Create a Winning Business Strategy!
“The goal of strategy in a downturn market is to help you end up on the right side of the mortality tables-not just surviving but poised for growth.” James Allen and Darrell Rigby wrote a piece entitled “Winning in Turbulence: clarify strategy: choose where and how to win.”
To build a winning strategy, you need to know exactly where you will compete, how you plan to win and how you will mobilize the organization to implement the strategy. In other words, stop conforming to all the negative headlines and begin moving in a forward positive direction one of which gives you back the control to succeed.
The fact is businesses are closing their doors and now is prime time to move in and sack your competitors customers.
Start with turning to your current customers. You have worked hard and invested both time and money into turning them from a prospect to a sale. Ask them why they chose you in the first place. Listen to their feedback and find out what products, services, and ways they believe you can improve or add to your business.
Next, consider the kind of prospects your business is targeting. Just because someone looks to have money now how do they look a year from now? This is especially critical if your business is offering credit terms. If credit is not a concern, but sales are down consider ways to entice customers.
Another way to reach customers is by revamping your business website. When evaluating your website consider the look and feel of it. Obviously, you like the current website, but ask yourself how it compares to other competitors. Are the font, colors, and text easy on the eyes? Is the site easily navigated? Is there too much text or not enough? Does the site offer customer interaction or does it allow feedback posts? Does the site adequately state the purpose of your business and send a clear message to your viewers? Just to be clear, websites do not necessarily make sales, they typically add valuable reinforcement to products and services.
Lastly, look at your current customer’s financials and evaluate how they are holding up in today’s market. There are several tools available to help businesses learn about their customers finances without directly asking “so how’s your bank account these days”. Search the internet for negative comments posted about your customer. Look at stock holdings if applicable. Knowing your customers financials will help you determine the risk of keeping them as a customer or offer them payment terms to help eliminate default.
Using the tactic of self evaluation and the evaluation of your prospects and customers, you are taking on a winner’s attitude. You can close the windows and darken your room, and you can open the windows and let light in. It is a matter of choice.