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June 2008
7 Ways to Reenergize Your Business in a Down Economy

A down economy is the perfect time to do some retooling of yourself, your business, or your team, because you've probably got more time on your hands. So here are 7 things you should be doing when business is slow.

(The following are the first 7 ways from the complete list of 14 Ways to Reenergize Your Business in a Down Economy. To download a free copy of the complete list, see the end of the column.)

1. Reevaluate who you are, what you do, where you're going, etc. The key to success is having a clear sense of your purpose, vision, values, and goals.

You should do this for yourself individually, and then apply the same reevaluation to your business, your department, your team. Also consider your leadership style, your communication skills, and other areas to see what needs improvement.

2. Revisit the processes that enable you to get things done.  You'll usually find that at least some of them are activities that put you no closer to reaching your goals. Jettison these immediately.

Other processes may need minor adjustments. Also consider processes you eliminated a few years ago. Has anything changed that might warrant bringing them back? All processes should have one thing in common: They advance you toward the achievement of your goals.

3. Look for new services and products to offer, new sources of revenue. Here's where you have to put your creativity hat on. Start with your current offering, and look for extensions, for complementary services or products.

Think about your clients and their needs and problems. What needs and problems do they have for which you could provide solutions?

4. Get training or coaching for yourself and your employees to develop new skills. I know what you're probably thinking: "Hey, it's a down economy, and we're low on cash." Most times this is just an excuse. In good times the excuse is "We don't have time, we're too busy."

So quit making excuses, you need to upgrade your skills and those of your employees. You've got the time. We all know the money's there somewhere. Keep your creativity hat on, and find the money. Then get the training or coaching you and your employees need.

5. Reinforce existing skills. These skills are often forgotten when we're thinking about personal and professional development. But they shouldn't be. Just because you're good at something doesn't mean you can't improve.

Remember, success is all about improvement, and you know me, I'm passionate about improvement.

For instance, I have confidence in my public speaking skills, but always want to improve. That's why I'm a member of a Toastmasters chapter. But I don't get to a lot of meetings when things are hectic. So I'm going to concentrate on making it to more meetings this summer.

6. Reconnect with people you haven't talked to for a while.  This includes clients, prospects, colleagues, friends, even family members sometimes. You may generate new business, and you'll certainly generate new ideas on a wide range of topics.

And you'll feel better for doing so. Don't use email, because talking to on the phone or seeing in person are the best ways to reconnect.

7. Refocus your marketing. This one's like training in that we neglect it when we're busy. But marketing is essential for the success of any business, team, or project. We need to continually market our products, services, and ideas.

Look at your marketing and I'll bet you'll find it hasn't been updated in years. Now's the time to refocus. It's why I'm currently refining my marketing, my message, my website. I started the project in March, and it's ongoing.

Don't have the money? Quit making excuses. See # 4 above.

So there you have it, 7 Ways to Reenergize Your Business in a Down Economy. You don't necessarily need to do all of them, but you should pick at least a few to start out. I guarantee that you'll be better for it, as will your business or team.

Which ways will you implement first? When will you actually start doing them? What will happen if you choose to do nothing?

For a free download of the complete list of 14 Ways to
Reenergize Your Business in a Down Economy, click here:
http://www.on2url.com/app/adtrack.asp?MerchantID=55031&AdID=393088

Until next edition, keep leading the way!

Copyright (C) 2008 by Terry Wall

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