Control the Controllable

As the economy begins to slump more and more each passing day it becomes harder and harder to remain optimistic about growing and expanding a business. With so much doom and gloom in the air many people will be tempted to throw in the towel. While I do understand that things are slow, they aren't stopped. It is the companies that change, adapt, and persevere during these tough times that will not only maintain their business, but grow their business.

One fundamental concept that must always be in the forefront of your mind is to "control the controllable". You can't fix the credit crisis, you can't lower the price of gas, and you can't print money(at least legally), so focus all your energy on what you can do. This is a great opportunity to examine your work processes to look for ways to eliminate waste and raise productivity. That doesn't mean everyone working harder and longer, rather it means worker smarter. This is a great time to get rid of all the bad habits that have accumulated over the years. I guarantee if you take an honest and hard look at how your business is being run, you will find areas that need improvement. Improvement leads to better productivity. Being more productive leads to a more profitable business, and a more profitable business means growth not declines in revenue.

This is also a great time to eliminate the word excuse from your vocabulary. Most likely your excuses for poor results are things you can't control, so why make them. Nobody uses poor performance as an excuse for poor results. It can't be me, it has to be all the negative things that surround me. If everyone takes accountability for their day to day actions and works toward improving their own results, the company will automatically improve their results as a whole.

There is no doubt that a good number companies will not make it through this current economic meltdown, some actually through no fault of their own. However, by not taking control of the controllable you give yourself even less of a chance to make it. Remember "what doesn't kill you, makes you stronger".

Stretching Your Advertising Dollar

As the economy heads into the tank everyone will be looking for ways to tighten the budgetary belt to cut costs. The first knee jerk reaction is to cut marketing and advertising dollars as a way to cut costs. This is not the best move but as cash flow gets tight there may be no other choice. So how can you keep promoting your product or service if you have to cut back on traditional ways to advertise?

One way to stretch your advertising dollars is to donate your product and/or time to local charities and other fund raising organizations. Donations to organizations are a great way to generate goodwill for your business. You will gain recognition from the community as well as endear yourself to the fund raising group. This is an excellent way to gain positive visability at a very low cost, not to mention the benefit of helping a worthy cause.

Another way to stretch your dollars is to seek out trade for mention opportunities with the companies you already advertise with. Radio stations are constantly giving things away on the air, why not give away your product. This is far less expensive than the cost of buying more ads. If you already spend money with them do not be afraid to ask how you can get involved with their promotions. Print and other forms of media can be a little more tricky, but opportunities still do exist. The bottom line is to go to your media suppliers to look for ways to leverage your current ad dollars to generate additional promotional value aand exposure for your business.

The amount of exposure you receive from these activities can be worth their weight in gold, as not only to you get your product in front of the public, you create trial and most likely future sales for them as well. The opportunities are out there, the main thing is to find the right ones and make them work for you.

Core Values

Owners will often develop a Mission Statement and a Vision Statement to use as a blueprint to guide the direction of their company. You need to be able to visualize what your company currently is and what you want it to become. Giving careful thought to these statements is very important as they have the power to unite everyone involved into a common bond that will focus on achieving this mission under the guidelines of ownership's vision. One other thing that goes hand in hand with a mission and vision, are core values.

Core values establish the behavior and attitude that will guide the actions needed to carry out the mission, and stay true to the vision. If you strongly believe that honesty is the best policy, then make it a core value that will always be in the forefront of decisions and actions. If think tenacity and persistence are the way to grow your business, make them core values and hold everyone accountable to conduct business accordingly. What ever traits you want to see displayed in people's behavior in the course of the work they do should be communicated as a core value of the company.

Once you have your Mission, Vision, and Core Values make sure you post them for everyone to see. Make sure they are part of your company's culture. Most important of all make sure your actions and behavior as an owner stay true to what you have posted. Always remember you will be judged by your actions not your words.

The Power of Listening

Listening to someone else talk is probably the easiest thing in the world to do. You just have to sit back and focus on what they are saying. You don't have to respond other than a head nod or some other facial expression to let the person speaking know that you understand what they are saying. If listening is so easy to do, why is there often communication problems in almost every facet of everyday life?

My theory is that people generally do not know how to listen. I always thought I was a great listener, until it was pointed out to me by more than one person, that I really wasn't. The true art of listening is an acquired skill that like so many other skills has to be practiced to be effective.

Next time you are in a conversation with someone take the time to focus on what they are saying and the words that are coming out of their mouth. Put all other thoughts in your head aside and truly listen. I guarantee you will come away with a clear understanding of what they said and you will be much better prepared to respond.

This concept can be really powerful in business and in life. If you listen carefully, people will usually give you all the information you need. You can then process that information to craft a response that is based on their actual needs, not your preconceived notions. Everyone has the ability to effectively listen, then properly process that information, most just choose not to do it. Developing this trait can become a key component to success in all areas of your life, helping to eliminate communication problems that cause so many problems in relationships today.

Oganization is the Key to Success

I remember working with a guy who always said, "How can you be lost if you don't know where you are going". I think this rings true for many people in today's world. They are always busy, yet don't seem to accomplish much. With some people that is by design. They are paid by the hour so appearing to be busy is much more important than actually completing a task. However for the majority of people wasting time is not a luxury. They are constantly under the gun to get things done with a never ending list of tasks. Their boss has no concept of time and is only looking to have answers and results for their boss. This trail leads all the way to the top. Often the president or owner of the company works just as hard if not harder trying to keep up with the demands of the whole company.

What can be done to stop this vicious cycle? One of the best ways to maximize productivity is good organization. You need to have a plan of attack, so to speak, that prioritizes tasks and clearly spells out what is necessary to complete the task. How much time is wasted trying to figure out how to do something before you actually do it? How much time is wasted having meetings to talk about doing something? If an agenda is developed and adhered to, much of your wasted time can be eliminated.

Roles and responsibilities need to be defined, so everyone knows exactly what is expected of them. This eliminates someone worrying about what someone else should or should not be doing. Reasonable time lines must be put in place. If a project starts to fall behind, you need to find out why and adjust accordingly. Sometimes it could be human error, or simply conditions that are out of your control. Complete one task before moving onto the next. While multitasking sounds impressive, trying to juggle too many balls simply causes you to drop a few.

If you develop a daily plan, prioritize the tasks, and stick to it, you will end the day with a sense of accomplishment. Remember you will never be done, just try and be done for the day as tomorrow always allows you to take another crack at it.

Networking 101- Understanding the Concept

Most people understand the benefits of networking as a way to expand and grow your circle of influence, especially those of us who own and run our own business. Meeting and interacting with other people is probably least expensive way to promote yourself as well as develop key contacts that can become valuable assets down the road.

Productive networking has to be about giving and receiving. If your sole purpose in networking is to "get what you can get" from everyone else, you will soon find people going out of their way to avoid you. You need to bring something to the table before you sit down to eat.

I have been at events where people have come right up to me, tell me what they do, and shove a card in my face. While that type of approach is an extreme, it does speak to a certain mindset, it's all about me. I have also gone to events and had great conversations with people and never even found out what they do. To network successfully you need to strike a balance somewhere in between these two examples.

First and foremost, you need to be able to listen. By showing you are genuinely interested in what someone else has to say, you engage them in the conversation. This also allows you to determine if this is someone you want to get to know better. Second, do not try to meet everyone in the room, rather focus on trying to meet two or three new people you never met before. A few solid contacts that you can follow up with is much better than a stack of cards of people you won't remember the next day. Finally, be yourself. Don't exaggerate or undersell any aspect of who you are and what you do. Let your true character make an impression on everyone you meet.

By following some basic rules, you can make networking one of the most productive activities for you and your business.

Word of Mouth Marketing

I think everyone realizes that "word of mouth" advertising is the cheapest and probably most effective way to market a business or product. There are countless examples of products that took off primarily through people simply talking about it, creating "buzz" so to speak.

Until recently,how many Red Bull commercials did you see on T.V.? This product is a perfect example of how people, not electronic or printed media can take a little known product and make it a huge success. It took awhile as Red Bull has actually been available for years, but slow steady growth is the best formula for long term viability.

If you own your own business a vital part of your marketing strategy should be creating "buzz" for your product or service. The first step is to be good at what you do and the second is to have your satisfied customers spread the word. One mistake business owners make is to assume this will automatically take place.

You have to create an environment that encourages people to talk you up. One way is to come out and ask them to. There is nothing wrong with asking somebody to recommend you to their friends and family. Most times if a customer had a good experience they are more than happy to help. Another way is a good old bribe. Offer them a discount on their next purchase if they give you a business generating referral. A more subtle way is to create some form of communication with your customer base. Sending out a flyer or newsletter is a good way to keep your name fresh in their minds as well as encouraging them to refer you to a friend or two.

You have to remember, there are only two ways to build your business, add new customers and generate more business from your existing customers. Word of mouth is one of the best and actually easiest ways to accomplish this.