When the financial axe falls
Financial constraints are on the horizon, so what do you need to do right now as the financial axe falls on public expenditure?
First, examine your existing product or service in terms of the current marketplace. Is it time to scrap it for something new your customers want or something to which you can add value?
In this economy, you are going to have to sell your way into prosperity, and you should do it with the best products and services possible to compete against everyone else who will be cutting their prices.
Next, look at your marketing. In a financial spring and summer, you can sell on themes like “greed” and “desire.” In autumn and winter, you need to focus on “fear” and “needs.”
Third, track your cash flow very carefully. Eliminate extras and focus on top-line growth. Again, strong sales will be the key to prosperity.
Finally, focus on keeping your existing customers. It is always more expensive to buy new customers than to sell to an existing customer base and far less profitable short term. So go out and talk to your customers, find out what they want to buy and sell it to them. Not at a discount, but as an added value to what you already do.
The financial world may be in turmoil, but it is certainly not coming to an end. So ignore those who say the “sky is falling” and learn from those who have actually made money in good times and in bad so you can see through the media clutter and still make a profit.
Your financial winter will be less bitter – and your financial spring will be a lot more green – if you do.
Graham Corrigan, Action Coach.