In good economies, a rising tide lifts all boats. Even business owners who weren’t following basic business fundamentals were making money over during the boom over the last 5 to 10 years. Now that the tide’s gone out, they are exposed and don’t know what to do. Now these business owners are stuck without sound financial tracking systems, a marketing presence, loyal customer relationships, trained people, operational systems, old equipment, or any cash left over to weather the storm.
Successful business owners adapted technologies and leveraged their competencies to seek new markets. Today you must re-think your business model and stop resisting change to survive. While many do nothing and hope the pain goes away or the economy to get better as they postpone decisions affecting their future until it’s too late.
A business that’s gone from $5 million to $2 million has to start over again from a $2 million operation, re-organizing sales, marketing, cashflow, and overhead. They need to try new markets, products, delivery methods and systems. And if you don’t have the expertise to move into new markets, you need to hire someone who does.
Think like a Fortune 500 CEO. They’ve got to make a profit every quarter regardless of the economy. Their top line has to grow as well. If it doesn’t, they get fired. Successful CEOs seek strategic alliances, partners, companies to buy, divisions to sell, joint ventures with other buyers and vendors to grow their business. They also weed out ineffective employees from effective ones and ask employees for input on improving the company.
You’re not in the business you used to be. You’re in the money-making business. What else can you do to make money? Perhaps you can add more services and become a full-service provider for your customers. You can’t make money by saving money. There are two kinds of business people: those who try to save their way to success by doing everything cheaper and those who invest in their future through marketing, training, customer service, and improving their image.
JOIN US In Orlando September 11 & 12
We will be hosting a special ‘Profit Builder Circle Academy’ focused on changing your business to work for you in a slower economy. We will include a session on finding new markets and customers, offering new services, and how to emerge stronger and more profitable than ever before.
Learn More
Webinar
“How To Win More Jobs At Your Price!”
I will be presenting a 1 hour webinar on next month. Everyone is invited to sign-up and participate. You will be receiving a link and a registration form shortly. I am doing this in partnership with Hanley-Wood and the World Of Concrete.
Get Your Business To Work!
Thanks to all of you who purchased a copy of my new book on Amazon.com. With your help, it reached #7 on the small business books best-seller list. To purchase additional copies, I am now offering the book on in my bookstore at the discounted price of 2 for $30.00 or only $1.00 if you order 3 of the workbook cd sets. Check it out in our HardHat bookstore.
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