Guidelines,for,surviving,and,e business, insurance Guidelines for surviving -- and even thriving in -- the onli
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As a Baby Boomer in good standing, I've seen recessions before --lots of 'em. The first recession I remember was 1958 and theeffect it produced on the Republican Party. (I sure hope GeorgeW took American History at Yale, but I doubt he remembers much.)Anyway, as a Recession Veteran, I've been watching the economicprognosticators, commentators and opinion-makers struggling withthe current economic reality. Everybody wants this thing over yesterday. Because this is what they want, lots of people aredishing out a lot of "it's going to end in about five minutes"predictions on the belief that to say it is to have it. Well, it's time for some economic reality. These "doldrums" areuniversal; they effect every single industrialized countryon earth... and there's no way in the world you can turn thisworldwide phenomenon around in a couple of months. What's moreNOBODY know when things will end and get better, so we can allbreak out into a rousing chorus of "Happy Days Are Here Again."What I suggest is that you stop wondering when it's going to endand prepare to do the best you can to make maximum profits now andemerge from these troubled waters in the best shape possible.The truth is NO ONE knows when this will all be over and onlyone thing is certain: in time things WILL get better.#1 Cut Every ExpenseOne key to weathering a recession is to take your outgoing expensesand put them under both a microscope and a knife. You need to look at each item you spend money on and ask yourself whether you need this,whether you need it at the current levels, or whether you could notget along with less of it or arrange your activities to cut back onthis expense. In other words, you need to get total control of allyour outgoing expenses, including (importantly) personnel, which is for most businesses the largest single expense. Remember your objective:to survive the bad times with as little discomfort as possible,cutting expenses to the greatest amount possible, while leaving theinfrastructure of your business intact so that you're ready when theeconomic turnaround eventually comes. The silver lining in the economic cloud is that all businesses spendat least some money unwisely. During economic times, when everyone isfat and happy, there's no incentive to make changes. "What me worry?"is the Alfred E. Newman approach to expenditures during boom times. Thus, an economic downturn may actually have a salutary effect, causingpeople who are determined to survive to develop their MONEY CONSCIOUSNESSby putting every single expense under the microscope and asking,"Do we REALLY need this?"#2 What's Selling The Best? What Needs To Be Done To Sell More Of It?Do not accept diminished revenues as an immutable inevitability!All businesses have best-selling products/services. A recession meansyou sell fewer of them. Is that acceptable to you? It certainly isn'tacceptable to me! Thus, you've got to look at your best-selling itemsand then do what's necessary to sell at least the same amount of them,if not more. Ordinarily this means cutting prices; certainly you shouldreview your price structure. But you shouldn't only review your pricestructure. For instance, you can add more of the product for the sameprice, add extra time (like an extra month to a one-year service), orotherwise improve the perceived value the customer is getting. Peopledon't stop buying in a recession. But they do put their buying decisionsunder a microscope. However, by understanding that they continue torespond to value and to bargains, you can structure your offers accordingly to counter diminished sales.#3 Increase Your Prospect Lead FlowAll businesses are based on a sales formula: X number of prospect leadsproduce Y dollars. In a recession to maintain or even increase salesyou must increase the number of prospect leads. This can be done in several ways. First, return to every single lapsed customer from your past. Make thema spectacular offer. Be direct: "We want your business!" Make it veryclear to them that you are offering incredible VALUE for the chance toserve them. Again, in a recession people cut their spending... but they remain on the alert for increased VALUE. Let these people who alreadyknow you know that you have something very special for them.Look at the ways you currently get your prospect leads. What can you doto increase their number? At Worldprofit, we offer Lead Source, which isa prospect lead service for people with an online business opportunity,affiliate program, network marketing opportunity, etc. Lead Source enablescost-conscious entrepreneurs the chance to get unlimited FREE prospectleads. This kind of service is valuable at any time, of course, butduring a recession it's worth its weight in gold. It offers entrepreneursa vital service they MUST have... while making it available at a pricethat just cannot be beat anywhere, anytime: FREE!#4 Outmaneuver Your CompetitorsRecessions follow good times. This means that a recession (a time ofeconomic challenge) follows a time of prosperity (which means a periodof sloth, laziness, and a pervasive lack of paying the closest possibleattention to detail.) The people who get through recessions develop moneyconsciousness and pay attention both to what's happening with them andwhat's happening to their competitors. One reason for this competitorconsciousness is so that you can outmaneuver people who may not yetbe as alert to the economic situation as you are, people who are stillhalf sleep and are therefore easier for you to outdistance.Your goal is to get through this recession in the best possible order.Your competitors ought to have the same objective as you do, may evenSAY that they do, but may not ACT as if they mean it. This is an advantage to you. Your job is, first of all, to pay close attention towhat your competitors are doing, the offers they are making, themessages they are sending customers and prospects. You must then goto these same people with a better offer, with more VALUE. In short,you must go with the objective of making other people's customersYOUR customers. Again, remember that during a recession people don'tstop buying, but they do look more closely for VALUE. By offering VALUEyou weaken your competitors and strengthen your own position.Last WordsProperly understood, a recession may be regarded as a blessing indisguise. Anyone can run a business and make money in good times. Butonly the smartest people, the most determined, the best prepared canprosper during a recession. If you do what's necessary, that'll beyou, prospering now so that you can prosper still more when the nextgood times come, as they inevitably will. Or you can act like ChickenLittle and run around shouting that the sky is falling which itwill surely do -- on you! Article Tags: Every Single
Guidelines,for,surviving,and,e