Reinvesting
Keys for success in business are maximizing the use of assets and two key ones are its people and its processes. By providing employees with professional development, training and skills improvement venues to all employees a company will be better positioned to succeed when opportunities surface. Process innovation is a proven sustainable advantage than product innovation so now is a great time for companies to examine what they do, critique the effectiveness, find better methods and implement changes that make things better.
Reinventing
Success in business requires a willingness to change and the suggestion here is that companies take the time to examine their focus, target markets and messaging.
· Do any of the three still make sense?
· Does the company actually live as the talk?
· Is the target market being served effectively?
· And does the target market make the company profitable?
Re-issue your message
If you are not planning to do this, stop reading so that those who are get a better benefit. Now represents a great time to talk with your banker/lender, customers and stakeholders/employees about where you are and where you are headed. Because of anxiousness and uncertainty you might not find a better audience. Employees are worried about jobs, banks fret over deposits and loan payments and customers worry that you won’t be there or that they can’t afford you anymore. The good news is that many of your competitors, the ones we told to stop reading, have cut advertising and marketing. So, if you continue to effectively market in today’s climate you will get an even bang for your buck. In closing, George Eliot said, “It is never too late to be what you might have been.” By constantly pushing ahead you can create the stimulus to your own business recovery.
Vincent McCoy
Executive Director, Inland Empire
Small Business Development Center
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