Monthly Archives: January 2011

How Entrepreneurs Profit During Slower Times

True Or False? The recent elections will not help your business in the near future? The slower economy is here to stay for at least one or two or five years? Your business must change or die a slow death?

So, how are you doing? How’s your business, cash-flow, stress level, and personal life? The economy got you down? Do you feel slightly out of control or wish things would get better sooner than later? Are you working harder than ever, but can’t get ahead? Do you think their must be a better way? Don’t know what to do next? Do you feel like you are treading water waiting for something to happen?

In a slower market, when you continue to do what you’ve always done, you’ll find it eventually doesn’t work and won’t deliver the same results you are used to achieving. So it’s time to let go of your past and face the fact that the future will be different. And only the nimble, quick, a strong will be successful. Look at the car manufacturers trying to change their business plan. Too late. It’s over for them as they have know it for 50 years or more.

Survival is bad!

I have a real estate broker who has a sign on his desk: “Survival = Success!” Is survival your goal? Are you in business to survive? Are you in business to make little or no money, not grow, keep the doors open, keep your crews busy, and spend all of your savings waiting for the economy to turn around?

You must change how you do business to thrive in the years ahead. Golfers know what ‘mulligan’s’ are. They are second chances to re-hit your shots. But in the real world, you don’t get a second shot. Every day you face reality of the slow economy and tough business climate. Either improve your swing and try something new, or continue to hit your shots into the rough and your score won’t improve. The booming economy handed out lots of mulligan’s when many companies delivered average performance and poor results. It gave them a second chance with their customers and contractual requirements. But now companies won’t get any mulligan’s for a long time. This is the real deal, no “take-overs! You must get it right every time the first tiem. Welcome to the PGA tour where you can’t rest on your past performances to pay your bills today and keep you at the top of the money list.

To thrive, will you work harder, work smarter, work more, get organized, get in control, try new ideas, or work different? To do business differently, you’ll have to improve how you do business and change how you work with your customers, implement your marketing plan, deliver your projects, and elevate your level of quality and service.

What makes you unique and different than your competitors?

What did I learn in 2010? In spite of the economy, many companies are doing well while most are struggling. The companies who are looking towards a good year offer a different approach to their business and a unique delivery process that sets themselves apart from their competition.

  • The successful landscape contractors offer full design and build services and don’t limit their scope of work to only a single part of the overall process. Their customers want full service and don’t argue about the price.
  • The successful waterproofing company focuses on customers who appreciate the extra service and quality their competition doesn’t provide. They are known as the best in the business. Their staff attends several hours of training every year to continually improve.
  • The concrete businesses who are still doing well specialize in the tough jobs that take some brains and technical skills. Their competition is very limited if any. And they make a lot of money while 99% of concrete competitors try to look for the standard jobs to bid and sell low price to get work.
  • The auto service business makes their distinction by developing repeat customers and trying to help get their customer’s cars to last 200,000 miles. Unique and effective.

What entices your customers to pay more for your service and keep you loaded with work and profit? The choice is yours: Be the same as everyone else or do business different!

Tell me what you are implementing in 2011 that helps you improve your business bottom line and they way your clients do business with you.