Five Crucial Strategies for Post Recession Growth

Leveraging the knowledge and experience of small business owners from across the nation, The Alternative Board has identified five of the highest-impact strategies businesses should immediately initiate to capitalize on the beginning of a post-recession economy.

Financial Reevaluations:
Pricing – table any plans or scheduled increases until Q2
Bad Debt – change payment terms. Consider net 10 rather than the standard net 30. Charge interest. Enable customers to wire transfer funds
Employee Communication – share top-line financial data. Employees with a better idea of where the company stands are more committed to ensure the business reaches its goals
Sales Redesign: the entire landscape has changed. Those who examine their business as a true outsider will be the ones that can see clearly to pounce on rich new opportunities. Think Apple mobile checkout stations or McDonald's McCafé
Become a Social Butterfly: social networking is here to stay, and if you don’t engage, you’re leaving money on the table by not increasing word of mouth, brand awareness and thought leadership, thereby increasing sales. Engage targets through blogs, Twitter, Facebook, LinkedIn, etc.). Listen to your audience. They’ll suggest valuable ideas you never thought of
Accommodate More Potential Customers:
Recalibrate – consider different ways of delivering your services so you can target smaller companies that might not have been your ideal fit in the past
Reactivate – call a past client and offer paired down versions of your current services
Quit Functioning as an Island: business owners operate in a complex and often lonely dynamic. Expanding beyond networking groups to instead have the small business version of a board of directors – a peer advisory board – delivers an alarming impact on both business owners’ sanity and their profitability

What does Walking 39 miles in 2 days have to do with Running a Business?

This weekend I participated in the two day Avon walk for Breast Cancer all around New York City. My anxiety was very high for this event because I was too busy to train and get in shape for the 40 mile, 2 day walk. Of course I didn't have time for the preparation work - I run my own business, I manage 3 kids, I am over stretched at the kids schools and I have a very active social life. I should just be able to get out there and do it!

Well now it is 27 hours after I crossed that finish line in Hudson River Park and I have four blisters, feet that can't bear standing for more than 5 minutes, a sore back, aching shoulders and knees that feel like they were split in two. Sure, I did it alright and walked the miles, but I am paying the price big time today for my lack of planning, preparation and over confident will that made me think I could walk 39 miles in two days at the same speed of women who clearly were prepared for the challenge.

I started to contemplate on how many business owners that I meet have the same thinking. Prior to joining The Alternative Board, they are too busy, have too many fires to put out and have too much to do instead of strategically planning their business, acting on valuable objective advice or changing course to propel ahead in this economy.

I learned my lesson this weekend! A painful one, yes, but a life changing one all the same!