Read Book Excerpts From Doing Great Business In Tough Times by Bart Smith

PART 1

The CHALLENGE: When Business Isn’t Doing That Great

Doing Great Business In Tough Times Excerpt
Copyright © 2024 by Bart Smith
Reprinted by Permission

Fear, uncertainty, hesitation, doubt and confusion often plague the minds and hearts of business owners everywhere. Have we slipped into quasi-state of stagnation wondering how we might get our own selves out of the funk we might have found ourselves in where our business is concerned?

Challenge Specifics

Many experts believe we have become too comfortable in our businesses and our lives, for that matter, to be able to handle operating a business during “tough times,” specifically due to the many years of prosperity enjoyed through years past.

Unknowingly, it has been said, that we have became lazy. What? Over the past few years, many businesses have actually enjoyed a steady stream of success and sales with plenty of growth and prosperity in their business.

But now, our world is different – drastically different. The economy seems to want to run its own course. The Web, mobile apps, technology, computers, you name it, they’re racing ahead faster than any of us can keep up. What’s in today, is probably out by next week.

Clients and business owners alike, filled with economic uncertainty, remain stagnant and apprehensive about the future of their businesses not to mention, their own lives.

Reality Talks

Many businesses have never had to operate in “tough times” before. We’ve never truly been forced to sell in a “hurt economy” or during “tough times.” We’ve only been use to selling in “good times” or times of “prosperity.”

If you diagnose your own business and levels of resources, talent and skill, you may find your selling and communicating skills have become a tad dull and maybe unsharpened. Customer service levels and similar relations may not be quite where they should be to help meet the demands and challenges of operating a business in tough times. We might have products and other assets that are out of date or underutilized for maximum gain and profit as opposed to loss and misfortune.

In times like these, we truly face the daunting task of actually having to buckle down and “work” for a living. TOUGH TIMES shouldn’t make us have to work harder, per se, as they really should challenge us to “think harder” about how to generate prosperous times again.

In today’s economy, nothing comes easy. Those who know where to look for opportunity and make gains, THEY will be the WINNERS. Those who have the knowledge (or desire to acquire it) to move forward and know where and how to get ahead will ACHIEVE SUCCESS even during these TOUGH TIMES. For many, here’s one secret to success:

(THIS IS CONTINUED IN THE BOOK)

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BOOK EXCERPT #2

PART 3

MEASURE To Succeed In Business Today

Doing Great Business In Tough Times Excerpt
Copyright © 2024 by Bart Smith
Reprinted by Permission

QUANTIFY practically EVERYTHING. Times are tough. We must know where every penny comes from and where it goes. Examine, review, consolidate, measure, study, survey ...

✦ Sales volume reports, numbers and records ...

✦ Productivity logs, reports and records ...

✦ Profit/Loss statements and figures ...

✦ Distribution of your time, allocation of energy spent on projects, clients, etc. ... what/where is the best use of your time for the money? Stay there or stop doing that ____.

✦ Risk/Gain/Loss scenarios and experiences. Which paid off? Which didn’t? Stop doing what doesn’t pay and do what does.

✦ Financial liabilities, obligations, debts ... current, past and future. What do you owe? What expenses can be cut, replaced or reduced? Make it happen.

✦ Current asset value. (i.e., physical, intellectual property, financial assets ...) Add them up. Know where you stand.

Consolidate, MEASURE, quantify EVERY OUNCE of RAW DATA and research you can find in and about your company. Gain CONTROL of your business NOW while you still have the opportunity. HARNESS your (research) results, facts, figures and numbers to determine EXACTLY where you stand (good/bad/indifferent).

Be HONEST and TRUTHFUL with yourself ... and your clients. Be direct, highly professional about what it is you HAVE TO DO and FOCUSED on the SUCCESS and PENDING FUTURE of your business.

ASK YOURSELF THE FOLLOWING QUESTIONS

✦ Where do we STAND TODAY compared to this time (i.e., last year, month, quarter)?

✦ When it comes to company administration/sales/customer service, where are we are STRONG?

✦ When it comes to company administration/sales/customer service, here’s where we are WEAK?

CLIENT PERSPECTIVE

✦ What do our CLIENTS think of your PRODUCTS/SERVICE?

✦ What do our CLIENTS think of your CUSTOMER SERVICE?

✦ What do our CLIENTS think of your COMPANY?

PRODUCT/SERVICE PERSPECTIVE

✦ What products are selling the most/least?

✦ What services are we selling more/less of?

SECTION REVIEW

MEASURE and ASSESS YOUR COMPANY, YOURSELF and YOUR CUSTOMERS/CLIENTS.

MAXIMIZE your business from ALL DIRECTIONS, INSIDE and OUT by MEASURING EVERY AREA of your business for its STRENGTHS and WEAKNESSES.

Now, more than ever, is the time to hunker down and get to these tasks, while you have the opportunity and the time. Now, more than ever is a TIME to TEST all aspects of your business, inside and out.

(THIS IS CONTINUED IN THE BOOK)

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BOOK EXCERPT #3

21 Ways To Spy On Your Competition

Doing Great Business In Tough Times Excerpt
Copyright © 2024 by Bart Smith
Reprinted by Permission

What’s your competition up to? Everyone in business needs to keep an eye on their competition to ensure that you are steps ahead in the race for success. In order to stay in touch with the latest trends and foster new ideas to grow your business, here are my sure-fire ways to to spy on your competition:

1. Study and monitor their website for all pages, content, etc.

2. Read their blog/articles. What kind of topics do they write about?

3. Subscribe to their eMail list, eZine, or online newsletter.

4. Listen to their podcast. How is it? What can you learn?

5. Listen to their tele-seminars/tele-calls. What can you learn?

6. Watch their webinars/replays. What can you learn?

7. Watch their videos. What can you learn?

8. Join/read their forums, knowledge base and help files.

9. Study their meta tags for key words, descriptions, etc. per page.

10. Study their pricing. How do you compare? High/low?

11. Buy/study their products. Consume/learn what they produce.

12. Read / contact their customers/testimonials. What do they say?

13. Join their social media network. What are they up to? Any ideas?

14. Research them online. Search via Google, then read the results.

15. Offer to work for/with them. What’s it like? Any ideas?

16. Get to know your competition’s associates, vendors, etc.

17. Show up at networking events they attend and watch them.

18. Call/visit their office. What do you think of it? Any ideas?

19. Pay for their services. How do they rate/compare?

20. Attend their seminars and workshops. What can you learn?

21. Join ‘em! If you think it’s in your best interest, hey, if you can’t beat ‘em, join ‘em.

Use your imagination when observing the competition. Competition can be friendly and should be healthy and constructive. It can take you far when done right and ... often.

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BOOK EXCERPT #4

PART 5

FOCUS To Succeed In Business Today

Doing Great Business In Tough Times Excerpt
Copyright © 2024 by Bart Smith
Reprinted by Permission

Without FOCUS, you could be all over the map. In good times, it’s easy to stray some, experiment a little, try this or that without worry that it might not produce a single client or dime of profit.

Well, there’s a truth we need to stay true to during TOUGH TIMES, which is, we don’t have time to chance it, stray far, risk or experiment without testing and measuring those methods, techniques, etc. SPECIFICALLY and DIRECTLY RESOPNSIBLE for PRODUCING RESULTS, CASH, INCOME and CLIENT SATISFACTION.

TOUGH TIMES are the most critical times for all of us to FOCUS TIGHTLY “on” our businesses and what we have to do SPECIFICALLY to SUCCEED during these TOUGH TIMES.

FOCUS on those areas that generate STEADY INCOME. Secure that income FIRST before starting other projects only that might only be half-started.

FOCUS on those products and services that PAY THE BILLS. Whichever product/service brings in the lion-share of your revenue, FOCUS THERE, maintain it, make sure it CONTINUES to come in STEADILY and without a hitch.

Engage Your Employees For Success

During a recession, you typically have the undivided attention of every person in your company. This is when it is best and the easiest time to change those non-productive behaviors and habits your employees might have.

Ask and you shall receive: Ask your employees what areas of your business need help, which areas are strong/productive. Many companies make across-the-board cuts because they don’t have all the facts telling them to do otherwise.

Measure, survey, quantify and analyze all the data before making such decisions. Engage your employees’ help and assistance. Unite the company - stand as one.

Side Projects & Part-Time Interests Aside

TOUGH TIMES call for FOCUSED ATTENTION on ONLY those projects or aspects to our business that are PRODUCTIVE and strictly INCOME PRODUCING components to our business.

TOUGH TIMES are NOT the time for dabbling in side projects or part-time interests that might not forward the financial interest and stability of the company.

Only AFTER the TOUGH TIMES are over and prosperity reigns once again, might one consider dabbling, sampling and experimenting in other areas of our businesses that are not-so income producing but more experimental and unproven.

(THIS IS CONTINUED IN THE BOOK)

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BOOK EXCERPT #5

Bartering For Success

Doing Great Business In Tough Times Excerpt
Copyright © 2024 by Bart Smith
Reprinted by Permission

Bartering is simply the trading of goods and services with another without the exchange of money.

According to a number of trade reports, there are over 500,000 companies in the United States alone trading OVER A BILLION DOLLARS in goods and services by the use of barter exchanges and other bartering methods.

When you want to barter with someone, explain to them the benefits of bartering. Identify a list of key elements you bring to the table and help the other party understand what it is specifically you wish to barter for.

Explain to them the benefits of bartering and the specifics of your proposal.

BENEFITS TO BARTERING

Here are the benefits of bartering with others:

✦ Barter for FREE ADVERTISING.

✦ Barter for MARKETING HELP.

✦ Barter for NEW CUSTOMERS.

✦ Barter for TRAINING & EDUCATION.

✦ Barter to COMPETE AGAINST YOUR COMPETITION.

✦ Barter for various BUSINESS SERVICES.

✦ Barter for COMPUTER SERVICES.

✦ Barter for OTHER SERVICES.

✦ Barter for WEBSITE SERVICES.

✦ Barter to INCREASE TRAFFIC to your website.

BARTERING HELPS SAVE MONEY

✦ Bartering gives you an edge over the competition.

✦ Go to forums/websites/groups that discuss bartering issues.

✦ Join a Barter Exchange Club to meet other businesses that barter.

✦ Make an announcement on your website that you barter.

✦ Make a list of products and services you can barter for.

✦ Make a list of products and services you want to barter for.

✦ Make every barter a win-win trade.

✦ Research the Internet for people who barter.

✦ Start a barter exchange club among business associates.

✦ Start a barter exchange club to meet other businesses who barter.

(THIS IS CONTINUED IN THE BOOK)

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BOOK EXCERPT #6

PART 7

Become SERVICE FOCUSED To Succeed In Business

SERVICE is the name of the game. Here’s what I mean:

✦ To be of CLOSE ASSISTANCE to ASSIST THE CLIENT in all ways possible.

✦ To PROMOTE the SINCERE INTERESTS of another; benefit them, plus them, aid them ...

✦ To OPERATE from a BASIS OF TRUST and confidence ...

Having the responsibility to perform certain key obligations for another for the benefit of the other person (i.e., the client). To operate in a fiduciary like role ... Overseeing their needs, wants and desires.

During TOUGH TIMES ... SERVICE that which your clients need, on time, every time and to the exact level they need your particular product or service.

During TOUGH TIMES ... it is NOT the time to be trying to sell your client “MORE” THAN what they NEED or for that matter any LESS than what they NEED.

During TOUGH TIMES ... we are to help them, educate them, inform them, encourage them to buy only and exactly what their needs demand and no more. We should aim to secure their trust, their confidence and their loyalty during the TOUGH TIMES.

It is also to our advantage to REACQUAINT OURSELF with our clients like no other time in the (client) relationship. Get to know your client all over again if you have to. You need need them (more) than they need you, in most cases. Don’t lose them.

If your clients are also struggling during these TOUGH TIMES, help them too in the best way possible. Pay close attention to their behaviors, their wants, their needs.

Client Service Marketing Tactics
(Implement Immediately)

Here are a few of my favorite client/service marketing tactics:

✦ Contact clients regularly. “Out of sight, out of mind.”

✦ Allow for all means of communication: telephone, eMail, texting, social media communications, snail mail, etc.

✦ Be polite and courteous every time. Keep professional. Keep personal feelings and attitudes out of the way of your doing business.

✦ Build life-long relationships with your clients by asking questions (about their needs) and LISTENING.

✦ Complaints are vital to success. Complaints often signal that something is wrong. Take them seriously, investigate, and take corrective action when appropriate.

✦ Help answer questions ahead of time by providing online training manuals and instructions.

✦ Help answer questions ahead of time by writing sales copy that is so to-the-point that most questions are answered through what you write.

✦ When (client) personal needs are met, fierce loyalty and dedication occur. Serve them (well) and they will ask you back again and again.

✦ Make contacting you simple by providing your contact information on your website, business card, letterhead and other business correspondence.

✦ Sincerely attempt to please your clients with the very best client services you can provide. Happy clients spread good news about you, your product and/ or service. Unhappy clients spread bad news about you, your product and/or service. Service those unhappy clients into happy clients every time with the best client service and attention you can provide.

✦ Send your clients a satisfaction questionnaire. Inquire how they feel about your product or service. And improve yourself, product or service based on their comments.

✦ Serve your clients so well that they become loyal to you and will never even consider going somewhere else.

(THIS IS CONTINUED IN THE BOOK)

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BOOK EXCERPT #7

PART 9

Increase Your Income With These INCOME TACTICS

Here are a lot of great ideas on how to help increase your INCOME for your business during tough times:

✦ Pay very close attention to long-term paying contracts that provide steady, solid income. Treat these clients like gold. They are ... your bread and butter.

✦ Bill promptly. When you finish the project or work performed for a specific billing period, invoice your client promptly.

✦ Prepare professional looking invoices with complete description of the work performed, hours worked, amount due, in addition to important billing and contact information and to whom to make payment.

✦ Show the client through your (great) performance that they cannot exist without you. Do your homework, study the competition, better yourself than they are. And show it, through your work. Walk it, don’t talk it.

✦ Spell out your payment terms up front. Usually a net-7 or net-30. Be very clear, so the client has no question. They know who to pay, how much and where to send the check.

✦ Offer to accept all forms of payment: business/personal check, credit cards (as many as possible), cashier’s check and money order. See Merchant Accounts Explained.

✦ Increase the number sales you make over time. See 50 States Sales Income Chart over at MyTrainingCenter.com.

✦ ZIncrease the size of your sale over time. See Projected Income Chart over at MyTrainingCenter.com.

✦ Stay focused on selling to your target market. Increase your closing ratios by selling to your target market. High closing ratios and focused selling leads increases your chances for higher income every time.

✦ Activate IN-ACTIVE clients; those clients who haven’t bought from you in a long time. Revisit their records. What did they buy last time? How come they haven’t bought anything recently? What would they buy? Find out.

✦ Create new products on a consistent basis to sell to your EXISITING client base. Get your current buyers to buy more. 20% of your clients usually buy 80% of your product. Capitalize on this fact.

✦ [S–E=P] Sales – Expenses = Profits. Increase profits by increase Sales or decrease expenses.

✦ Referral income: If you’re not asking for referrals, you’re not increasing your income. Personal recommendations make for easier sales than cold calling and prospecting for new clients. This is easy income. Ask for it. You will not receive if you do not ask. The law stands true: ask and you shall receive.

✦ Residual income: If you’re not receiving consistent, monthly commission checks in the mail from sales you referred “once” to others, then you need to take a serious look at this form of income. It’s called, “work once and get paid over and over.” In a tough economy, when your sales are down a bit, it’s nice to receive extra income “consistently” in the mail (or via eMail notification) every month by helping others, referring them business, and who pay monthly residual commissions to you.

✦ Locate weaker competitors, and offer to work with them. You benefit by gaining new clients, products and services to offer your pre-existing clients. The competitor becomes a “good-will” join-venture partner promoting your products/services to their client base. You win, they win, clients win. It’s a WIN-WIN-WIN situation all around.

✦ How do you get repeat business? Do your job well and get others to refer you while you promote yourself all over the place.

HERE ARE THREE WAYS TO INCREASE BUSINESS:

#1) Get existing clients to buy more frequently. Do you have more than one product? Great, sell it to them. Can you create a subscription, membership website comprised of your knowledge and expertise thta you add to every week/month? There’s one way to keep customers purchasing from you month after month. (Low cost method.)

#2) Increase the amount each client purchases at the point of sale. “Would you like fries with that?” That statement probably made McDonalds another $30 MILLION per year. Also called up-selling. (Low cost method.)

#3) Find new clients. Yep, when you don’t have repeat sales and you can’t increase the “purchase size” of your clients -- you’ll have to go out and find new ones. Not to worry, there are lots of ways to do that. (Highest cost method.)

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