevant?
Look for unusual opportunities. There will be plenty. Just one example I think about is restaurants. Many have closed, a Wendy's location just last week. There are many restaurant locations, all equipped, sitting empty. Yes, you can't afford the lease for another location. But, maybe the property owner will let you in on a sweetheart deal for a couple of years while you prove yourself. The alternative is to have an empty building, highly exposed to vandalism.
This is also a great time to improve your location as there are a lot of empty office and retail spaces.
Make changes in your vendors and contracts. Find better vendors and better deals. Review your vendor lists and make sure they are true partners. If not, replace them because sooner or later, they will make you look bad to your customers. Also, renegotiate rates and services while the economy is still slow. If you have cash in your business, ask for discounts for prompt payments. If you don't have cash, negotiate longer terms.
Make sure you have your "A" team in place. I remember just a few years ago when every business was competing for talented employees. Even the marginal ones thought they were entitled to outrageous pay and benefits. Ask yourself: If you were starting over, would you hire all of your staff? If not, now is the time to find great "A" players and start replacing those employees who are not engaged.
Involve your staff. Don't be shy about talking about the company's circumstances. Most good employees want to know how the business is doing and how they can help. Form a cost-reduction task force. Those in the trenches know where the fat is.
Remember to stay in contact with your customers. You have the relationships with your clients. It's something that no one can take away unless your let them. Establishing a relationship takes time and investment that your competitors may not have right now. Cutting back on contact frequency can really hurt your chances at staying in your clients' consciousness. Don't make them wonder how your business is doing and whether you are still around. I try very hard to maintain contact on a regular basis with relevant comments, insights and anecdotes. The main thing is to keep the conversation alive. By helping to educate your customers, you reinforce that your company is the trusted advisor that understands their problems.
Many economists predict that whenever we start pulling out of the recession, the momentum will be swift and we will slingshot our way to a vibrant economy. Now is the time to get your business ready and take advantage of opportunities. As we improve our operations, streamline expenses and offer jobs to only the best candidates and weed out those not producing, we'll be ready for the upturn in the economy when it comes. And, when it comes, it will pay off that you stayed in contact with all customers and treated them right. Your business will be ready.
The Chinese ideogram for crisis is two symbols: "wei ji." In English, the common interpretation is: danger plus opportunity. This is the paradox of a crisis. These precarious moments in our lives present us with great opportunity in the midst of danger. A crisis is one of the experiences in life that evokes change. A crisis gets our attention and presents great opportunity not seen in easier times.
Happy New Year. It is a great time for opportunity.
Marlene Olsen is president of Olsen & Associates public relations in Reno. Contact her through www.o-apr.com
