Is The Economy Managing Your Business?

November 30th, 2011 Posted in Newsletter

Is The Economy Managing Your Business?

by Paul DiModica

We continue to plug through tough economic times — will you make it? Is your business shrinking? Will you be here in 2012?

9 Key CEO Tips to Successfully Guide Your Business Through the Next 12 Months

1.  Make decisions. Thinking too long about anything . . . is a NO decision. Don’t kid yourself — time lost in a tough economy is wasted time. Prospects are not waiting for you. It’s a downhill steamroller, so a key business action step to be successful is to analyze your next step and then do it.

2.  Take action steps with speed. Once you have decided to make changes, move quickly. Time is more than money; it’s your survival.

3.  Cut costs. Where? Any overhead that does not directly or indirectly add corporate revenue should be cut such as company cars, tradeshows, direct mail that fails, after-hour parties, or travel to prospects who are not qualified.

4.  Choose new business verticals. Are you selling blue shoes to a red shoe market? Is your current business vertical not buying? Change. Adapt and become something different. Will your product or service work in a new industry? Do you know? If no, find out quick. Don’t go out without a fight. The best business verticals in a sluggish economy are Energy, Federal Government, Healthcare, Utilities, and Pharmaceuticals.

5. Develop better marketing. Do you calculate marketing return on investment? Are you doing the same marketing you did last year? STOP! It’s a new world order. Don’t repeat poor marketing because you need leads. Develop new marketing based on the economic environment.

6.  Improve team productivity. If you have employees who are not working hard and are wasting time, money and office space, fire them. Are you running a business or a country club for the unemployable! This is not a time to pay Ringo (the loyal puppy dog down the hallway), John (the I am late all of the time service rep), George (the I will not cold call salesperson because I think I am too senior) and Paul (the son-in-law, you owe me manager). Employees need to work harder or employers should find someone who will.

7.  Generate better financials. Costs are up, revenues are down. Do you know your numbers? If not, then find out what they are. As a CEO, always do things that you hate first.

8.  Provide sales training. I know your sales team is made up of professionals but when was the last time your firm actually invested in professional sales skill training for your staff? This is a tough economy to be successful . . . everybody can use new training. Reading one book 5 years ago is not sales training.

9. Act professional, not entrepreneurial. This is not a time to be emotional about your business. Yes, you have invested untold years of sweat and blood into the business. Stop loving your business; instead manage your business and make the tough decisions.

Follow these recommendations and you can weather the current economic changes. Ignore them or take too long pondering their value and you might not be here next year.

What worked last year will probably not work this year. It’s up to you!

To your revenue success,

Walter Wise
Business Success Architect
The BPI Strategy Group
617-532-0918

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