Leadership Lessons Blog

Small Companies...Keep the Faith!

  

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Okay, so we all know the economy is still very much impacting our abilities as small business owners.  We are all trying to hang in and big business is still holding on to cash!  Our sales cycles are long and people are still apprehensive about spending money.  So what should we be focused on and how can we ensure we recover as the economy recovers? 

Keep the faith.  There are ways we can slowly regain momentum in our businesses and grow sales. 

Most economic indicators show that we are slowly coming out of the recession.  So while we're waiting for that to happen, we need to ensure that we are as efficient and cost effective as we can be in our own businesses.  Take the time to really look at what and how you are conducting business and make sure you are taking advantage of cost savings.

1.  Take the time to make day-to-day processes in your company more efficient.  Increase productivity and eliminate manual processes so that growth can be handled by your existing employees. 

• What are you doing today that is a manual process?  Any manual process can be turned into an electronic cost and time saver.  Are you replicating information in more than one place?  Are you using your computer systems to their best advantage?  I spent time with a small business owner recently that is still using multi-colored work orders!   There were so many pink sheets of paper in the office; I thought I was in a Pepto-Bismol commercial.  Seriously, it is time we let go of doing our work the same old way and clean up operating efficiency.

2.  Look ahead, not behind you!  I know that a lot of small business owners start rolling their eyes when I ask them what their vision is of the future.  The typical answers I hear are MORE GROWTH, MORE SALES, and MORE PROFIT!  While these are all great answers...they are also not stretching your thinking.  What if you made your visioning more personal?   Here are some thoughts:

• I want to be able to buy a vacation home
• I want to be able to take time off and not have to worry about the business operating in my absence
• I want to be able to delegate tasks to my employees

Thinking about your business objectives in personal terms is energizing. It brings back the fire in our bellies that made us entrepreneurs in the first place.  You can't do that if you are wallowing in depression.  Prospects will read that in every conversation you have.   Be forward looking and think about how you are going to there.  If you don't have employees you can delegate to today, what are you doing to get ready for that?  Are you sure you have the right employees, doing the right job, at the right time? 

Small business owners need to know when to pull the plug on under-achieving employees.  In the tight economy we're dealing with we can't afford to keep people on our payroll that are not willing to think out of the box.   Conduct an employee inventory and decide what you need from them.  Most employees will rise to the challenge if given strong direction and a vision for success!

3.   Lead with value, not price. 

Believe it or not there are probably other small businesses that do what you do.   You need to be able to differentiate yourself by showing your prospects real value for their money.  Avoid the cost-cutting trap that small business owners think they have to make when times are difficult. 

4.  Get testimonials.

What amazing customer stories can you tell that differentiate you from your competitors.  Remember your best sales force is your best client!  They are the ones that are going to step up and tell other people about you.  Create a fan base and ask for testimonials or create customer experiences that you are proud of and can market to others. 

5.  Get OUT of the office.

If you are not out networking, meeting with clients, strategic partners or networking groups, you are not marketing with impact.   The best way for you to develop relationships is to sell yourself as a business owner.  People buy from people.  Your job is to build that network.  If you can't do it yourself then you need to think about who can do it for you.  Can you use social media more effectively?  Are their chamber events you can speak at.  Whatever ways you have available to let people know about you and what you offer, the more they begin to think about opportunities to buy or refer your services.