How,Recession,Proof,Your,Busin business, insurance How To Recession Proof Your Business
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Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin:0in;mso-para-margin-bottom:.0001pt;mso-pagination:widow-orphan;font-size:10.0pt;font-family:"Times New Roman";mso-ansi-language:#0400;mso-fareast-language:#0400;mso-bidi-language:#0400;}Are you feeling the pinch of the slowing economy? Are sales and collections not as good as theyused to be? Are your costs escalating?Are you concerned about making it through to the other side to a prosperouseconomy? Take heart, you are notalone. For better or worse, the economy is cyclical. It fluctuates between boom and bust,recession and inflation, stagnating and expanding. I started constructing the building for mybusiness during a robust economy, only to get the doors open two years later, duringan unhealthy recession. Owe, that reallyhurt, especially since it was not expected by me and certainly not plannedfor. Projections of sales and revenueswent out the window, and I came perilously close to losing the business I hadworked so hard to build from the ground up. At that time I felt so desperate that I was willing to paysomeone, any one, $100,000.00 who could help me reach break even in the time Ihad projected. All the so-called expertshad no clue, so I was stuck toughing it out by myself. What did I learn, and how can that helpyou? Read on. I had not planned for worst case or best case. I had planned for most likely case. Most likely did not happen, and instead, Ihad worst case to deal with. So, what todo? Remembering that a business is good employees and good customers, the firstthing I did was to make sure I had the best employees I could afford. I went through several hires before I got thehiring process down pat. The challengewas then to get good customers. My definition of a good customer is someone who pays marketrate, automatically, in full, on time, all the time. Considering the state of being in arecession, I had to compromise on what I was worthy of charging with what thecustomer was willing to pay. This doesnot mean that I gave away the place. Icould not afford to do that as I still had bills to pay. However, I did play with rates and specialsto determine the optimum point for pricing to encourage sales and still be ableto pay the bills. Next was to let the universe of potential customers know thatI existed and that I was their savior and answer to their problems andfrustrations. To do this, I had to spendmoney on advertising. I had some data onmy present customers and when I checked out a new advertiser, I asked what datathey had on their customers. If the datamatched, I had good reason to advertise with them, because of similar customerinformation. I found that making the phone ring was not the same ashaving the phone ring with qualified prospects. At one point we were getting 150 phonecalls a month, but only selling about 90. I quit one advertising venue and the calls dropped to 100 a month, withthe same 90sales. What had happened,what was going on? It seems the extra 50calls a month were not from qualified prospects and were a result ofadvertising in the wrong medium. However, having tested it and tracked the results, I was able to make adecision on how to best optimize my advertising dollars. I have spoken to people who claimed their advertising wasexpensive so they were going to drop it. Is that a smart way to save money and reduce expenses? That is not the question. The question is,what kind of return are you getting on you advertising? If you are spending a lot of money andgetting a lot of good sales from it, it seems to be a good idea to continueit. On the other hand, if your advertingdoes not cost a lot, but it does not bring in a lot of sales, why continueit? Wouldnt your money be better spenton advertising that works better? To recap, regardless of the state of the economy, you needgood employees and good customers. To get good customers, you need to let your desiredcustomers know that you exist and how you can help them. Thesetips can help you weather the storm and succeed, and prosper even more duringgood times.
How,Recession,Proof,Your,Busin