Well, it’s here. Dare I say things aren’t so hot in the economy? While it’s true that the world-at-large is up and down, your business doesn’t have to be. Here are five tips for getting growth in today’s market.
1 – Know your mission
We had a business meeting yesterday with an executive director and board member of a local non profit who, when asked, couldn’t really piece together their mission. They knew what they WANTED their mission to be, but it wasn’t in line with what their actions were to date. This needed fixed before anything else was touched. Knowing your mission, whether you’re a non profit or otherwise, helps you know exactly where to put your resources. Each time you’re faced with an idea, budget concern or task you can simply ask yourself “does this fit our mission” and if it does, it’s money well spent; if you cannot answer yes 100 percent, guess what, don’t do it.
2 – Budget smarter
You can be a little more free with your budget when times are good and the cash is rolling in. You can try things and take risks. Times when things are not as stable call for you to be smarter with your dollars. Look to your numbers – is that sponsorship that you’ve done for years really bringing in the clients? Doing something just because you always have isn’t a reason to continue. Tighten up and spend smart.
3 – There is always an upside
Whenever someone is losing, someone else is winning. It’s just natural. Find out how you can fulfill the winning niche in your industry. It’s there; you just need to find it.
4 – Client retention
Sure it’s a lot more fun to go out and find those new, big clients, but looking within and adding more value to the clients you already serve allows you to create client loyalty and spend less money. Make a matrix of all your products and/or services across the top of a sheet and list all your clients down the side. Match up what clients are currently getting what products and services. Where are the gaps?
5 – Competition pounce
Knowing your competition and their activities is always important and now isn’t any different. Devote some of your marketing effort to hitting the areas where your competition isn’t. My favorite story on this is something I read with Lance Armstrong. He always made sure he went all out on the hills because he knew everyone else was tired and drained. Well, it’s same with business. Push hard right now because you know your competition is most likely tired and drained.