Success Through Inspiration

Everyone has heard that our long stretch of an expanding economy has quickly come to an abrupt halt, here in the second half of 2008.  There is a minimal amount of credit to go around, consumer spending has fallen, and, as a result, business spending has fallen.

Business is tough out there.

And, as they say, only the strong survive. That includes your small business.

When times were good, and the money was flowing, it seemed like everyone was in need of your product and service.  What most companies did was to specialize – that way they could perform one function, excel at it, and charge a premium.  And they would get paid for it.

You might have been the only game in town that provided that product or service, or you were known to be the best.  You served your customers well, and got compensated for it.

But… now the game has changed.

Companies and people are not spending like they used to.  Production is down, and materials and services that businesses need are down.  People are holding on to their money, making sure they can pay their loans and mortgages.

So – what are the rules now?  What can a business do to survive the next couple of years of tight budgets?

I’ll tell you.  It’s time to generalize.

Yes, as you can probably figure out, it’s time to move in the opposite direction as specializing.  Be more for your customers.  Be able to do more, provide more, and help them more that you have been.

Broaden your products, services, and assistance to your customers.

You should start with your current customers for this method.  The next time you visit with them (and I hope you are visiting your current customers more often), ask them what else they purchase or need that is in line with what you currently offer.  Try not to turn anything down that your customer needs, as long as you can provide what they need in a reasonable time, fair cost, and high quality.

You do want to provide more products and services to your customer, but not to the effect that you degrade your current relationship with them.  Because if you fail, there will be someone else right on your heels to pick your customer up.

It’s easier to keep a customer than to get a new one.

Why should your customer buy goods and services from you instead of their normal supplier?

1.  It’s easier to deal with one vendor than multiple vendors.

2.  You have a proven track record of being there when your customer needs you.

3.  You might be able to provide additional services at a discounted “bundle” rate.

4.  You guarantee 24 – hour delivery?

5.  You can be “on call” for your customers during late business hours.

It’s the “extra” services that will allow you to beat out your competition during these tough times.

Ask your customers what they think.

I’ll bet they will be excited about your new services.