“If you’re trying to achieve, there will be roadblocks. If you run into a wall…figure out how to climb it, go through it or work around it.”
-Michael Jordan, Legendary Basketball Player
This is the second in a three-part series on how to stay competitive in challenging and changing economic times.
At Possibilities Unlimited, we work with a broad range of companies and industry types. Last year, we witnessed a lot of creative reactions to the changing marketplace. Here are some examples of strategies our clients implemented to stay in the game in the face of shrinking resources:
1. Cross-training. Sounds simple, but it is always an effective strategy that gives you the capability to respond quickly to unpredictable market swings. Our client is an upscale real estate consulting firm. They decided to train analysts to sell consulting and got more boots on the ground to spread their message. The result is an increasing pipeline of business and greater visibility upon which they continue to build.
2. Renegotiation. Hey, your customers are doing it, why shouldn’t you? We had several clients renegotiate leases, contact terms and employee pay. It never hurts to ask for a better deal to save money, just be careful you don’t sacrifice quality along the way.
3. Add on services. We had one client broker a complimentary service (printing with advertising) to provide more of a one-stop-shop. He got a cut of the printing and kept his client happy with the service.
4. Upselling.Go back through your client list and see who needs additional services.It’s a lot cheaper to upsell an existing relationship than to go out and get a new one.
5. Not standing for what isn’t working. Now is the time to stop putting up with systems and people who aren’t getting the job done. The status quo doesn’t work in tough times. Everyone on your team needs to be stepping up to the plate and looking for ways to be more efficient and provide better service. Make it a game within the company and reward good results. And if someone isn’t willing to play, maybe they aren’t a fit for your organization.
There are a lot of ways to stay competitive. These are just some examples. If you have a good story of how your company dealt with adversity, we’d love to hear it. And if we can help you break through a challenge in your business, just email us. We’re here to help you win.
Next in the series: How to Generate Leads in Any Economy
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