The phrase “Survival of the fittest” is a phrase relating to competition for survival or predomi- nance. Looking at our economy today, what would Darwin say about one’s ability to survive in business? Which species of entrepreneur will evolve and which will become extinct? The answers to these questions are being answered everyday in the news as banks collapse, retail sales drop and small businesses struggle for each little piece of the pie.
As a business coach, there are many common sense strategies that we are currently focusing on with clients to ensure their business not only survives, but thrives. Here are three solid suggestions for any business owner looking to thrive during this recession:
1. Utilize existing clients for quality introductions: Finding new business is increasingly more difficult to obtain as your prospects are downsizing or sitting in a holding pattern for an undetermined amount of time. While there may be some fear in doing something bold, now is the best time to take advantage of the strong relationships you have already created. Contact your best clients and take them to lunch. Be prepared to discuss ways in which you can add value and provide quality introductions for each other. In times like these, you are always better off utilizing existing relationships than to start up new ones.
2. Think about offering barter: The ability to trade your products or services for marketing dollars, printing, website designs or thousands of other products and services may be a good idea for you. This can come in really handy if you have an excess inventory or have services to offer up for trade. Some good programs include, ITEX and The National Trade Association. Another resource to see all of the trade and barter associations you can use is the Gigafree Network. In times like these, thinking outside the box is more a necessity than an option.
3. Invest in your business NOW: There is extensive evidence from past recessions that investing in your business during tough times is a smart play. While some business owners are cowering in the corner waiting for the world to change, others are making their move. Hiring better people, investing in a new PR campaign or hiring a business coach are all solid plays to get ahead today. Whichever move you make, prepare a plan to budget accordingly towards improving top line sales today, while your competition is sleeping.
While there are many ways to improve business during turbulent times, most people are moving along slowly and in a daze, as if a car crash is holding up traffic. The idea behind Darwinism for business is simple. The fittest will survive and the weakest will die. Stepping up, being bold, and bringing some creativity to your business now will allow most businesses to advance and thrive today. Think about what you are doing to ensure a successful outcome for your business. Is your business the alpha male or the wounded youngling? Pretend Darwin was watching your business, what would he say?
For more sales coaching tips, please feel free to contact us or join us for our up-coming Executive Briefing at our Loop office. More Information
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