The North American stock market just had the biggest 2009 one day gain yesterday. There’s starting to be reports coming out indicating that the end of recession is near. Most experts, though, agree that it’ll take some time before most industries pick up and dust off. The question then is, “How do you stay afloat, or even grow your business meanwhile?”
Here are some ideas:
1. Focus on what you do the best: it’s important at a time like this to direct your resources and energy to products and services that offer the best value to your customers
2. Look for inefficiencies of your business: you may be surprised to find slacks that you did not know before. Lean tactics will get you through the winter
3. Marketing is NOT one of the expendable activities of your business: the trick is to market smart so you can get the biggest bang for your buck
4. Be really nice to your current customer base: it’s easier to retain a customer than to find a new one. Provide extra value to your loyal customers to show that they are important. If you can go above and beyond, they will be your biggest fans and promoters
5. If you have employees, be a super boss: it’s difficult to find loyal and competent help. When the time is tough, it’s tempting to cut back on staff. But when the economy does turn around, you will be scrambling to find capable people who you need to re-train. Keep an open communication channel with your staff and come up with creative ways to retain good employees