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Survival of the Fittest
• Margate small business headed for tough times
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Saturday,
January 24, 2009
The down economy is pounding Margate small business like a hammer. From restaurants to retail, professional office to healthcare, Margate entrepreneurs are challenged with guarding market share, improving efficiencies and exploring new ways to generate revenue. Who will rise from the rubble when the dust clears? This depends on your strategy, say analysts.
Don’t pull the plug on your marketing budget. Instead, spend marketing dollars frugally and on well-defined targets like customer service and housekeeping. A friendly, knowledgeable staff goes a long way in maintaining your client base and fostering new prospects. Make sure your establishment is inviting and unique and makes your customers feel welcome, comfortable and happy they came to see you. If you do business on the Internet, search engine optimization (SEO) has never been more critical.
Lean operations; trim the fat. Eliminate functions that aren’t directly tied to revenues or operational value. Ensure that employees are well-trained and are optimizing their time and productivity. Look closely at energy efficiency, hours of operation and maximizing return on investment for advertising and promotions. Tread carefully around eliminating functions attached to goodwill.
Sales: Selling in a down economy is tough. Customers are looking to save – not spend – and for most, avoiding additional risk is at the top of their list.
Maintain a positive attitude, sell to your customer’s goals and personal objectives and be prepared to demonstrate how your products and services will advance their ambitions. Justify all proposals with payback sooner than later, preferably in the upcoming fiscal year.
Don’t sweat it.
Whatever you do, don’t let your customers see you sweat. Follow industry trends closely, rely on “good information” and explore new ways of capturing market share. Although pricing pressures are inevitable, pass as few off to the customer as possible – even if it means scaling back profits. Cash flow is better than no flow and a positive self-image of your business is critical to the survival of the fittest.
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Copyright 2009 Cassius Group Inc.
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