PREPARE YOUR BUSINESS FOR economic change

By Laurie Harvey, VP Marketing
 Firstbase Services Ltd.

Business in Canada has been reliant on our American allies for years, from manufacturing to tourism, to natural resources such as oil and grain.  A downturn in the United States economy is destined to have an negative impact on the Canadian marketplace.

With the threat of an impending recession upon us - what will you do?  Is your business prepared for this unpredictable scenario?

During these uncertain times, we are encouraging clients to take time to rewrite business plans, tighten financials and re-examine marketing strategies.   This is not the time for complacency, or a “ride-it-out” attitude.  This is the time to be pro-active, strategic and aggressive, more so than ever before.

Successful business people know that while there may be fewer buyers during hard times, there will still be buyers; however, they will be more frugal and more focused on intangibles such as quality, price and service. Buyers will turn to businesses they are most familiar with, requiring you to have a strong and recognizable brand strategy.   Make sure you know which needs are most important to your customer, and commit all of your resources to follow through on those deliverables.

The following are some valuable tips that can help position you as a top player in your industry and ultimately help you survive the uncertain economic times ahead:

• Develop a business plan,  or re-write the existing one

Put your business plans to paper – a solid business plan will provide clarity and help you set realistic objectives and goals.  If working capital is needed, your bank or lending institution will require a comprehensive business plan before advancing funds to help your business.

• Strengthen your brand

Branding is about trust.  Most people buy products and/or services from names or businesses they know and rely on.  Just because you have a logo and a slogan doesn’t mean you have a memorable brand.  At the end of the day, a strong brand instills a sense of confidence, credibility and trust that is hard to shake.

• Invest in website design & implement organic search engine optimization (OSEO)

Make sure you have a strong online presence and that your company is well branded and strategically marketed on the internet.  To stay ahead of your competitors, your website must be more than just visually pleasing - it also needs to offer meaningful content, calls to action and messaging that is relevant to visitors and search engines.

• Lower profit margins

This is only a short term measure, but it’s one that can really help drive sales when times are tough.  To get through, you’ll need an aggressive sales strategy to drive adequate volume.  Once the economy shows signs of improvement, you can increase prices again.

• Accept major credit cards

Depending on your industry, you may already accept major credit cards; if you don’t, you should seriously consider it.  Many of your smaller customers will need to use credit during these times, and you don’t want to lose any sales to your competitors due to technicalities.

• Control your expenses

Keep a close watch on expenses, especially the non-critical ones.  It is not a good time to be borrowing money for new office furniture, hiring new staff, or indulging in a spontaneous vacation.   Cutting back on client entertainment and staff functions is also an easy way to cut unnecessary costs.

• Improve knowledge & skills

There is no better time than now to improve your knowledge on the product, technical and financial aspects of your business.  Improvements in this area should be ongoing, and ensuring you are the expert in your field can give you a clear advantage over the competition.

• Enhance customer service

Review all customer service policies. Make sure your staff is well trained, friendly, knowledgeable and courteous.  Roll out the red carpet for your customers to keep them coming back.

• Motivate & inspire staff

Communicate with staff regularly and develop a rewarding team culture.   Reward extra efforts, share positive news stories and be sure to include staff in company successes i.e.  new account(s), increased sales, etc.  Be sensitive to employee concerns, such as job security.

Your marketplace is in the midst of significant change, complete with new rules, opportunities and expectations.  To flourish, your organization needs innovative solutions enabled by professional business intelligence. 

Our professional team can provide you with solutions that will enable your business to succeed.  Call us today to arrange for a complimentary consultation:

Vancouver Area:         604.688.7484
Abbotsford:                604.850.5334
Toll Free:                     1.800.758.2922

Email: moreinfo@firstbasedirect.com