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There IS light at the end of the tunnel
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March 26, 2009 | 10:31 AM
With all the gloom and doom we've been hearing, at the risk of appearing Pollyannaish, I submit that when we come out of this, those still standing will be standing stronger. That doesn't mean to sit back and wait it out, it means you should be every bit as busy as during prime times. The difference is in what you do with your time. Work on your business rather than in it. This is a time to do proactive marketing. Over and over, my clients tell me how guilty they feel when they are working on a marketing program instead of "being out there." Marketing is not something you do once and forget about. It is the heart of your business. If you arrange your schedule now to include a marketing program you will adhere to during your busy time, you will put in place smart growth initiatives.
You should be very busy assessing what the true needs of the business are. When you can't stop to breathe during your busy times, it is impossible to analyze what's going on. Take a long hard look at expenses, staff, product and projects. When was the last time you did a line-by-line review of your expenses? I'll bet you can't even remember.
This is the time to reassess or redefine your markets. Have you been in contact with your customers on a regular basis? Have you been listening to them? Why are they your customers — what do you provide that makes you different from your competitors? What do your customers have in common other than needing your service? Once you figure that out, you have the secret to expanding your customer base. If it is true, and I believe it is, that 80 percent of your business comes from 20 percent of your customers, dedicate time, effort and dollars to that population. This is not the time for shotgun marketing. Be where your clients are: Do they belong to the same associations, attend the same shows, network in the same circles? Profile those companies and expand from that base.
This is a time to gain market share, so have a solid plan in place as to how new customers will be handled as expansion occurs. Will it require additions to staff or repositioning of current staff. Will current space and equipment work or will changes be necessary? Benchmarking and goal setting go hand in hand, so a business plan for growth is a tool you should be working on now.
Revisit and spend some time with past clients to determine why they are "former" clients. Do market research and provide educational information to your clients via a newsletter or eBlast. This will give you an opportunity and reason to reconnect with past clients. Research the possibility of growth, possibly geographically — moving into new areas and serving new clients. Or perhaps you can add to your product offering and grow your business in this manner. When visiting current clients, don't hesitate to ask for referrals. If they are pleased with what you offer, they won't mind your using their name. And last but not least — network, network, network. I had clients who were so worried because the phone wasn't ringing. I explained that sitting in the office wringing their hands wouldn't get business. I advised them to get a cell phone to use while out there getting new business.
If you are a business owner and thought this was a slow time ... you thought wrong!
Gloria Glowacki is the director of operations at the Small Business Development Center at Stony Brook. The SBDC offers cost free, one-on-one counseling to those interested in starting a new business and to entrepreneurs who are already in business and want additional assistance.
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