Post-Recession Strategies for Small Business Start Now
The pessimist will continue to drive the market down
, while a few of them will make extra profits as a result. Compared to 130 years of economic cycles, the current recession has lot less footing then others and there are more signs of faster rebound. For example, employers are still hiring, while layoffs continue in other areas of the business. In the past recessions, un-employment has been as high as 25% within the eligible workforce. In prior recessions, there was tremendous wage pressure, huge inventories and currency dilution. As of summer 2010, wages are still holding up, inventories are at the lowest and currency has stabilized. Unlike the past, there is good cushion from emerging countries who continue to buy same and higher as pre-recession. As US consumptions notches up (according to recent reports), demand for products and services will marginally go up. With holiday season coming up, hiring will continue to raise and one could expect to see increase in consumer spending, though by fraction.For companies who want to look in the bright side, there is a different kind of demand that is shaping out. In almost every sector, new economy products and services are showing strong signs of profit. Customers are more willing to buy result oriented products and solution. From an owners view point, future growth demands a different kind of strategic plan. Traditional strategic plans were financial target based for most part. The strategic plan for a new economy requires different targets market share, product benefit realization benchmark, extreme differentiation index.
This is a completely new economy. Seismic economic shift has already happened. The customer base even in the most traditional, localized industry has a new kind of buyer customers who have more alternate product choices, easy access to any part of the world and ability to talk to your customers directly without involving you. Heavy baggage exists for those who decide to stick to old school. Whereas, for owners who are braving to do business (not just via the Internet) using different set of metrics, who are willing to do business in far-away lands - the opportunities are plentiful.
So what are the baby steps to long-range growth?
10-Step Post-Recession Planning
1. SHAPE Identify CORE Customer's FUTURE needs. Customers follow leadership who know where they are taking them.
2. DIFFERENTIATE every aspect of your business starting with leadership style.
3. Increase MARKETING EFFORTS specifically focused on future needs. Instead of simply increasing marketing spend, increase specific areas where it translates to consistent cash-flow and an increase in profit margins.
4. A BUSINESS that creates SOCIAL VALUE during recession GAINS tremendous emotional points. Make it visible to past, current and future clients by volunteering in programs they are members.
5. Have favorable recession plans' for their continued business. Provide ASSURANCE of top-notch quality throughout recession.
6. Create compelling reasons why customers must contact you periodically, even if it is not for buying. Monthly newsletters with their articles, Thank You' notes and pictures with client from recent events - provoke them to initiate a call.
7. Journey of Success, starts with being DIFFERENT, DELIBERATE and MAKING DECISIONS. Making decisions during recession with a longer term in mind require structure analysis. Must be unbiased, unwavering, not compromising for short term temptations. LEARN decision making skills.
8. Seek marketing Joint-Ventures with complimentary partners. Often bundled discounts help push inventory for both and gives customer the break.
9. Periodically test symptoms of change, client business drivers and rationale changes. Look for things that customer don't say but demonstrate otherwise. For example, small increase in office space could mean they expect more business. Get to notice client changes visually as often possible.
10. Create Online marketing disciplines with a longer-term in mind. Internet marketing is here to stay and wise investments will pay-off. First secure online real-estate such as domain names, keywords and list building.
These strategies are currently adopted by author's clients. They are designed with solid foundation and require owner's commitment. Post recession planning is a continuous process every business must prepare and act upon. If you want to know more about how to implement this 10-step post recession planning program in your organization, contact rajganesan@thebusinesslabs.com or visit www.thebusinesslabs.com.
Post-Recession Strategies for Small Business Start Now
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