Staying Afloat during Tough Economic Times
There’s no doubt that business owners today are facing economically challenging times. The current financial storm is trickling down to all levels of the economy, including the small business owner. However, since none of us can control the global economy and market speculation, it’s best to hunker down and focus on what is within our grasp – sustaining our businesses. As a business owner, it’s important to stay focused, objective and on course with running your business.

Ideally, business owners should spend more time working ‘on’ their business versus ‘in’ their business. When times become more challenging and money is tighter, stepping back and spending more time being the technician, working ‘in’ the business, is often necessary. Your goal now is sustain your business. Your focus now is to concentrate on maintaining your current customer base and align your business plan with that of your franchisor.

Sustaining Your Business
The all important business plan - So what should you focus on to sustain your business during tough times? First, turn to your original business plan and act on it if you haven’t. And if by chance you never created one, now is the time to do it. Believe it or not, a focused, strategic business plan can be addressed in one page. Designed to get you thinking at a strategic level, a business plan requires you to ask critical questions like; Who is my target market? Do I have more than one target market to profit from? Is my individual plan aligned with my franchisor’s plan? Does my plan align with my goals for the income, lifestyle, wealth and equity I’m seeking? How will I measure my success?

And most importantly, your strategic plan should address short and long-term goals. I encourage you to have the nerve to create the BEHAG or big hairy audacious goal. Set them daily, weekly, monthly, quarterly and yearly. BEHAGs give you permission to think big, outside the traditional box our minds tend to fall into.

Staying visible - In many companies, marketing is under-valued mainly because it is not always measurable and is considered an overhead expense rather than a true necessity to success. The knee-jerk reaction to cancelling your advertising plan, marketing efforts and your public relations tactics, can really hurt your brand. If people suddenly stop seeing your message, they will start to wonder if you are still in business. In times like these, it is essential to remain top-of-mind with your market.

Growing Your Business
Once you know you have sustained your business and can ride through the current economic storm without too many casualties, it’s time to turn your focus on growing your business – or working ‘on’ the business.

“You” are Your Brand – A critical part of your marketing plan should be to become visible in your community? Do people connect your name with your brand? Being known in your community can help build brand loyalty, bring opportunities for growth and add to your credibility as a business leader. Ask business owners with complementary services to partner on referral programs. Host events that educate and inform and also build brand awareness. Take on a cause you feel passionate about creating visibility for your brand and leadership abilities, and providing a solution to a problem in the community.

Expansion of Services - Look for ways to support community members such as those that serve time in our military. Discounts for services and programs that acknowledge an individual’s contributions to the local community can bring attention to your brand, more income and highlight the heart within your company.

Partner with a Business Coach - With the growth of small businesses on the rise, entrepreneurs are turning more and more to outside coaching for rapid impact strategies and a quick return on investment.  Consider working with a business coach to help you develop or refine your strategic business plan and to hold you accountable for the goals and plans set forth. Negotiate upfront on their fee and commit to the relationship. They can often provide objectivity and coaching that can bring your business to the next level of performance.

Cynthia L. Schick
CLC Communications
Lebanon New Jersey 08833
Cynthia@CLSCommunications.net
clscommunications.net

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