In this economy, what are my best choices?

This is no time to be timid.  Tough times call for tough people.  Here's how to get tough:

• Develop a public relations strategy.  Stay visible.  Use inexpensive word-of-mouth publicity.  Use free newspaper press releases to tell the public about a new product, a certification you've earned, an employee you've hired or one who's been promoted, an award you've received.  Tell everyone you know what you do and ask them to help you find new customers.  Communicate with everyone.  At sports events, community events, religious events.  Spread the word.  Not everyone may be a potential customer but they may know someone who is.  When the economy rebounds, you'll be stronger.
• Refine and target your marketing.  Be selective in who you market to and how.  If you evaluate your sales, you'll probably find that 20% of your customers bring you the majority of your business.  Find a solution for their specific needs.  The other 80% probably are your complainers, your late payers, your problem customers.  Don't spend your time dealing with them.  Take care of the 20% first.  Let your competitors have the other 80% and their headaches.  Selective marketing to your key customers is the most effective use of your time and money in any economy.
• Develop a loyalty program.   Even a simple thank-you gift, lunch or punch card program will show you appreciate your clients.  It's much less expensive to keep your current customers than to find new ones.  Show them you value their business and their loyalty.
• Don't hide from the economy.  Move forward.  Take your business to the next level.  Hire a coach.  Buy a business from a competitor who's having trouble staying afloat. Don't become conservative.  Do the opposite and grow.  You will have the advantage.  When your competitors' sales drop because they have not moved ahead, you take up the slack and move forward.  It's the wise choice, and the one that will help you develop a stronger bottom line.
• You're a small business owner, an entrepreneur.  You're used to beating the odds, right?  You took a big risk to start a business, you've stayed in business, and a down economy is just one more challenge.  Use your head, keep yourself open to new ideas and strategies, and you will come through this as a stronger business and stronger owner.
• Reinvent your business.  Streamline your paperwork.  Do you really need all those forms?  Find ways to consolidate your processes and procedures.  Explore new ways to distribute your product or service.  Ask for help.  A good coach can help you be objective about your true needs and help you organize your business to become more efficient and effective.
• Take advantage of corporate layoffs.  Be strategic.  Hire someone with the experience and knowledge in your industry who no longer has a job.  It's a win-win for both of you.
• Remove the weak link.  Now is the time to remove from your business any employee you know isn't working to their potential.  In this tight economy, you can't afford to have an employee who isn't producing.  Get through it and move on. 

The Growth Coach of Central PA can successfully guide you through these tough times.  Simple things like streamlining your paperwork, helping you deal with people issues, giving you the confidence to practice strategic marketing, and helping you develop a public relations plan.