Right now most businesses and individuals are faced with challenging times. Every Television station, radio station and newspaper is reporting on the doom and gloom (how is it that they rarely report good news) and the more people hear it, the more they believe it. The good news is that everyone has a choice. Here are my strategies to manage your business through challenging times Cutting or apportioning costs – is there anywhere where costs can be cut that will have little detrimental effect on the business. Now is the time to take a good look at the balance sheet and staff and see who and what is giving the company the best returns and who and what are not, and then making some difficult but effective decisions.
Culling time wasters – we all know the Pareto principle, that 80% of your profits come from 20% of your clients. Every organisation has those wonderful 20% of clients who are great to deal with, always pay on time and will stay loyal through challenging times. These clients are pure gold! How well do you look after them and how many referrals do you ask for from them? Here is an effective exercise – write down the names of your top ten clients and then write down ten things you know about each of these clients. Get everyone at your company to do the same thing and you might be surprised at how little they know about your top clients. How do they like to be communicated with (email, phone or face to face), how often do they like to be contacted, what are their prime motivators in doing business with you, who are their top clients (and plenty more). This is the time to really take care of these top clients, make them feel special and let them know that you appreciate their business. » Read more: Managing Your Business Through Challenging Times