Why this economy is just what you need?
Being a winner takes practice and the only way to truly test your skills is to have some adversity.
I know I know you say but Richelle, did it have to be this bad. The answer is YES. My friend Debbi Somers and I chat about this often. A little background, Debbi owns Somers Furniture which has morphed from a convention rental company to events rental, custom furniture manufacturer for all of the hot spots in Vegas. Debbi's business generates close to $5million in sales every year. Not by accident! She says, Richelle, I have had to re-invent myself 4 times in the last 19 years. There were several years that I did not take a salary in order to keep my good employees and keep cash flow going but I work better in times of struggle.
Instead of taking lots of vacations, I work on the business 24/7. I am up thinking of what next.
That is the piece that is missing from many of the struggling businesses right now – the What Next factor.
Bill Glazer is president of Glazer Kennedy Insider’s Circle and his formula for a successful business includes the WN, which is What Next. This should be an on going process so that during times of struggle, you have a back up plan.
Instead of thinking about what is wrong with the economy, your mind should shift to what is wrong with your business.
Why are your customers not coming back?
Why was your service the first service cut in a weak economy?
What are people spending money on right now?
The answer to question number 1 is usually, because you forgot to keep in touch with your customers. You only communicated with them when you got around to it and to only ask them for money. You forgot to have a real relationship with constant dialog and working together.
The answer to number 2 – you took anyone who would buy, instead of focusing on clients who are more geared to the affluent who still have equity in their homes, who still have a safety net, who are not price shoppers.
The answer to number 3 – the mall was full when I went to vote, with lots of bags and packages, people are buying. Marketing to the affluent is your safeguard against what is going on in this economy. They understand a bargain, they are looking for great deals. Be sure that you are able to provide them.
If you are struggling to build your business, not coming up with ideas during this recession - join us in the Women of Color Coaching Program.
www.womenofcolorcoach.org to download the application!