Business Article

 

10 Business Success Secrets in a Bad Economy By Dennis Sommer
CEO, Executive Business Advisers

The jury is still out about our current economy. Some say the economy has stalled. Others say we are in a slight economic decline. Many are calling this a full blown recession. It doesn’t matter where you fall in the debate, one thing is certain, financial growth is not as easy as it once was.

If you read have been reading the news headlines many CEO’s are focused on cutting costs and laying off employees. These actions are precisely the wrong strategy to take if you want to dramatically grow your company in good times or bad.

The following is a list of 10 recommendations that turn average companies into successful growth companies during a bad economy.

1. Value Before Brand 
Focusing your time and money on your “Brand” may increase name recognition however it doesn’t generate revenue. Showing customers what value your product or service provides will generate revenue.

2. Stop Scaring Customers Away
Most corporate websites scare customers away. Your website wasn’t cheap and most likely was developed to attract new customers. If you are not converting 10% of your visitors into leads, then you need to revise your website content.

3. Catch Amnesia 
Forget how great you and your business performed last year. The past is the past. This year it’s a new game. The rules have changed and the players are different. What worked last year, will not return the same results. Constantly re-evaluate your industry, competition and economic conditions. From this research, modify your strategy to improve sales and profitability.

4. Walk Away 
When times are tough it’s easy to say yes to new business so you can achieve your sales goals. However, not all new business is good business. If the new business does not meet your minimum profit expectations, say no and walk away. Don’t waste your time and resources on non-profitable business.

5. Keep Score
Measure and monitor your key business indicators at least weekly. How do you know where to improve if you don’t know how you’re performing. Do you measure your Customer Conversion Ratio, Tradeshow ROI, Closing Ratio, Marketing ROI, Advertising ROI, Sales Cycle Times, Calls to close a Deal, deal size, etc.

6. Refresh Your Herd
Stop milking your old customers over and over again. Like a dairy farmer, you need to refresh your herd to increase production. To grow your business you need to start focusing on new customers. One of the best ways to refresh your herd is to pick up the phone and start calling new prospects.

7. Work On It, Not In It 
Business owners and executives need to pull themselves out of the day to day issues. When times get tough, they spend more time in the details. By doing this they lose sight of what is most important, focusing on how to improve the business performance in a changing competitive environment.

8. Hire Slow, Fire Fast
Most business owners and executives do just the opposite and pay the price. Spend more time hiring the best person for the job. Let go of your non-performers quickly. If you don’t, your costs per sale dramatically increases while revenue decreases.

9. Don’t Generalize, Specialize
Customers will buy more and at a higher price from someone who is a specialist, rather than a generalist. If you are having heart trouble, would you go to a $500 per hour cardiologist or a $100 per hour family doctor. Transform your company, products and service into a specialty.

10. Hunt Now Or Be Eaten Later
To grow your business you need to be a Hunter. Think and act like a hunter in your business. If not, you are the prey. Eventually, you will be eaten and out of business.

 


 

Meet – Dennis Sommer
   

Dennis Sommer – CEO, Executive Business Advisers

Dennis Sommer is a highly sought after business growth expert with over 25 years experience. His specialty is helping companies quickly improve business performance and sales revenue growth. Dennis provides deep functional and industry expertise to help companies overcome their key business challenges and build a roadmap for success.

Using his proven, copyrighted methodology, Dennis analyzes what you are doing today, recommends specific improvement action steps and helps you implement the changes needed to improve your business performance and revenue growth.  His areas of expertise include; strategic planning, sales, marketing, customer service, operations, technology, staff and leadership development.

Dennis’s business improvement and growth expertise has been featured in Entrepreneur magazine, New York Times, Fox News and many more.  

Dennis works with a diverse mix of product and professional service companies.  His clients include; large Fortune 1,000 global companies, medium size growth focused companies and small early stage specialty companies.  He works with family owned, private and public companies.  

Since 1985 Dennis has started three successful growth focused companies. A high-tech product company, a technology consulting firm and Executive Business Advisers.  Dennis is also founder of the EBA Business Success Network, an exclusive executive networking group.  

Dennis has held leadership level positions with: Accenture – a $22 billion global management consulting and technology services firm.  Computer Associates Inc. – a $4 billion enterprise software company.  LDA Systems – a $26 million regional IT consulting firm.  Jo-Ann Stores - a $1billion fabric and craft retailer.  

Dennis is also a highly sought after speaker and author.  He inspires, motivates and educates audiences with his keynotes, seminars and customized training workshops.  Dennis is an international author of 3 books and over 80 published articles on improving business and leadership performance.  

His latest best selling book is “Adviser Secrets – How to Become a Top Performer”.

 

 

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