Monday, December 19, 2011

How to Navigate This Stagnant Economy!

With all the uncertainty in the economy, here are some tips to help you survive and thrive.

Tip #1: STOP Reading and Listening to the News and Media. Accept where you are right now, and focus on your business and family. They need to come first. No one, including the government is going to step up and bail you out. No one is going to give you a magic wand, or pill that will make things better. You are going to have to do it yourself, and the sooner you get started, the quicker you can get things moving in the right direction.

Tip #2: Slash Your Debt! Cutting back and eliminating debt is the first objective. Cut back on your expenses, steer any additional money towards paying off the old debt. You can't survive with the hangman's noose of debt tightening on your throat, and choking the life out of you. Trim the fat or unnecessary spending to make this happen.

Tip #3: Increase Your Productivity. Take a look at your day and ask yourself: "How can I get more done out of my day?" In a down economy, you'll have to do more yourself, and you cannot allow your day to be stifled by the unimportant things. You will have to make more phone calls yourself. You will have to do more tasks yourself. Times are tough and when you can't afford the luxury of hiring people to do these things for you, you'll need to organize your schedule to be more productive.

Tip #4: Save Cash! The banks aren't lending. Money is tight. You'll need to fund your operations yourself. Start saving money after you've paid off your debt. The sooner you can become your own banker, the sooner you can start getting back on your own two feet.

Tip #5: Remember Your Customers! This is important. Start developing a great economical way to keep in touch with past customers. Two things are possible from doing this. One, they may decide to buy some more of your construction services. Two, they may have a friend or relative or someone else they know who has a need for your services.

Tip #6: Find Out Why Your Customers Buy From You. Not everyone buys from you. That means that the ones that do are a powerful resource for you. They can help you figure out how to get more them. Sit down and write a set of revealing questions, some really hard questions as well. Uncover what they like and didn't like about working with you and your company. You've just uncovered some great things to build on and things that need your immediate attention in correcting. Better yet, you've got some powerful research material for Tip #7!

Tip # 7: Discover How to Drive Business to YOU! Marketing your business is a key skill you need to learn and develop. Marketing drives sales to your business. Anyone can master it. In my own businesses, marketing is what brings in the sales, not me, my name or anything else. The same goes for your business. Not sure how to get started? Would you be willing to spend less than $45 to get your hands on how? One sale is all you need and the others are strictly gifts from the gods. Buy this book and get started. "How to Market & Sell Your Construction Services Like Magic!"

Bottom-line is that this economy is going to be with us for a while. Waiting for this economy to bounce back will do you and your business more harm than good. You can't afford to wait it out. Start doing the things that will help you survive and thrive and in themselves will make things get better.

1 comment:

  1. Well said, oh and I enjoyed your radio show today, but I don't have the luxury of kicking my feet up on the desk for an hour! Thanks goes to smart phones with ear buds while on the job site. I will be taking the exam in 2012 so I expect to be rendering your expertise on getting my passing grade. Thanks for all the business tips and I hope to hear next weeks show! Its good to see someone else with a positive outlook on our industry!