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Are you a glass half-full or glass half-empty kind of a person? We are frequently reminded to ‘stay positive’ however, when it comes to doing business in tough economic times I believe this advice should be taken firmly on board.

 

Why? Well, at the very least positivity breeds positivity. Enthusiasm is infectious. If you are upbeat about your products and services then your customers are much more inclined to feel the same way.

 

Similarly, being positive is a ‘likable’ trait and generally people buy from people they like. Let’s face it, would you prefer to deal with a miserable sales person or one who is always cheerful and enthusiastic?

 

When you meet successful business people, their willpower and drive are often the traits that are remembered long after their conversation is forgotten. Energy and enthusiasm are invaluable in customer facing situations. In this way ‘being positive’ is an easy step to implement and can have a dramatic effect on how your business is perceived by your customer base.

 

Customers also like to feel they are being looked after and put first. So let your positive mental attitude extend to offering excellent customer service. Ensure you go the extra mile to guarantee customer satisfaction. The good news is that in challenging economic times adopting this approach, which is really simply a question of exuding the right attitude and doesn’t have to cost a penny.

 

In addition, consider if you can offer added value services on top of your usual offering. In this way you can move from satisfying customers to ‘delighting them’.

 

Again this doesn’t need to be complicated or costly. It may be something as simple as being flexible around timing, meetings or deliveries, or spending more time merchandising product displays.

 

At Card Connection our franchisees supply greeting cards to retail outlets and by ensuring the displays are always fresh looking and up-to-date with the very latest seasonal product, the retailers sell more stock. As a result, the store managers are happy to place Card Connection greeting card displays in prominent positions in their shops and even expand their ranges – all of which ultimately lead to higher sales.

 

Many businesses find that 80% of their revenue comes from just 20% of their customers so it is important to prioritize your key clients. Making the effort to build relationships with these customers on a personal level strengthens loyalty and will allow you to see how better to accommodate their requirements. Peter Javens, Card Connection’s franchisees for the Nottingham and Grantham region and one of the company’s first franchisees has a strong focus on customer relations. He has become personal friends with many of his retail customers and in the past has even been invited to customers’ weddings!

 

As well as looking after key clients don’t ignore the smaller spenders. It is estimated to be seven times easier to ‘up sell an existing client than win a new one,’ so think positive and see if there is an opportunity to increase service usage or see if you can introduce them to more products in your portfolio?

 

New Business
In a recession regardless of how well you look after your existing clients, most businesses will find some customers are suffering and therefore not in a position to continue buying at the level they have done previously. To replace this lost business you need to prospect for new customers. Where custom may have ‘come to you’ in the past, in a downturn, only by adopting a proactive approach to new business will you be able to capitalise on the opportunities that are still available in the market place.

 

A simple promotional plan is required. However, marketing is mainly about making people aware or reminding them of what you have to offer, and such campaigns need not be complicated or expensive. Firstly, consider how you have gained new business in the past and implement similar approaches to attract new customers proactively.

 

Make the effort to contact old customers – this can be done inexpensively by phone, leaflet or face-to-face for example. If you don’t have a list of old clients, or a simple database, then now is the time to create one! Consider whether you can offer an incentive to bring old customers ‘back on board’.

 

Word of mouth recommendation can also be a particularly strong marketing tool. Therefore, ask your existing customers to recommend you to their colleagues, friends and relatives. Again, can you incentivise them for helping you?

 

Business ‘networking’ can also be cost effective and successful. Are there any local business groups you can join? This might be the local Chamber of Commerce, Business Networking International (BNI) or the Business Referral Exchange (BRE). Contacts you make may be interested in your services but critically, they may able to introduce you to their clients or people they know that want to buy from you.

 

Working ‘on’ the business

As well as taking positive action around existing clients and implementing a simple promotional plan, spending a proportion of time ‘on’ the business rather than ‘in’ the business will enable you to streamline processes, increasing efficiency to free up time for prospecting.

 

One of the main advantages of working in the franchise industry is that you can expect support from your franchisor. Talk to them, use their resources and find out what the most successful franchisees are doing – can you adopt any of their practices?

 

This may be as simple as calculating the most efficient call routes or adjusting your working hours to avoid wasting time in traffic during the rush hour. It might include investing in a satellite navigation system to avoid getting lost, learning to use a software package like Excel to make the accounting easier and faster. You might even look at hiring a part time assistant to undertake admin or complete the more menial tasks inevitably involved with the running of any business, freeing up your time to meet with potential customers.

 

Getting organised is also something that also needs to be approached positively and proactively. Use any ‘down time’ if business is slightly slower than usual to your advantage to put in place simple systems to make your franchise ultra efficient. Then, when the market picks up you are running a tight ship and one that can manage the increased swell in custom easily.

 

In the past year at Card Connection, we have rolled out electronic hand held terminals designed to minimise admin. They allow invoices to be generated on site and so also allow our franchisees to provide a higher level of customer service to retailers. As well as increasing customer satisfaction levels, the time saved has helped our franchises focus on winning new business.

 

When running any business there will be ups and downs. However, don’t let the inevitable disappointments set you back. Losing a customer can be demoralizing but currently the market is tough for everyone. Don’t take it personally and see this as a catalyst to encourage you to go out and win ten new customers.

 

Running your own business in a recession requires hard work, commitment, determination and tenacity but staying positive and making sure your glass is half full rather than half empty will ensure your business has the best chance of surviving and even thriving in challenging financial times.

 

Article first published on Making Money: www.makingmoney.co.uk/

 

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