Are we there yet?

The market's up. The market's down. We're in a recession, but we might be coming out...not anytime soon though...unless something changes. We hope.

With the economic picture seeming to change minute by minute, how is a business owner supposed to plan? Is the sky still going to fall, or is this the worst it's going to get? What should we do?

Well the first thing to do is, don't panic. If you are evaluating your business on an ongoing basis in a few key areas, then you can be prepared for just about any occurrence.
1. Your business financial health - It goes without saying that this is the starting point for any business analysis. Knowing where you stand with revenue and profitability will serve as the foundation or catalyst for any business adjustment planning.

2. The needs of your Market - In any economic climate, you should fully understand your Market's needs. Have they changed because of the economy? Or, are they the same as they ever were? Having this information will dictate if you need to change your product offering or customer contact strategy in any way. Taking action like performing customer surveys and evaluating your competitors will alert you to any trends. Once you get the information you need, incorporate it into your existing Marketing strategy and respond accordingly.

3. Your high levels of customer service and response -- Regardless of economic crises and possible cutbacks you have to make in your business, customers still expect excellent customer service. If you sacrifice customer service or product quality to get yourself through the hard times, you may find it difficult to rebound as the economy improves. As you are making decisions on the first two points, use this third point to determine how you proceed.

These are three very high level areas that encompass many fine points, but this is your starting point. We'll likely be seeing many more ups and downs over the coming months, but don't let your business strategy get tossed about as well. Plan, evaluate and respond using the points listed above, and you'll be well prepared for whatever comes.

www.mymarket-ease.com

posted by MarketEASE @ 9:18 PM