Thursday, November 20, 2008

Don’t Let Wall Street Paralyze You to Inaction versus Intelligent Reaction!

The economy is closely identified with Wall Street, although we continue to see the ripple affects in Fortune 500 company job cuts and major reductions in consumer spending nationwide. Since so many still ask me about the economy despite many blogs on the topic over the last couple of months, I thought it best to reiterate and expand on the topic. Too many entrepreneurs and business owners are indeed paralyzed by fear, a fear that begins on Wall Street and affects the entire economy. The alternative reaction is critical to our country, namely small business owners that seek solutions and resolutions to overcome slowed consumer spending or a credit crunch in their industry and/or market area.

It is an undeniable fact that consumer spending is down, and it will likely stay down through 2009 and into 2010. However, consumers are still spending and lenders are still lending…just less depending on several factors. The two primary factors for consumers is their own personal job security and the impact they have felt with their nest egg as stocks have decreased in value. Nonetheless, entire industries and their employees are virtually not impacted by the recession, such as healthcare and education.

Business owners face the choice of inaction or expanded efforts of reaction to a slowed economy. There is opportunity for those that act as so many business owners and entrepreneurs alike will sit on the sidelines during these times. New and revised intelligent and low cost marketing efforts focused on consumer value will position companies to increase their market share due to the inaction of others, which can more than offset shrinking consumer demand. Even the smallest business can be like Wal-Mart in offering affordable solutions one product or service at a time and see their sales increase during these times, just as Wal-Mart has done.

The choice is yours…inaction or expanded efforts to take advantage of this marketplace to maintain or even increase your market share. We offer a FREE consultation on your business or marketing plan(s) (tim@thebusinessplanconsultants.com) .

Thursday, November 13, 2008

Marketing and Sales in a Soft Economy

Consumers are not spending as they were only a few months ago, many times holding off on major purchases such as cars, vacations, furniture and other luxury items as well. There are still buyers in all markets, just fewer of them depending on the product or the service offered. Consumers will still eat out, just somewhat less and look for better value. There continues to be a slowdown in construction yet people still renovations for expanding families and many want energy efficiency upgrades

So what are the answers to marketing in a soft economy? The primary answer is a high value product or service. Wal-Mart is a great example as their sales increase while others go down, but regional and smaller businesses nationwide can usually position their product or service as high value...and high quality. How you can position your business as such to consumers will largely determine your success in this market, yet alone any market. Feel free to ask for guidance or support in that regard or otherwise at tim@thebusinessplanconsultants.com

Tuesday, November 4, 2008

Turner Corners for Your Business Plan

On the day our country is turning a corner in electing a new President, we should all be hopeful whatever our political leanings may be. As mentioned in recent blogs, the economy remains the #1 topic across the globe, let alone the US. Over the last couple of weeks, the markets have stabilized in anticipation of positive change as we begin to dig out of this recessionary period. I believe we can all expect this trend to continue overall despite ripple effects on job losses with national companies and, to a lesser degree, smaller companies that provide products and services that are not necessities to consumers.

Most business plans presented to us are or can be recession proof and require the same components as successful businesses have always needed, including a great marketing plan, experienced leadership, a keen sense of your market and the financial wherewithal to carry out the plan.

There are many lone wolf business plan writers but few teams that understand all the critical aspects of a successful business venture. Keep in mind that successful enterprises require a team approach such as my teams approach.