29 September, 2008
September 1st ushered in a whole new way of doing business. A “New Economy” has emerged. Since the 1st we have seen turmoil within our economy that most of us have never seen the likes of before. Leman Brother, Wachovia Bank, AIG, just to name a few, who were giants within our economy have all wound up on the balls of their … It has happened to the biggest of the big. Keep in mind, we only hear about the giants, what about all those smaller institutions we never hear about, how many of them will go to the wayside.
Congress is now looking to pass a $700 billion bailout/loan/assistance package. Call it what you will, it is still $700 BILLION dollars. If you don’t know, a billion is a thousand million, therefore, 700 billion is 700 thousand million, reflected as 109 (700). No matter how you look at it, it is a powerful amount of money.
What does all this have to do with us, you and me and every other business on
Main St..? What it means is, business as usual is no more. What we knew before September 1ST does not apply in its entirety after that date. In order to survive in the coming few years we as business owners, independent sales people, commission sales people and so on, need to evaluate how you have been doing business and how do you adapt to the immediate changes taking place.
General Motors CEO G Richard Wagoner Jr last week stated that GM may be getting out of the automobile leasing business. Why, because their money source is all but dried up. Banks are scrambling to change their lending criteria, meaning it will be more difficult to get a loan, personal or business. Businesses that are having challenges in this economy may experience having their notes call in by the bank. Business start up will find it more difficult in getting a line of credit.
OK, so you know how this is impacting you. What does that have to do with the price of tea in China, plenty.
This is happening not just to you and me, but to our clients/customers and prospects. We need to be very sensitive to the changes, the pain they may be feeling and figure out how we can help them. “Help enough people get what they want and you will get everything that you want”, a famous quote from Zig Zigler. How do we help our clients and prospects during this New Economy. That is our challenge. If we fail to figure it out, then I am sad to say, we may be one of the many that fall to the wayside. Focus on your business, search for alternative ways to provide service in a meaningful way. Look for cooperative work opportunities through strategic alliances not just networking groups, find the synergy.
Review your marketing, hone your selling skills, implement systems and processes you have learned from many seminars you have attended but never put the information to use. In other works “Sharpen Your Saw”. Stay alert, for competition will be out to get you, or more accurately, out to get your clients and customers, and do so at all costs.
Going forward, the name of the game has changed from “getting clients” to “saving clients”.
There is a lot more I would like to put here but I think you get the idea. If you would like to talk about this, just call me. I’ll leave you with the following statement, something every good Marine knows.
“Improvise-Adapt and Overcome”
Coach Michael
Michael Loewenthal
The Business Coach
505-710-1817
CoachMichael@TheBusinessCoach.com
www.TheBusinessCoachABQ.com
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