Build your business in a slow economy! Part 2

Now that you've had a week to start implementing the customer service ideas from Part 1 it's time to start on Part 2....focus on your bottom line. Start by reviewing all of your overhead. Is there any place you can cut back? Do you need all of your phone lines? Can the heater be turned down a few degrees? Are you optimizing your time and gas each day by grouping appointments and tasks outside of your office? Do you need that monthly subscription? Look in every nook and cranny to make sure you cutback every place you can.

Cash flow is king with the new economy. Review your Accounts Receivables. Get aggressive. The squeaky wheel gets the grease. Companies are trying to keep their cash as long as they can which can mean 45, 60 even 90 days. Send statements, make phone calls and get aggressive with your collections. It may be time to change your policies so you aren't strapped for cash nor stuck when a company goes under.

Socking away funds in good times and bad are always important. Put it in your budget and stick to it. You'd be surprised at how fast a little money put in savings will add up by the end of the year. Commit to leaving it in savings.

Spend your advertising budget wisely. Businesses are closing daily and their customers are looking for another company to work with. If you sit quietly in the background, then quietly sitting in the background you will stay. You need to prospect and keep "touching" your existing clients so they know you are there when they need you. Instead of throwing money away on untargeted advertising make your money work smarter for you.

The results of a recent study showing the average cost per impression for each advertising vehicle is as follows:

* The average promotional products item is $0.004
* Advertisement in a National Magazine is $0.033
*In a Sports Radio is $0.005
*In a Newspaper ad (1/2 page BW) is $1.019

Review the results and ask yourself which of these marketing vehicles effectively targets the exact clients you want to "touch"? The only answer is promotional products. It's the only vehicle that delivers your messge to the exact person, in the exact company at the exact time you want to reach them.

Don't stop advertising in this new economy. Instead start advertising effectively so you get the most out of your advertising dollar.

If you have any questions or need help with your advertising feel free to contact me. Promotional products advertising is not just my job. It's my passion!

Promotions that get results!
Shana Anderson
Complete Workplace, Inc.
Milpitas, Ca