
FEATUREARTICLE
Survival in a Tough Economy
The economy may be hurting your business, but there are steps you can take to make sure that the damage isn't permanent.
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For more information contact Christine Corelli of Christine Corelli & Associates, Inc. (Morton Grove, IL) at (800) 611-9968 or via her website at www.christinespeaks.com.
Organizations are seeking answers to some hard questions: What more can we do besides tightening controls for dollars spent? What should we do during this downturn? How can we survive? What can we do to maintain morale?
What to Do
Run a Tighter Ship Move as much of your work away from paper as possible. With an electronic system, the costs of paper and sending information via FedEx are cut, and these savings can be enormous. Consider switching suppliers - phone service, accountants, etc. - if you can receive the same quality at a lower cost. Save on power and energy. Unless safety is an issue, keep the lights off whenever possible. Keep the air conditioning on as low as possible and use fans to keep air circulated. Keep supplies to a minimum. Ask employees to respect company property and do all that they can to avoid waste. Need to downsize? Try to cut hours rather than jobs. Let people know that you are doing everything you can to help them keep their job. If you must lay off, do what you can to show good faith.
Hone Your Skills
Go Back to Basics
Confront the Under-Performers
Make Executive Decisions and Communicate Communicate to your people where the company is headed and the necessity of any decisions and changes that have been made. Discuss your goals and desired direction to every level of the company so that everyone in your organization understands your vision of where the company is going and why. Be open and direct, and encourage everyone to do the same. Being straightforward and open helps build trust between yourself and your people and encourages their participation in doing their part to help you achieve your goals. Communicate what you know and, as uncomfortable as it sounds, communicate what you don't know about the future. If you fail to address any difficult questions -questions your people have likely been asking each other - it will not make the issues go away. Be open and honest - they'll respect you for it. Also, consider developing a concurrent communication strategy.
Leadership and Employee Involvement Make your people feel that they are a strong part of the organization. Emphasize the importance of the role they play in the overall success of the company. Make them feel that they are working with you by being a role model and setting the example for others to follow. Show people that you care by asking how they are doing. Listen and encourage cooperation and honesty. Ask what you can do to help them. Encourage upward feedback from everyone regarding attitudes, concerns, issues and frustrations that are related to what is occurring.
Innovation Seek to discover where you might have an opportunity to do something for your customers that has not been done, and therefore, to differentiate your company from the competition. If what you sell or offer is not much different than what your competitors sell or offer, you need to come up with a different twist. Involve your people in this process - having a creative edge gives you a competitive edge.
Inspire Sales "We cannot use the economy as an excuse to slow down our sales efforts. A 'things are tough out there' mentality will never take us where we want to go. Here's what will help us come out as winners: Going back to basics - what in the long run will give us results. That means working harder than our competitors, staying on the phones, making more calls and improving the quality of the calls that are made. It means increasing visibility with our customers and using our time more effectively by making sure the majority of it is spent on customer contact. "Now is the time to see just how creative and resourceful we can be. Don't forget to prospect on inactive accounts to see where we might revive a relationship and obtain new business from them. Check over future orders for those who have the potential to place now. "Show our customers we care about them by internalizing their goals as our own. If we do, it will come through loud and clear that we do care about their success. When they are ready to order, it will be from our company and not our competitors. Ask how we can be of service to them. "Tune up your mind to win each day and forge ahead like a racehorse wearing blinders who doesn't have a clue about what's happening on the sides. In the long race to the finish line of the down economy, we'll come out as winners."
Emphasize Quality
Establish Customer Service Excellence and Customer Loyalty Every person who works for your company is a salesperson, even if they aren't responsible for selling the initial product or service to the customer. Customers are constantly evaluating your company and whether or not they will want to do business with you. Anytime they have contact with anyone in your company for any reason, it is imperative that every person demonstrates care and concern. Everything that your people say and do has an effect on whether your company will be able compete and win during a tough economy. If they don't say and do the right things, they can destroy the reputation of your company as well as the relationship you have begun to build. Everyone must understand the importance of customer service. Be sure to create guiding principles for your company that require people to uphold core values of honesty, professionalism, ethics, integrity and caring. Then it's up to you to be sure that your people continually exhibit these values and that you exhibit them yourself. Survival Tips
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