Today’s economic environment is downright scary for employees, lawyers, finance professionals, consultants and business coaches. Our news channels are full of reports of job losses, foreclosures and the depressed state of the economy. What is an entrepreneur to do?
Here is my advice: Limit your consumption of news on the television and radio to what is essential, and get into UpwardAction.
It has been widely discussed that our economy is turmoil; however, current economic conditions do not have to negatively impact your business! Million dollar businesses have been built during financial downturns by entrepreneurs were able to build magnetic brands using the “5 Survival Tips for Sustainable Business Success”.
Survival Tips for Sustainable Success
Monitor the conversations of your ideal clients. Being aware of the mindset of your target market is critical to your ability to offer new or refined products and services that are in-tune with the needs of the market.
Diversify your core services and products. It is important to provide a variety of ways for your target market to engage you. Diversity in your offerings and price points allow your ideal clients to experience your services and business integrity at their pace. For maximum effect, expand your offerings to range from free (e.g., ecourses or ezines) to exclusive (private or highly customized services).
Expand into new areas. As a general rule of thumb, it is easier to up-sell current clients than it is to attract new clients. Therefore, sustainable businesses understand the evolving needs of their clients and continuously develop innovative ways to serve those needs. Take a look at your current offerings to discover opportunities for new products and services that serve the needs of your market.
Increase your value. Sustainable success is built on a foundation of superb service and outstanding value. Examine your business systems to find ways to increase your level of customer service and add additional value to your offerings in unexpected ways. This level of attention to your business practices and deliverables is key to building a magnetic brand that attracts your ideal clients and professional opportunities.
Be visible. Economic downturns present an opportunity to raise your visibility and build a powerful presence. While your competitors are reducing their marketing budget and efforts, this is the time for you to increase your market share. Take full advantage of low cost and free eMarketing tools and be strategic in using off-line marketing resources. Develop a strategic plan of action for becoming more visible, then execute.
If you have decided to build the business of your dreams now, not later, I invite you to join the Mogul Moxie Mastermind at http://www.mogulmoxie.com Each month, mastermind members will receive high-impact information for building a thriving business in any economy. T.C. Coleman is an attorney, magnetic branding maven and eMarketing strategist. She is also the founder and CEO of UpwardAction®, a magnetic branding, communications and marketing boutique, and LawyersLaunchpad.com. Follow her on Twitter at http://twitter.com/upwardaction for frequent magnetic branding and eMarketing tips!