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How to have an incredible 2010
I think that 2009 was an ‘interesting’ year for many small businesses as we saw the longest recession in 50 years. At The Women’s Business Clubs we have seen a few business friends disappear as the struggle to get through the recession became too much. But for the vast majority, developing and building their businesses through these times has given them insights and skills that will serve them well and make them stronger in years to come.
A year ago many of us were watching the demise of Woolworth’s with amazement and horror, and seeing a massive high street name that many of us grew up with certainly helped to destabilise confidence amongst individuals and businesses all over the UK at that time.
As we go into 2010, predictions for the economy are mixed but certainly not as bleak as they were a year ago. Many economists project some growth in the first quarter, followed by a slump, but with a climb in the latter half of the year. If you want to see an interesting government report with a comparison of 21 major economic forecasters for 2010 then take a look here.
For many small businesses, the lessons learned in 2009 have been simple but have given them massive strength for 2010 and onwards.
Here are a few lessons that every business can learn from:
Customer Retention
We all know that it’s a lot more expensive for a business to find a new customer, and so retaining existing ones makes massive economic sense.
In some industries this retention might come down to a price war with competitors, but many customers buy on other considerations other than just price.
Customer service is paramount in today’s service driven economy, and a business that gives outstanding customer service and goes that extra mile, has a clear advantage.
‘Engagement’ is a single word mantra that is never far from our lips at TWBC. Strengthen bonds and engage with your customers to ensure that not only are you the obvious choice for them when they need your service, but also to make sure that you are in touch with their needs and providing the right service for them.
Listening closely to your customers can show you opportunities for new directions, services and products. Innovation and adaptability is a skill and strength that can help many businesses through tougher times, and having open channels with existing clients can give you quick access to trends and ideas that you might not otherwise be aware of.
Check and review, check and review, check and review
Businesses need to make sure that they are heading in the right direction with the right strategy much more regularly when times are tough.
Of course it’s always smart to check that your plans are on target and moving in the right direction anyway, but when the economy is less stable businesses need to review with a view to adapting when necessary on a much more regular basis. Take time out to do a mini review of all of your strategies regularly through 2010. It’s much easier to correct misdirection when you are just a month or two off course, than if you are 12 months down the road.
Think Positive
I mentioned the collapse of Woolworths earlier in this article as it was a subject on everyone’s lips a year ago, and for many it showed that the recession was very real and really had arrived. That an institution of that size could disappear so suddenly scared many, and there was a lot of negativity in the air at that time.
Negativity doesn’t do anyone any good (especially businesses) and whilst it’s important to be aware of market difficulties and to be on top of the situation, it’s also vital to think and act positively. Client’s, prospects and staff can easily detect negativity when you speak with them, and no one wants to be around a negative person or business!
Also, when you are thinking positively you are wide open to new, fresh ideas and innovation and may see opportunities where, if you were thinking negatively, you might previously only have seen challenges.
Business survival and growth through 2009 has given many businesses a lot to be positive about especially in the more optimistic climate of 2010. So make sure that you go into this year with an attitude of positivity and check yourself to retain it throughout the year.
Chunk it Down!
When money is tight people prefer to buy in smaller amounts to take less financial risks. Smart businesses review their services and packages with a view to selling ‘smaller’, and so reducing packages and the associated costs. Like them or not… think Ryanair.
If you sell packages or programmes, can you reduce the size of the packages and the associated costs (whilst retaining a profit) so that they appeal more to cautious customers?
Get Marketing
Most businesses know that reducing marketing is difficult times in illogical, however many still do it because of necessity or in some instances caution.
Taking the tortoises attitude (baton down the hatches and pull your head in under your armour to protect yourself) might ensure survival but it discourages growth, and now is certainly the time to look towards growth.
Review your marketing for 2010 and write your Marketing Plan. If cost is still an issue for you then why not look at the social media avenues that are available and which cost nothing but time?
Here’s to a great 2010!!!
Kelly x
About the author
Name: Kelly Stevens
Email (JavaScript must be enabled to view this email address)
Website: http://wwww.thewomensbusinessclubs.com
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