The Current State of the Economy, Impact on Business
In the last few weeks, I’ve been asked by several people, what my impression of the state of the economy is making to business. While it is obvious that businesses are not as profitable or busy as they once were, it’s not a time to panic. Not many people have been through a recession like we are currently in, so not many people know how to manage their business to the current state of the economy.
My thought is, focus on what you can control. This means doing 2 basic things:
- Control and manage your expenses.
- Be proactive in going after new business.
Typically the managers of money (expenses) are the people with the financial background… Controllers, Financial Analysts, etc… who they themselves cost you money. However, the atraction of new business is not just limited to efforts made by sales people; new business can also be achieved with a variety of resources. Your most expensive selling tool is your sales rep and even though they bring a tremendous amount of value, there are other less expensive tools to market and promote for new buiness.
Take for instance the following:
- Call Center: a rep can call into about 300 records per day at a cost of about $20 – $30 per hour.
- Direct Mail: is commonly a one time fee to create the piece, then all you pay is to print and mail at a cost of about $1.25 – $3.00 each
- Web design/ website: a good website will need regular maintenance but depending on your objective for a website, it can be a one time fee of about $75 per hour to build
My plan to overcome the impact that the economy is making on my business is to focus on building relationships and look for new business opportunities.
Contact us at JM Field Marketing for more on information about the various tools and resources to effectively market and promote your company.
Director of Business Development