I don't think a day goes by when I don't speak with a salesperson who is completely lost, panicked by his uncertainty as to what to do next.
These days, most U.S. markets are buyer's markets, meaning that consumers have great leverage to get a lot of value for their dollars.
During economic contractions your clients are going to become more resistant, more selective and more fearful about how they spend their money. Consumers will only spend their money when the perceived value of your product or service is greater than the value of their money.
Can you imagine bringing together two different businesses for a single advertisement? Say Bud Light and GEICO create a Super Bowl ad together, or a local clothing retailer and a delicatessen join up to co-invest in a Yellow Pages ad.
Right now, the internet accounts for one third of the typical media day for all U.S. adults. Consumers spend nearly four hours online daily according to a report from The Media Audit--that鈥檚 32.5 percent of their media time compared to daily exposure to newspapers, radio, TV and outdoor advertising.
Hiring people who complement my company鈥檚 corporate culture has helped us push our employee satisfaction numbers to a five-year high and earned us the highest client retention rates in our industry.
Change is hard to deal with. Just thinking of the word can conjure visceral reactions and the expectation of difficulties, resistance, anger, betrayal, shock and misfortune. But hesitating before you implement a change isn't necessarily bad. When problems occur in business, the most adaptable entrepreneurs jump at the opportunity to make a change. Occasionally, though, they leap too fast.
When your employed friends talk about retirement, do you have a hard time relating? When you think about growing older, do you picture yourself happily still working? As an entrepreneur, you're not alone.
Here in New England, the leaves on the trees have turned blazing colors. They're a brilliant reminder of the change of seasons, and their time is short. Soon they'll turn brown, dry up, fall off and get blown (or raked) away.
In past columns I have written about the opportunities created by our current economic climate. Regardless of where you fit on the spectrum of pessimist and optimist, you have to agree that business will never be the same as it was in the past. Too much has changed, and nothing more so than the awareness that entrepreneurs cannot take the future of their business or their current customers for granted.