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Monday, May 4, 2009

Practical Business Building Tips - You Can't Grow Your Business in a Recession - Truth Or Myth?

One of my favorite games to play with my cousins was "Truth or Dare." It had the same feeling as 'trick or treat' - you get to step up to a challenge and face it head on, quickly. And it often required ingenious thinking to make it through the challenge, sharing a sensitive answer or jumping off tall walls and so on. It was a great way to bust the myth that a player couldn't take the challenge and win.

One of the myths I hear all the time is you cannot grow your business in a recession. While it doesn't require jumping off roof tops or exposing private information, I think I can bust that myth for you in this article.

You can't grow a business in a recession

I love hearing this one, because I have a three part response to this belief:

1 - These folks are mistaken

2 - These folks are your competition and you want them to believe this

3 - The is the best time to make moves they would never consider, and claim a bigger piece of the market

Make Profits Faster

Recessions provide perfect business building opportunities in at least 3 ways:

1 - Take the lead with your vendors by offering to pay them ahead of time for a 10% consideration. Rather than try to figure out how to slow down payment (like your competitors are doing), move yours up. You'll be reducing the stress your vendors are feeling and you can bet that your needs are going to take precedence over their other customers.

2 - Do more marketing by negotiating favorable ad rates. Your fellow business owners are falling into the wrong-headed thinking that they need to cut expenses and marketing goes first. That means that ad rates are dropping - a perfect opportunity for YOU to be the only brand consistently in front of your ideal customers.

3 - Reposition your products and services by talking directly to your customer and matching your offer to their needs. Forget about selling what you think they should want. In tough times, your clients are buying only exactly what they cannot do without. Fill that need, stay in constant conversation with them, and you'll know exactly when they're ready to open the purse strings for other solutions.

Get Direct Results

When you step up to the challenge, you get to learn first-hand the secret that Bank of America and Steinhafels taught the big boys in the last recession: There are plenty of opportunities for growth!

As Washington Mutual and IndyMac Bank were failing under their subprime mortgage load, Bank of America-which got out of them in 2001-attracted $21 billion of new consumer deposits as consumers ran to safety. While the Wickes furniture retailing chain filed for bankruptcy earlier this year, as more than 100 truckloads of furniture were on their way to its stores; financially solid, a Milwaukee retailer Steinhafels, bought the contents of several at bargain prices.

Myth: You can't grow your business in a recession

Truth: Busted! YOU can while others don't even try

As your competitors are trying to do less in these challenging times, it's your chance to take the dare, do more and actually build your business.


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