This is the New Normal

…we have to adjust expectations

I talk with small business owners day in and day out. I keep hearing about this recession thing and how they are waiting to do anything with their business until the economy improves. Guys, this is it. This is the new normal. It’s not just another cycle — we’re in what some people are calling a “reset,” a basic shift in how money moves around. We have to accept that the government isn’t going to change the economy, we are!

Small business is the backbone of our economy! We employ more than half of the American workforce. If anything is going to change we have to make it change. By putting your head in the sand and waiting, you are only making it worse. Now is the time to invest in your business. Chances are that your competition isn’t.

Spend the time to understand what makes you different, what you provide of value to your customer and tell the world about it. People will spend money for something they value that’s unique and different. I know it seems that we say this in our blogs over and over, but it is one of the most important factors in doing business. For more on this point read our blog post: Differentiate or lose out.

Change the way you do business. Do something that makes them talk about you. You can bundle things together in a way that your competition does not or make an outrageous claim or guarantee.

Look what you are offering. Perhaps you are offering your product or service in a manner that your ideal clients don’t understand or worse don’t want. Play with your pricing. Test your pricing with your best customers, and let them guide you.

Make sure that all parts of your business actually live up to what you say they will. Many times your delivery is exactly what you promised in your marketing and sales presentations.

Peter Drucker says “Business has only two functions – marketing and innovation.” As small business owners, what are you focusing your time and money on? If you are like most business owners, your focus is on daily tasks and not those two functions. To survive in the “new normal” you are going to be innovative and find ways to let people know about you. If you need help, as always, let us know!