Becoming a fearless business in uncertain times.

Today is very uncertain. We wonder how our customers are going to have the money to purchase from us and constantly hear about the government taking more of our hard-earned dollars and wasting it.

When a market is crowded, burdened by a sluggish economy as we now have, only the fearless survive.

In economic times like these, the natural tendency for a business is to hunker down, cut back on expenses and try not to lose the business it has. Here’s a news flash—that’s exactly the strategy that will do you in and destroy you.

If you are not the business that is standing out, and standing for something important, your days could be numbered. Use the strengths of what makes you different to make a difference with your customers.

Now is the time to reward your customers for their loyalty, take them out to lunch, and stay connected through communications to them. This is the time and the moment, to deepen customer relationships to ensure your security and your business’ future.

It’s time to focus on what you do better than any other business and put that out there to your customers and prospects.

Businesses that shine a light on what is different about them are well positioned to make a difference in this economy. Getting behind a cause is good for business and makes you look like a hero.

Conformity is not distinguishing you as unique. You must keep reinventing yourself, changing with the times and with your customers as they change. You should be true to the essence of who you are, and giving everyone the image that you are brand new.

In these times of uncertainty, many individuals are confused about what to do and how to do it. Remember, uncertainty makes everyone, including me, question our own personal value and the value of our business, and why we are doing things. The fearless among us overcome these doubts by creating action, belief, and courage.

It is time to start raising your hand to make a difference. The story you convey about your company is what others will believe. You have a unique power to have others believe that you are indispensable; that is exactly what you will be, if you believe. So believe in yourself and you will overcome these times.

This brings up another important point: belief in yourself and what you offer is an important part of succeeding in this economy. Do you agree?


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9 Responses to “Becoming a fearless business in uncertain times.”

  1. I absolutely agree with you Ken!
    Several years ago, when automobile leasing became very popular, my automotive repair business began to feel the pinch. Why spend money to repair the old vehicle when you could drive a new vehicle for a very low monthly lease payment? It made sense to a lot of people and we lost a lot of business.
    My partner’s solution was to raise our labor rate and cut back on expenses, namely advertising. I disagreed and eventually won. We held our labor rate and I increased our advertising!
    I’m happy to say that my strategy paid off. The other shops in the area thought like my partner and our shop ended up with the lowest labor rate in the area! Needless to say, the volume of business we did soared and more than made up for any rate increase we would have made.
    Bottom line, in hard times, stay the course. We had confidence in our ability and reputation for quality repairs and when others were scrambling to make up for lost business, we prospered by adhering to our tried and true game plan.

    [Reply]

    Ken Reply:

    Al, as usual you are right on the target. When times are tough, everyone should adhere to their game plan. Thanks for your input.
    Ken

    [Reply]

  2. Brian says:

    Ken
    I agree 100%. I’ve been in buisness for over 30 years, 20 in the one I own now and if I’ve learned one thing it is not to pull back when the economy is bad.

    This year ,2009, we are up 12% because we saw the recession coming, got ready for it by doing MORE advertising and figured out ways ot cut costs without cutting services or staff.

    We looked for new services we could offer that went hand in hand with our core buisness and added them.

    I am finding great deals from suppliers, insurance providers and advertisers as it is clearly a buyers market in those areas.

    We do not ever drop our pricing as that is the quickest way I know of to put yourself out of buisness.

    By providing better service than our competitors , keeping in touch with our thousands of clients and reminding them that we are alwasys there for them we have weathered the storm.

    One thing we added that really helped was 6 month no interest financing. We carry the paper in house and it got us about 40 jobs we would not have gotten because the clients did not have the money at the time. Not one of these cleints has defaulted and all are grateful that we provided the financing. We survived by being creative, inovative and agressive.

    [Reply]

    Ken Reply:

    Brian, You are an example of seeing the future and preparing for if, and when, it happens. The creative strategy you used for financing and holding the paper for the first 6 months, was brilliant. Many of our readers could do the same in their own enterprise. Thanks for your input.
    Ken

    [Reply]

  3. What is the code to embed a picture into html?

    [Reply]

    Ken Varga Reply:

    @Laurence Pedraja,
    Laurence, what program are you using to generate your html? The program you are using should have an “Insert” function that will allow you to insert the picture.

    [Reply]

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