“In Business” by Roland Millward

For many businesses there is a need to continually generate new leads. There are many ways this is done, advertising in the press, TV, Radio, Internet, billboards, mail shots, telephone calls and generating new business from old leads, existing clients and referrals. Leads are the lifeblood of business and when times are good the generation of leads tends to take care of itself. However we are now in a recession and every penny counts. Vast amounts of money that were once thrown at the standard forms of advertising hoping that some of it would work is now a luxury that most businesses can not afford. Some businesses of course have never had that luxury.

It now takes time and careful planning to see where you should be spending most of your advertising budget and how effective it is. Start with past clients or those leads that have not yet converted. Set aside time each day to phone and see how those clients are doing. What are their current needs? How can your business meet those needs in the current economic climate?

Businesses today that are offering great value (not necessarily the lowest prices), good service and go that extra mile will win business in these tougher times. Allocate a slot each day when you and your team will make those calls. If you are going to spend money on advertising use every trick in the book to make it effective. Get some expert advice and save wasting money. It is possible to get some free advertising if you know how!

Don’t forget per per click and here is some free software to help you use Google to the full. All you need is Firefox a free web browser (it’s better and safer than IE Explorer for all your needs) and you will really be able to use Google Adwords cost effectively.

With this recession beginning to take its toll now is the time to make sure that we really focus on our business and the services and goods that we provide.

The businesses that will survive will be very different from those that fail. This is not just in the sense of good financial management but in the way which they operate in the market place. Businesses that are middle of the road will certainly face severe problems. As a business owner / manager you will need to lift your business above mediocrity.

Your service and products will need to be the best – not the cheapest. The immediate reaction in a downturn is to simply cut prices. However cutting prices reduces profits and if a business makes a loss it is heading for disaster. Take a look at what you can do to improve service and sell products that people are willing to pay a fair price for without cutting into profits. Try and avoid simply competing on price alone. Look for ways that you can add value to your goods or services that will set you apart from nearly all of your competitors.

Look for all the advice that you can get and analyse your business plans and action immediately things that need adjusting.

Speed is essential in surviving. You must stay ahead of your competition. In a survey of what made the most successful entrepreneurs, it was discovered that it was the speed at how quickly they reacted and put plans into action that really made it for them. Do the same!

Many people dream of starting their own business. Some of them do and a some succeed and some fail.
When is the right time to start a business?
The answer probably has less to do with the economy than the person themselves. Preparation is essential if an entrepreneur is going to be successful. The product or service must be good and the business run in an effective manner. One thing that is A Must – CASH-.

Cash is king and when you start a business you must have enough cash to see you through the initial start up costs and your living expenses until the business can sustain your living costs. If you have the ideas, the skills and the cash then start your business.

A recession can be a good time to start because of a number of reasons. One is that if you need business premises they will be more readily available and cheaper to rent or buy at this time. Many goods have been reduced in price so deals can be had on office equipment, machinery, cars, trucks and so on.

The other great thing is of course that by starting in a recession your business will be well placed to grow and do even better when a recession ends.

Many successful businesses today started in a recession and they are well placed to survive this one because they know how to survive and indeed thrive in these times.

So if you want to start a business go for it! Plan well, get good advice and you can succeed.

Follow me on Twitter!