Manage Your Business in Difficult Times
Posted on October 07, 2010 by Althea Francis, One of Thousands of Life Coaches on Noomii.
A well-managed business will transform challenges into opportunities & create new methods of doing business that weren’t considered in good times.
The primary objective of any business is to achieve maximum profitability and productivity. Even knowing this, it’s alarming how many business owners get into trouble with managing and marketing their business when something goes wrong. Preparing for a rainy day requires sacrifices (at first) that will pay off in the long run.
“Circumstances may cause interruptions and delays, but never lose sight of your goal. Prepare yourself in every way you can by increasing your knowledge and adding to your experience, so that you can make the most of opportunity when it occurs.” ~ Mario Andretti (Auto Racer)
One of the challenges of running your own business is all the different hats you have to wear. It’s your responsibility to manage and market your business, and if you do not do it personally, there should be systems and processes in place to get things done.
If managing your business is killing your productivity & profitability, then make sure you have an active business plan that keeps you focused to maximize your business potential. The business plan is the heart and soul of your company and the platform from which decisions must be made — such as human resources, marketing, finance, products/services, client service, etc. Free sample business plans can be found at www.bplans.com/sample_business_plans.cfm.
Proper business management starts with these important steps aimed to increase revenue and decrease overwhelm (during good and bad times).
1. Get & Stay Organized — Organization is the key to being able to properly manage your business. Disorganization leads to wasted time. Make the process of managing your business/clients and selling your products/services less frighten by effectively managing your time and staying organized. 2. Maximize the Clients You Have — Make the downtime period a time to communicate value and increase sales with existing clients because not all of your clients suffer during recession. It is much easier to focus your marketing efforts to clients you are already building a relationship with. 3. Increase Brand Awareness — Know your USP (unique selling proposition) and find new advertising opportunity to increase brand awareness. Use every opportunity to create additional demand for your product/service offerings. The ultimate goal is to ignite an emotional connection of loyalty to a specific product/service from clients. 4. Trim Your Marketing Budget — Avoid marketing methods that produces minimal results. Trimming your advertising cost during difficult times will give less of a return than during an economic boon but your profit margin won’t plummet. Instead, think about low-to-no-cost marketing – like free publicity in the local newspaper. Every advertising dollars saved, is more profit you will earn. For instance, calculate how much you are spending as most businesses can cut this amount in half by allowing some flexibility in the budget. You will find that you can actually build a healthier business on a slimmer budget. 5. Consider Hiring Professional Help — If you are overwhelmed in your business, then stop trying to do it all by yourself. It is a difficult task to survive and grow your business solely with your own efforts. Beware of the pitfall of trying to do too much on your own because there are other professionals (such as a coach for professional development or virtual assistant for admin. tasks) to help you save time and money to grow your business.The business world belongs to those with a step-by-step plan of action for growth. Using these five easy steps will help your business survive and generate a sustainable profit. A well-managed business will transform challenges (such as the economy) into opportunities by creating new methods of doing business that weren’t considered during good times – but is necessary for maximum success.
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© 2010 Althea Francis | MITCEY.com. All Rights Reserved.
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About the Author:
Althea Francis is CEO & founder of MITCEY, a professional development company dedicated to teaching small business owners and other busy professionals how to increase revenue and decrease overwhelm through her coaching, workshops, and freelance team building services. To get your f’ree report on finding more time and receive her marketing and success articles on leveraging the power of the internet, building strategic alliances and boosting your profits, visit www.MITCEY.com .
