MAKE IT HAPPEN – IN RECESSION!

Roy Robinson, a highly respected champion of the Self-Employed has allowed us to add this to our blog.

MAKE IT HAPPEN – EVEN IN RECESSION!

Over the years it has been asked at various times whether or not it can be a good idea to start a new business during difficult economic times. Apart from the inevitable “it all depends upon the type of business” reply, one definite advantage appears constant: if you start-up during a recession there is much less chance of self-delusion! There is always the danger that anyone who benefits from buoyant times and markets may begin to believe the success is according to their brilliance, rather than recognising that in those circumstances almost anyone could achieve some short-term success. As in the corporate world, it is hard-times and recessions which can test (and prove) the quality and qualities of their management.

General gloom and despondency can encourage a “wait and see” mentality – hang on in there and it may work out. This is the equivalent of the business that is sinking into trouble but ignoring the signs, taking no action, and hoping that it will all work out eventually. If things are quietening down – you have the time to do things!

So you’ve checked all the figures – you’ve addressed any fixed costs – you have reduced your expenses to a minimum. Forecasts have been re-worked, cash is being conserved. All essential – but what you really need are Sales – your only source of actual Income.

The trouble is that when times are good Marketing activity alone might be enough to bring in the customers – and many small businesses fail to recognise that that is very different from a pro-active (note active!) approach to Selling.

Do not abandon all Marketing (costs) without thought – but do appraise it carefully, and especially explore Promotion ideas which are cheaper or even free. A “good news” Press Release? (In the early 90’s we organised a very successful celebration of successful start-ups because all the media was reporting at that time were the failures!)

SO THE WEATHER’S BAD, THE CUSTOMERS ARE IN THEIR BUNKERS, AND THE TELEPHONE IS QUIET….IT DEPENDS UPON YOUR BUSINESS, BUT….

Call previous customers and suggest pre-booking work ahead – you’ll be busy later!

Better still, call in and see them - eyes open! - suggest things that may need doing…..

Targeted, “seasonal”, specific, one-off leaflet drops. (You’ve nothing else to do!)

Are there new ways of “packaging” what you do? New wrappers sell old chocolate!

Could your self-employed status be attractive to any businesses reducing staff?

Are there any markets you have not addressed which now are worth some effort?

Could you team up with other related/complementary enterprises and each promote the other? Enhances value of “slack time” used for these activities – and if you’re busy!

Go looking for potential new customers who may benefit from what you offer!

Carry business cards/ comp.slips everywhere. Turn “network” into a verb!

Is there anyone in your territory that does not know of you? Why?

Have a look at “Always Think Ahead” in this section. Have you been actively selling?

What exactly are you doing with your days when business is quiet?

In the same way that some people can charge higher prices than others in the same business – in the same way that some individuals can get very different results from otherwise identical businesses…..some people will trade successfully throughout any difficult times. But they will do different things and look at things a different way. What they will not do is refuse to change or question anything and decide to wait and see what happens!

SO WHAT ARE YOU PERSONALLY GOING TO DO ABOUT RECESSION?