Recession Wake Up Call
by Rebecca Button on June 3rd, 2008
Eve Tahmincioglu who writes the Your Biz Blog over at MSNBC.com had a great post today where she enlisted the help of business coach Dan Murphy, president and founder of The Growth Coach , to help cast some rays of hope down upon businesses that are suffering recession doldrums. I thought I might help spread the word a bit.
His tips are sure to help you regain a sense of perspective and lead you to taking active steps in maintaining your business. His advice comes in the tried and true form of the acronym: M.A.S.T.E.R. (as in MASTER your business)
M is for Marketing. In good times and bad, marketing should be the highest priority for the owner and the business. Marketing is about attracting, serving and retaining customers. Work smart to keep what you have. Sell more to your current customers. Attract new customers. Marketing is simply on-going education to your customers, prospects and referral sources of why it’s in their best interest to do business with you.
A is for Ask Others for Help. Now is not the time to be the strong, lone-ranger. Be strong and smart enough to ask for help. There is strength in numbers and better ideas. Ask your customers — "How can we better serve your needs. What additional needs could we serve?" Ask your franchisor support team for strategies. Ask your CPA for some expense control strategies. Ask your internal team for ideas on how to grow revenues, decrease costs, better serve customers, etc. Ask other entrepreneurs what they are doing in tough times — adopt and adapt their strategies to your business.
S is for Slow Down & Plan. Stop being busy about nothing. Get strategic. Slow down, face reality, think about your situation and do some planning. They need to create a one-year game plan but break it into 90-day action plans and keep everyone accountable for implementing the plan.
T is for Tough Decisions. Wake up! Now is not the time to be everyone’s friend or to maintain the status quo. You are the head coach and have to make some bold calls and even change up the roster. Your first goal is to survive and be in a position to thrive. Cut expenses and reallocate for marketing — dare to invest in sales and marketing. Cut loose non-performing employees. Redeploy more people to the front lines — sales and marketing. Fire customers that cost you money. Ask others who benefit from your business & success to share in the tough times with you and reduce their costs — CPAs, printers, vendors, suppliers, advertising channels, etc.
E is for End Excuses. Everyone needs to be held accountable for results. As owner and head coach, do not accept excuses, only results. You must provide accountability for everyone, including yourself. Lead by example. Just because the economy is tough, that is no excuse to lay down, to give up, and to allow things to happen. Now is the time to dig deeper, hustle, and out maneuver others. Get more creative. Do not play the role of the victim. Accept the truth that things are a bit rough. So what? The rough economy is not the real problem, your not confronting the problem and taking new actions is the problem.
R is for getting Re-Focused. Like a champion sports team, every one of your team members should have absolute clarity about their role, responsibilities and goals. They should not confuse being busy with accomplishment. Get them focused. Be honest and frank with your team — if sales are down, give them the facts. Everyone, from receptionists to managers, needs to face reality and positively go about improving on that situation.