Although every other pundit seems to know how to make it through the economic downturn plaguing this country and every other nation in the world, you are – in fact – the best judge. But, as you move through the coming months and the challenging task of serving your community, here are some tips to consider:
Cutting back on expenses may be a good “first whack” at economic pressures, but in truth, being well-positioned and showing strength in face of the current economy are also necessary.
Know your competition. Maximize your strengths and know your competition’s weaknesses. The more you know, the better position you have to capitalize on your position.
Be brutally honest. Take a look at how you do things and determine if this is the best you can do – from the standpoint of price, how well each element aligns with your reputation and from the client family’s point of view. Is presenting a family bible after each service serving your purpose and your tradition of service…or is simply a freebee that, in truth, doesn’t mean too much to the family?
Do you use customer surveys to their full advantage? How often are customer surveys used? Once you’ve received survey results, do you make changes…or continue with the status quo?
If your relationships with vendors, other firms and your families need improvement, don’t wait. Now more than ever before, your business and personal relationships will determine the future of your firm.
Leave no stone unturned. In an economic downturn, your firm should be streamlining processes, offering training to employees who aren’t totally up to speed and making changes whenever and wherever they may be needed. Just because you’ve been doing things the same way for 10 years is no sign these same processes and procedures will carry you through every challenge.
Don’t be afraid to ask – or answer – the tough questions. Be open and honest. Have brain-storming sessions where new ideas and thoughts can be considered and then employed or discarded.
Stagnation is not an option. Keep moving forward, maintain an open mind to new ideas and listen to your clients – they will tell you their needs and expectations, often before you ask.
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