What a business needs to focus on to survive and thrive in a down economy.
Citation preview
1. How to Prosper in a Difficult Economy Joy M. Johnson
ActionCoach Certified Business Coach Partner and Co-Founder
GrowthMindset
2. Growth Mindset
Joy M. Johnson
Partner and Co Founder
ActionCoach certified Business Coach
Over 30+ Years of Business Experience
Kathy S. Keeley
Partner and Co Founder
Provided tools and strategies for Entrepreneurs for over 25
Years
3. Growth Mindset Mission
To provide Business Guidance, Strategy and Management skills to
growth oriented entrepreneurs and executives so they may achieve
their vision and goals.
4. How to Prosper in a Difficult Economy
First and Foremost Dont Panic
Cut Expense But not to the Bone
Maintain Marketing
Be Crystal Clear on your Target Market
Adjust Product Portfolios
Train Your Sales Force
5. First and Foremost Dont Panic
When panic sets in We Tend to do Stupid Things
Evaluate the Market Now is the Time to do Market Research
What is your Market Share?
Who are your Competitors?
What are your Opportunities?
6. Cut Expense But not to the Bone
There is such a Thing as Going Too Far
Dont cut at the expense of the customer experience
Take a Good Look at your Team
Can you increase productivity
Cut out the Nice to Haves
Watch the Budget
Try Bartering
7. Maintain Marketing
The Worst Mistake business leaders make in a tight economy is
to cut the Marketing Budget
Focus on Family Values In campaigns
Now is the time to Gain Market Share
Make sure you know your BREAKEVEN for every campaign
What is the ROI
Test and Measure
8. Be Crystal Clear on your Target Market
Closely define your Ideal Customer
What is the Lifetime Value of your customers
What is your Acquisition Cost
What resonates with your Target
What adds value What do they Care About
When money is tight people tend to focus on Hearth and
Home
9. Adjust Product Portfolios
Analyze your Inventory
Product that doesnt move is cash sitting on your shelf.
Tough times favor multi purpose goods not highly
specialized
Re forecast demand by product line
Focus on value
10. Train Your Sales Force
You cant afford to Lose Sales due to untrained sales
people
The sales process starts at the first contact
Sales is about providing solutions to Wants and Needs
11. How to Prosper in a Difficult Economy
Dont Panic
Cut Expense
Maintain Marketing
Target Market
Adjust Product
Train Sales force
Emphasis Company Values
12. Growth Mindset
Our Toolbox
Coaching individuals, partners and management teams for
performance, results and action toward growing the business.
Consulting with business advice and strategy development so
that your business grows in revenue and profit and achievement of
your personal goals.
Training through workshops and educational sessions developed
for entrepreneurs.
Leadership Development through one on one coaching or group
training