 | Last login: 6 months agoBrockwell is a 30 year old married guy from Central, Louisiana, USA. One word ... entreprenuer. I own and operate a marketing and web development firm as well as a real estate development firm. |
- Weathering Economic Declines · Jan 8, 6:00am
- (From our December 2008 Newsletter - send blank email to subscribe@bonemarketing.com to subscribe)
It is no secret that our nation is in a recession. While I do not believe that it is as bad as the media portrays it, I see and hear about how this recession is affecting business in different areas of the country.
Cash is king right now. If you do not have it and your sales are down, you may have taken up nail-biting, or even drinking. During a recession, you want to save as much money as possible - I should say, as much cash as possible. Cash is the best floatation device a company can have.
Many financial gurus suggest to individuals that they have 3-6 months of expenses in savings for an emergency. Why should businesses act any different? Make it a plan to reserve as much cash as possible until you have 3 months or more in the bank in case sales dry up before this economic situation is over.
Did you ever see Mr. Mom with Michael Keaton? At the end of the movie, which took place during an economic downturn in the auto industry, Teri Garr convinced her boss to lower the price of their product for a limited time. The marketing around this announcement was fantastic! The boss himself appeared on the TV commercial in patriotic colors and explained that they were reducing the cost of their product during these troubled times, and that they would return to normal pricing when the economy gets better.
This is a risky move - I hear ya! We do not know how long this recession will last! So, why don't we put a spin on this and give discounts to cash customers and larger discounts to pre-paid customers? If cash is king, this is a great way to get cash.
This last idea is a difficult one for me to discuss because I do not have a lot of experience with employees - easier said than done moment. If it comes down to it, you can have an employee meeting and share any situations and the short-term future of the company. Notify employees now if you are expecting a drop in sales. Tell them that until the economy gets better, there will be no raises.
If your situation is dire enough, you may need to devise a temporary wage reduction or "savings" program. This program would ask employees to take lower pay in exchange for continued hours.
Another idea is an employee investment savings program where your employees pledge up to 20% of their paychecks to remain in the company. The company uses that money to float and, in return, the company gives them 2% interest on the money they let the company "borrow". You will not get a loan rate that low, they will not get an interest rate that high - you both win.
A recession can be extremely scary to business owners. I hope that these ideas have helped or generated new ideas for you and your business. What other ideas do you have?
- From the Keyboard of Brockwell · Jan 8, 5:58am
- (From our December 2008 Newsletter - send blank email to subscribe@bonemarketing.com to subscribe)
Does your business have an umbrella? Are you making it in the economic conditions of our country? Did you have a plan or are you, like many others, winging it?
As a small business owner, I work on my business and I work for my business; many of you do the same. Working for your business and working on your business reviewing the books, answering phones, and planning the next tradeshow typically leaves any time for proper business planning.
Some business owners set a point from here to their goal and start going, usually without a list of steps to get there. Would you agree that this method generates less than efficient results - I would!
The new year is upon us! What do you want for your company in 2009? A profit increase of 10%? Two new employees? Three new computers?
Setting these types of goals are only half the battle! Proper business planning also develops the requirements, financials, strategies, and other steps to get from where you are now to your goal.
Take time this December (or even beginning of January) and layout your goals and the steps to get there. A few hours of planning now could help you pass your goals later!!!
To your success,
Brockwell Bone
PS - If you would like assistance planning your year, need another brain to pick, or advice, please do not hesitate to schedule a consultation.
NEXT MONTH: Did you plan your goals? Are you following your plan? Are you tweaking your plan?
- Nov 12, 2008 6:26am
- What a wild ride this year has been. You may have noticed that we missed the last 2(!) email newsletters. Why? Hurricane Gustav hit us hard! With no power for two weeks in September, we got way behind and only caught up two weeks ago.
In a time of devastation, like Gustav, God reminds us about priorities. It was re-enforced that protecting and caring for our families should be our top priority - always.
Our house was not damaged (luckily) so the only priority I had was keeping my family fed. Because we had to cook over a fire, I took over all of the cooking duties the first few days (thank you Boy Scouts of America!).
I experienced the family priority from the point of view of a son - on the fourth day without power, my dad purchased a generator and brought it to us. He went without so that his son, daughter-in-law, and grandchildren could have power.
When power returned, we stopped the active pursuit of new business - prioritizing our clients over business growth - something that is now company policy. If we are attempting to meet a deadline for a client, we will cancel appointments with prospects in order to meet it. Thank you all who bared with us during this difficult time.
You are our company's top priority,
Brockwell Bone
To subscribe to our monthly newsletter, please visit bonemarketing.com [bonemarketing.com] or send a blank email to subscribe@bonemarketing.com.
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- Jun 25, 2008 9:49am (1 review) health http://www.mychurch.org/wivesofsexaddict...
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- Jun 25, 2008 9:48am (1 review) health http://sexaddictspouse.blogspot.com/
- A blog by Marsha Means, author, coach, and former wife of a sex addict.
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