Small Business Mole|

By: Don McDaniel VP – Discovery Bay Group L.L.C.

No doubt that last couple of years have been a big economic challenge for all businesses. The one thing for sure to remember about the economic downturn is that you, as a small business owner, will get no bailouts if you get into trouble. Although the economy is a little better we still have some challenging times ahead  in the future. My guess is that we will be digging out for the next couple of years minimum. So What should we do to protect our portion of the marketplace. Here are some basic ideas that I know you already are acquainted with but maybe need to reconsider:

1. Review, update and work even harder to retain the customers you already have by making sure your pricing, customer service strategies, and product delivery efforts are over the top. Don’t just think about it!!! Get your staff together to review and develop new strategies going forward. Your customers are having economic problems also so make sure you give them every reason to spend their limited funds on your products.

2. There are few small business quotes that had more impact on me then, “Innovate or Die” did. Look for new ways to stay in and grow your market. Look for new product lines, new marketing strategies to grow the business,  more efficient delivery systems,  and ways to improve on service.

3. Do a current break even analysis and do a product pricing review to make sure that you are staying up with your competition. Make long term pricing strategy changes where necessary and take a look at short term pricing strategies that will help boost your identity within your target customer group.

4. Do an organizational review of contractors, staff, and all associated expenses,and make adjustments where possible. This is one area you should be looking at each time you do a quarterly review of your business.

5. In a small business relationships are important both for long and short term success. Create a plan to involve you and your staff in areas that will create added credibility and loyalty within the community where you are doing business.

I’m sure there are a lot of other good ideas but we have used these as our first tier objectives in efforts to improve our revenue stream and grow our business long term.

DonMcDaniel -  VP Discovery Bay Group L.L.C.