June 2008
8 Killer Steps to Recession-Proof Your Business
Regardless of what the experts say about a "real" recession: American consumers are behaving as though we're in a recession. And we've just begun to see the "trickle down" effect of our slowing economy. Don't let the lagging economy trickle down on you. Recession-proof your business with these 8 Killer Steps.
In March, I shared my 5 Killer Steps to Recession-Proof your business:
- Broaden Your Perspective
- Be Nimble and Innovative
- Dazzle Your Current Customers
- Prioritize Wisely
- Become an Expert
In the last few months, I have spoken to many audiences on Recession-Proof Selling, and conducted a Webinar on the topic. The exciting replay is now available to you with companion slides and a written transcript.
Learn more about the Recession-Proof Your Business Emergency Kit
Now it's June. And I have 3 more Killer Steps to share with you!
I've used these steps all along—they are lifesavers in any economy.
Killer Step #6: Stay Connected
Network like crazy. Attend a minimum of one event a week. You never know whom you will meet and what you will learn. Woody Allen said that 80 percent of life is showing up. He also said 70 percent of success in life is showing up. Show Up! It counts.
Never let your network go down. Networking is an essential activity in making connections and building your business.
Talk to people and find out how you can help them. How is their business doing? Are they being impacted by the lagging economy? Don't email, call. You make connections by talking to people, spending the time to have a robust conversation. Pick up the phone. It's the best way to spend your time.
Killer Step #7: Don't Cut Price
There's a lot of chatter about cutting price in a lagging economy— businesses are cutting back, they don't have money for your project. Consider how to "get in and get started." Divide your offering into smaller chunks, get results, and create traction. If you do decide to adjust your price, always get something in return.
Let your client know that you would like to find a way to work together. Remember, nothing is traditional anymore. Think of new ways to solve old problems. Work together with your clients and collaborate on a solution.
Killer Step #8: Commit to Building Your Referral Business
What if you could reach your market without hard costs-no marketing budget, no direct mail budget, no advertising budget, no trade show budget. The only budget you need to worry about is your Time & Referrals Budget. Your time. Your time to ask for referrals. Referrals are always terrific, but they mean even more in a lagging economy. There is no line-item cost to referrals.
In addition, you are pre-sold, you have credibility and trust, you ace out the competition, and you will get a new client well over 50 percent of the time. There is no other strategy that comes close to these results, and at no cost.
We've just begun to see the "trickle down" effect of our slowing economy. Don't let the lagging economy trickle down on you. The companies that take charge and compete will win! Just like traditional indicators have changed, so have traditional responses. Nothing is traditional anymore. What can you do to be non-traditional?
Joanne S. Black
Invite Joanne to present on this topic as well as The Power of Referrals, The Truth About Your Sales Funnel, and What’s New in Sales? (plus more!) at your next sales meeting or sales conference.
Get details and more information
