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quick fixes for running your business in tough
times
By Dave Tester
We’re already getting
ready for the month of April. Isn’t it time to
clean up your business plan for 2010? That’s
right, I said it’s the second quarter. If you
don't have Q-1 completed and at budget, it’s
going to be an even longer year for you as the
business owner than 2009. Today I have five key
points to focus on for the rest of 2010. And
you need to be ready to roll them out by April 1st….
no fooling!
1. Run lean and mean.
This doesn't translate into cutting the muscle
in your company. It does mean continue with
sales training and marketing your product.
Those are the two places most companies start
reducing right off the top. Instead try
adjusting the amount of money you are taking out
of the company each month for a paycheck. Also
look at things like fees on debt, communication
bills like phone and cell. And always keep an
eye on the number one expense: employees.
Again, the suggestion is to run lean and mean.
Don't cut just to cut. You should have a long
term vision of where the funds from those cuts
will go. Always find a way to keep training
your sales team and continue marketing your
product. (You are doing both of those aren't
you?)
2. Inventory management.
Not too long ago it was a matter of just loading
up the storeroom and moving the product. The
challenge now is keeping in stock what a
customer wants and not overst6ocking items that
don’t sell as well. Get the scope out and focus
on inventory management. This can be tough, but
it’s another form of ‘lean and mean’ you need to
aggressively undertake..
3. Use the internet to
maximize your business model. Can I purchase
your product 24/7 online? My storefront is
always open by clicking
askdavetester.com. Are you taking advantage
of YouTube to show ways your product makes life
easier for customers? You need to be blogging
at least once a week about time saving ideas for
your customer. Do you Twitter? What does your
Facebook page look like? The common complaint
about all of these is, “I don’t have time” or “I
don't understand how it works.” Hire or find
someone passionate about the viral world and
take advantage of this great opportunity to
maximize your business for a reasonable cost.
While you’re at it, check out
www.idahobusinessreview.com
4. Don't overlook small
orders. I am often guilty of this. However,
after writing this column I will focus and take
better care of inquiries and small orders. Not
too long ago big orders where the way of the
world. Now it's about volume and customer
service. The key is to get as many customers as
possible and take great care of them. First off
they will tell other people how you treat them
and secondly they will eventually grow into a
bigger customer or become a consistent buyer of
your product. Make sure you put them in the
database at the very least. (You do have a
database don't you?)
5. If you forget
everything else I wrote about today remember
this: always stay in touch and in front of your
customer. Always have them focus on why they
like to buy from you and what you can improve in
order to continue earning their business. Make
this a priority in your business. If you’re
looking for a tool to help, try
www.surveymonkey.com
