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HOW TO SURVIVE AND THRIVE IN AN ECONOMIC DOWNTIME

Posted on: 26 October 2009

 

HOW TO SURVIVE AND THRIVE IN AN ECONOMIC DOWNTIME
 
Things are starting to look up, the Rand is holding its ground against the major international currencies, the SME Confidence Index has improved and consumer spending is gradually on the rise.
 
Here are a few additional tips to apply in your business:
 
1. Referrals from satisfied customers
 
Satisfied customers will not necessarily promote your business to other people, but they are usually very helpful when requested to assist with a few referrals.
It does not need to be a cumbersome process. Here are a few suggestions:
· Use the opportunity to engage with your client when the final delivery of your product or service is done
· Ask them if they would be willing to refer your business to people who may also benefit from your value proposition. If they agree to do so, then give them a few of your business cards to hand out.
· If they are willing to support you, then define to them who your ideal client is.
· Do not ask for names and telephone numbers. Ask them to introduce you per e-mail or telephone. Your follow-up call is then expected by the prospective client.
 
2. Shop for the best deals
As business owners we operate within business and personal networks. We usually purchase our printing, stationary, computers, IT software, insurance and advertising from people we know and trust.
It is sometimes a good practice to “keep them honest” by requesting a few more quotes from competitive suppliers, to ensure that you are really getting the best deal and value for your purchase.
Also be on the lookout for special promotions when comparing quotes.
3. Focus on personal motivation
 
If you are not personally motivated in challenging times, then you will not be able to create an environment to support the motivation levels of your employees.
 
It is therefore important to invest in yourself by:
· Surrounding yourself with positive and like-minded people
· Reading motivational articles and books (newspapers do not qualify :-))
· Listening to empowering and motivational CDs by people you respect and admire.
To conclude:
 
Make time in your busy schedule to reflect upon your business and to decide how you can apply these tips.
 
 
Written by Jannie Rossouw, Senior Business Manager: Sanlam Cobalt

 

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