What Steps Is Your Business Taking in Tough Economic Times?
Everywhere you turn economic news ranges from bad to truly depressing. What are you doing to help position your business to weather turbulent economic times?
As far as our business, we have a number of strategies that I believe will not only help us survive but prosper. These strategies I believe will not only make our company stronger in the short term but the will help position us for future growth.
Create Alliances
Currently, we are pursuing strategic partnerships with other business’. Strategic partnerships are a win, win situation. bhg wins because partnerships help us broaden our client pool, our partner wins because our services allow them to broaden their services (and revenues) without additional costs associated with those services.
Focus on Value
With the same service providers chasing fewer dollars, we believe value is going to be a critical determination in the current market, especially for small to medium sized business’. In the next few months, we are going to be launching services that will allow our clients to launch to the web faster, and for less dollars then before. Our focus is to help clients leverage existing Web 2.0 technologies which help us reduce development time and costs.
Focus on Costs
It’s inevitable in any business. Costs for doing business slowly creep. What seemed essential when cash was flowing through the door may not seem so essential now. We are taking the time to look at all our expenses and evaluating what is truly necessary and what can be replaced cheaper even sometimes free alternatives.
Re-invigorating Sales
We are a small design house and when big projects come in the door it’s all hands on deck. Essentially, we are all technicians (not necessarily sales technicians), the downside is sometimes sales get pushed to the side, when the focus is on a big project. It’s important to remember that sales always needs to be a primary focus of your organization. Set goals and develop strategies to meet these goals and finally, make sure you have accountability.
Re-emphasize Core Values
It’s never a bad time to take a look at your business model and return to basics. Re-focusing your business on the things that truly matter to you and understanding why clients should choose your products and services is a critical exercise in good or bad times. Revitalizing your mission will also help you evaluate and cut costs and help you determine an effective marketing approach that will help yield you the greatest benefit.
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