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Strategies to win in a challenging economy by tom shay
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Strategies to win in a challenging economy by tom shay

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  • 1. Tom Shay, CSPCertified Speaking Professional
  • 2. #1#1• It’s in your head (and in thenewspaper)• If it is gloom, we’ll find room. If itbleeds it leads.• Determine that it is you, and notthe media that is going to decidewhat happens in your business.
  • 3. #2#2• No one won a war by dying for hiscountry, you win a war by..• In a downturn, most businesses willretreat without any plan - cutting staff,buying, advertising, and ‘hunkeringdown’• Take from the scared and give to thebold• If another business is going toparticipate in a business downturn, helpthem participate
  • 4. #3#3• Never forget a customer,never let a customer forgetyou• Do you advertise? What’s wrong withthe current customers?• The competition will always spendtheir effort looking for new ones with‘item and price’• 65% leave because of theirperception that your business doesnot care
  • 5. #4#4• Keeping the stone rolling is easierthan getting it rolling again• Don’t stop advertising – with lessadvertising, they can more easily seeyour message• Determine your advertising goal• Change the message• Change the media• Change the frequency
  • 6. #5#5• It’s often a one way street• Think twice before you changeyour target customer• Think twice before you go foritem and price• Will customers know where tocome back to?
  • 7. #6#6• Luck has nothing to do with it –you get the glory and you take theresponsibility• Challenging times require radicalthinking and actions – Read ‘They sayI’m extreme’ in The Big Moo by Godin• Now is not the time to simply ‘ride itout’ (Sharper Image, Borders)• Make up your mind to act decidedly andtake the consequences. No good is everdone in this world by hesitation.Thomas Henry Huxley
  • 8. #7#7• Someday my prince will come• If it hasn’t worked for you yet,now is not the time to see if it willeventually start working.• If at first you don’t succeed, tryagain. But after that, quit! Nosense being a damn fool about it.W.C. Fields
  • 9. #8#8• What’s your gut feeling?• Deep down inside, what is yourinstinct telling you that you needto get rid of? To add? To change?To try?• What are your employees tellingyou? Or, are you asking?• Not to decide is to decide
  • 10. #9#9• If you don’t spend it, you don’thave to make it• Look for every expense possible toeliminate• Understand the difference incontrollable and uncontrollableexpenses; variable and fixedexpenses• Try zero based budgeting?
  • 11. #10#10• You spend dollars, notpercentages• You have to understandfinancials, use a projectionarycashflow plan• Profit is not ‘cash on hand’• Your accountant cannot watch itfor you
  • 12. It is not aboutwaiting for thestorm to pass; it isabout learning todance in the rain.