Social Media – the New Cure-All for Marketing and Sales or a Waste of Time?

As a professional business coach, clients frequently ask my views on Social Media. The questions are typically along the lines of "can it boost their marketing programs and create explosive sales growth?" Until now my answer has always been one that most people, and particularly clients, don't like to hear - "Well that depends."

I've been studying the topic intensely for the past year, both to advise clients and also as a means to expand my own practice, and now feel I can confidently give advice to business owners or executives who are considering investing time and money in a Social Media strategy.

Social Media Works for Most Businesses

There should be no doubt … if implemented correctly, Social Media can greatly increase the number of unique visitors to your website and hence the number of prospects you're reaching who can buy your product or service. In a recent training course, by implementing the tools that were demonstrated I was able to increase the number of new unique visitors to my website by 68 in less than 15 minutes. That's more visitors than I previously had in a typical day!

Get Trained

If you are a business owner or champion of the project its important to understand the basics of how Social Media attracts high quality prospects and how to convert them into paying customers. You may hire someone to do the routine work and maintenance once you've implemented the strategy, but you need to be the architect and director who charts the course. Start by becoming familiar with the major social media sites: Facebook, LinkedIn, Twitter, My Space, Flickr and Plaxo.

Here are three excellent and affordable sources of Newsletter, Webinar style and classroom training: Paul Tobey - http://www.trainingbusinesspros.com/, Hubspot - http://www.hubspot.com/ and Mashable - http://www.mashable.com/

Use the Available Tools

 There are some great tools available to help you develop and implement a Social Media internet marketing strategy. Most are free but for those which are not I recommend that you sign up for the free Trial and then subscribe to the ones you find work best for you:   

• TweetDeck - described as "your personal real-time browser", it allows you to connect with all your contacts on Twitter, Facebook, LinkedIn, MySpace, Plaxo and most other major sites.

• Market Samurai - considered by many to be the best source for identifying the most important keywords for your business and an essential tool in Search Engine Optimization.

• Ping.fm - provides you with centralized coordination and control of all your Social Media sites and the posts you make.

• Stumble Upon - is an excellent way to stay abreast of the latest developments, coverage and videos of interest to you and your business.

• Disqus - keeps you informed on the hot topics and current discussion themes in the web community, so that you can actively participate.

Dive Right In

Frankly, I'm amazed at how much thought, time and resources many businesses put into analyzing and discussing whether they should implement a Social Media marketing strategy. The costs to "GET IN" are minimal and if you stay true to the core Value Proposition of your business and are honest with your audience and subscribers, the risks are negligible. The only way to find out what works best for your company and industry is to try it!

Build on Your Successes - Many others have

There are many real success stories of big and small companies that have reaped huge rewards from implementing Social Media marketing strategies. B2B Social Media recently ran an article "How IBM Uncovers Millions of dollars in Sales Leads." 

At the other end of the spectrum, Feather Your Nest is a specialty shop for homemade and vintage-looking gifts in the small town of Eureka Springs in Arkansas. In an interview with Mashable, Owner Gina Drennon says: “I’ve seen our web stats increase, followers increase, interactions increase, and most importantly, sales increase. But not only that, I’ve made many meaningful connections with bloggers and magazine editors …… which bring us huge amounts of attention that you really cannot put a price on. I can positively say that at least half of the national press we’ve received is due to contacts we’ve made over social media.”

Phil Richardson MBA. LPBC
President and Founder
Bizgrowth Coaching Inc.

What can a Business Coach do for my Company and Why Should I hire One?

As a professional business coach, this is without a doubt the question I most frequently get asked! It’s entirely understandable as most owners and executives, while they have heard the term, have never met or spoken to a business coach. It’s not surprising as there are 29 million businesses in the US and Canada, and only 12,300 business coaches. Equally relevant, is that there are 1.5 million businesses with 10 or more employees and half of these have 20 – 2,500 employees and the larger the business the more likely they are to need the help of a business coach.

My favourite response to the question is a simple but direct quotation ..... “If you want to build your business and at the same time have a rewarding personal life, you call a coach.”  –  the Denver Post

What a Business Coach Does

Top 10 Contributions you should expect from a Business Coach

1. The first and most important thing a business coach does with clients is work with them to help them understand their personal values and set goals, whether that be Wealth, Leisure time, Retire by a certain age, or spend more time with the family
2. Then the coach works with them to develop goals and Action Plans for the business that are fully aligned with and support their personal goals
3. The third step is to “deep dive with them” into their business and ensure they get the best possible results in all areas, but particularly:
4. Improving sales and profit
5. Managing cash flow
6. Providing consistent, superior Customer Service
7. Marketing the business more effectively, with a clearly defined Unique Selling Proposition
8. Managing financial information to ensure business results are achieved
9. Recruiting, training and developing good people and developing a Succession Plan
10. Achieving a healthy Work/life balance

The first thing you should understand, if you’re considering hiring a coach is that it’s not a regulated industry and not all business coaches have the experience, training or qualifications to deliver the practical results you're looking for.

The good news is that many are “Licensed Professional Business Coaches,” certified and trained, as in my case by the Professional Business Coaches Alliance, based in Canton Ohio, which has some 120 member coaches in the US and Canada. The PBCA only licenses business and executive coaches and the requirements are very stringent – a minimum of 15 years of senior management and/or ownership experience and academic qualifications…. a degree in Business Administration, like an MBA, or a professional designation such as a CPA or CA. The Worldwide Association of Business Coaches (WABC) has equally high standards for certification and membership. These two organizations have over 1200 members! Both screen members carefully and require they take and pass training programs Specifically in Business Coaching. In addition, the International Coaching Federation (ICF), trains coaches in many fields – primarily HR, and Organization Behavior but also in Leadership, executive and business coaching!

Should I Hire a Business Coach?

Frankly, 9 times out of 10 business owners or managers themselves are the ones who know if they need business coaching! I’ve lost count of the number of times owners and executives, without any prompting have said to me “I work far too many hours and don’t make nearly enough profit. I know I need a coach.”

If you’re in this situation or find that any of the following applies to you, then the chances are you may benefit significantly from business coaching and should at least speak to a coach.

■ You are not sure what your next steps with the business should be and feel you need a strategic plan, but don’t know where to begin.
■ You’ve grown the business as far as you can, have tried every approach you could think of, but seem stuck and just can’t take it to the next level!
■ You are spending money on marketing and advertising but are not getting the leads, referrals or customers you think you should.
■ Your customers are not buying from you as often as you would like them to and you want to increase the average value of each sale.
■ You want better trained and more motivated employees.
■ You want to spend less time on your business and more with your family, but want to be sure that you have a system in place to run the business without you!

Naturally, one of the most important factors you will consider as you evaluate whether Professional Business Coaching will benefit you is what the direct financial benefit will be! Fortunately, there has been a lot of hard, well documented research done in this area and the results present a strong argument for hiring a business coach. The 2001 Manchester study and several later ones, including by the Harvard Business Review and Fortune have confirmed that Business Coaching provides a Minimum Average Return on Investment of 500%!

Try it Before You Commit

Most Business and Executive Coaching firms offer FREE Initial Consultations. My company, for example, BizGrowth Coaching Inc. offers a no-strings-attached Complimentary 1 1/2 hour Coaching Session to prospective clients and a Free Biz HealthCheck Survey on our website.

Phil Richardson MBA, LPBC
President and Founder,
Licensed Professional Business Coach
BizGrowth Coaching Inc.
http://www.bizgrowthcoaching.ca/

SHIFT YOUR MARKETING INTO HIGH GEAR

SMBs OUTPERFORM THEIR BIGGER RIVALS AND YOU CAN TOO!

Many business owners and marketing managers of Small and Medium Businesses (SMBs) have proved during the past three recessionary years that smaller can often mean better when it comes to business adaptability and bottom-line results. Here, we’re going to focus on the Marketing Strategies that have propelled these businesses forward, while larger, established companies have experienced massive layoffs and declining profits.

SMBs, defined as those with less than 500 employees and also referred to as SMEs (Enterprises) are now widely accepted as the real engine that drives employment and Economic growth. This is true in most developed countries and particularly so in both Canada and the US.

According to the U.S. Small Business Administration (SBA), SMBs representing 99.7% of all employer firms have generated 60 to 80 percent of net new jobs annually over the past decade. They also hire 40% of high tech workers and produce 13 times more patents per employee than larger firms. The Canadian Federation of Independent Business and Profit 100 report equally impressive results for Canadian SMBs.

FIVE MARKETING STRATEGIES TO GROW YOUR REVENUES AND PROFIT

1. INNOVATE AND DIFFERENTIATE
The key to success for most SMBs is in creating, nurturing and growing innovative products, services and marketing strategies. A prime example of this is Facebook, which Mark Zuckerberg started in his dorm as a student at Harvard in 2004. It was a totally new concept but also, there was not even a remotely similar alternative. Today the company is estimated to be worth $4 billion!

This strategy is not limited to new technology or social media but applies equally to long established industries such as women’s apparel. Stacey Bendet founded the wildly successful Alice + Olivia line of women’s clothing in 2002. It’s known for its sophistication but also sense of fun and quirkiness. The company brings in annual revenues of around $50 million. Another example of innovation in an established, mainline industry is Groupon, the national online coupon service offered in cities across the US and Canada. The company’s coupons provide discounts at local businesses of up to 70%, but with a major difference – if there aren’t enough customers taking up the offer at a store, it can pull the offer! Founded 2 years ago, Groupon is no longer an SMB and has a current market value of $1.2 billion.

These examples underscore that while a totally new business concept like Facebook can be a runaway success, SMB’s can also achieve great results by developing a new and innovative twist to older, established businesses and the way they’re marketed. Alice + Olivia’s website reflects perfectly the Marketing Strategy that made the clothing line so successful … http://www.aliceandolivia.com/

2. DEVELOP, TEST AND HONE YOUR MARKETING PLAN
An innovative product or service that’s better than the competition’s is a good start, but does not guarantee you will have a successful Marketing Program or Campaign. There are several Action Steps that will improve your probability of success.

• Identify your target market and the niche you intend to go after i.e. If you were an Active Sportswear Retailer….“Young families, with minimum household income of $100,000, who are very active in outdoor sports.”

• Develop a clear, written Unique Selling Proposition (USP) which is also the Unique Value Proposition your customers can expect to receive when they purchase from you.

• Finalize a Marketing Plan that is based on and fully reflects the USP. It should include:
- Your target Revenues and the budget you have available to spend
- All the advertising, sales and promotional strategies your business will employ
- Who will be responsible for executing every aspect of each strategy
- What Research will be conducted to determine which strategies are most effective and how success will be measured

• Evaluate the effectiveness of your Marketing Plan on a pre-established regular basis and make the necessary changes where you need to improve.

3. ESTABLISH, ADVERTISE AND REINFORCE YOUR BRAND
Branding is just as critical for the SMB as it is for the large corporation and a strong and positive brand image can pay huge dividends. David Chang, one of the most successful restaurant owners in New York City has proved this many times over. His original Momofuku noodle bar, opened in 2004 and has since expanded into a chain of line-out-the-door restaurants across the city. One of his restaurants, Momofuku Ko has just 12 seats and accepts only online reservations, 6 days in advance on a first-come first-served basis. Many fine-dining types forced to wait their turn, are infuriated because of its excellent food and reputation. Even so, like his others, the restaurant is always packed!

Many SMBs overlook branding but it’s important to remember that branding is how your customers perceive your product, service and company and it is at the core of your relationship. Branding consists of every image and perception that customers have of your company from your logo, store and product displays to the way sales people greet and serve them. Research has confirmed it is even influenced by receptionists, telephone answering, voicemail greetings, business cards and emails.

4. BUILD CUSTOMER RELATIONSHIPS, UTLILIZE CRM
An area of real potential strength for SMBs is Customer Relationship Management (CRM). They have not typically invested in formal systems or technology such as that offered by Avaya or Siebel, but their smaller size and easier customer access to the owner and other key managers positions them well to excel in this area.

Moreover, fully functional automated CRM systems are now being offered at very affordable prices specifically to attract the SMB market.

Larger corporations have had great difficulty delivering consistently good customer service and building loyalty due to their size, employee indifference and inconsistent quality standards. The opposite is true of successful SMBs – they are focused on creating a Great and Unique Customer Experience.

CRM presents an exceptional opportunity for SMBs to build strong, even unassailable positions in the market niches where they establish a major presence.

5. LEVERAGE INTERNET MARKETING AND SOCIAL MEDIA
It has recently been reported that SMBs actively engaged in some form of web marketing will soon be generating as much as 25% of new business from Internet and Social Media sources. While that seems like a very high figure, already 44% of US adults research SMBs online according to Small Business Search Marketing! This lends a lot of credibility to the idea that SMBs will continue to rapidly grow their online business as a percentage of total sales.

There are many excellent reasons why SMBs should actively embrace Internet and Social Media marketing as part of their growth strategy:

• As reported, this is where an increasing number of prospective customers look for sellers and service providers.

• 85% of US and Canadian households have internet access and average about 50 minutes per day on the internet! This provides tremendous “reach” to any business selling its products or services.

• Internet marketing, and particularly the Social Media – Facebook, MySpace, and Twitter are very cost effective and provide an increasingly high return on investment. It is a fraction of the cost to advertise on TV, Radio or in print.

Frankly, most SMBs simply cannot afford to advertise in the traditional
media, nor do they need to as they get better results at lower cost on web
and email campaigns!

Phil Richardson, President
BizGrowth Coaching Inc.

JUMP-START YOUR BUSINESS GROWTH

SEVEN WAYS TO KICK-START YOUR BUSINESS INTO HIGH GEAR!

We would all like to grow our businesses by 25, 50, or even 100% over the next 12 months but few companies do. As we reported in our last News Post, there are some exceptions ... “nearly half of Profit 100’s top ranked companies had sales of less than $12 million, but growth of up to 1,000%.” To help you join the ranks of these high achievers, we’ve identified 7 Ways you can boost your sales explosively, and at relatively low cost so that revenue growth will translate right to the bottom line.

1. USE THE NEW TECHNOLOGY
Promoting and selling your business on the Internet allows you to reach a large number of prospective customers and at a fraction of the cost of traditional media such as Newsprint, Radio, TV and Direct Mail. Here are the key fundamentals and not only can they all be implemented quickly but you don’t require specialized knowledge or training to implement them. Many experts you might decide to hire are reasonably priced.

Web Site: Regardless of your business and industry, you need a website to 1) give your customers compelling reasons to buy from or do business with you and 2) provide information on your company, products and services, as well as how to Contact you. These days you can have a high impact, attention-grabbing web site designed and hosted for less than the cost of a full page Ad in a major Daily newspaper.

Email News Blasts and Promotional Specials: This is a highly effective, low cost way to keep in touch with existing customers and prospects and to maintain the relationship. Your e-blasts should provide links to your company web site as well as any related sites. Blogs and Newsletters: Sending out a regular Blog or Newsletter is one more way to build your customer relationships and keep your company’s name top-of-mind with prospects who haven’t bought yet. Whatever the frequency, the news, and any promotional offers should focus on customer benefits rather than ‘important internal events’ within the company.

Search Engine Optimization: Getting your high impact, wow-the-customer website up and running is great, but you need to make sure it draws traffic, especially new prospects who will buy from you. This is where Search Engine Optimization (SEO) comes into play. You can teach yourself the basic principles by simply researching it on the internet at sites like http://tinyurl.com/d6kx83 or speak to a web designer or SEO specialist. Their rates are usually very reasonable and typically the increase in visitors and sales more than pays for itself!

2. CREATE A GREAT CUSTOMER EXPERIENCE
There are many ways to do this but you need to know what’s worked, so rule number 1 is “measure the results”. Whether by using Tally Sheets, Customer Comment cards or investing in Customer Relationship Management (CRM) software, such as Siebel or Avaya, this will tell you what you’re doing right and should expand on. Here’s a short list of strategies that work:
i. Treat every customer like a VIP and thank them for their business - hire, reward and keep employees who think this way ii. Offer discounts and promotional offers to customers who register with you iii. Contests are a natural, as they appeal to most people. iv. Create a Rewards or Loyalty program that provides additional discounts or special offers to your repeat customers. Air Miles, Neiman-Marcus in the US and Shoppers’ Drug Mart in Canada are great examples of how well these work, but they work just as well for small companies.

3. EXPLOIT YOUR MARKET NICHE – FIND NEW ONES
There’s a well proven rule of thumb.. “it costs five times as much to get a new customer as to get more business from an existing one.” Keeping this in mind, it makes sense to mine your core market, in which you are well established and have built a good customer base. But once you’ve leveraged this niche, look for new ones where your type of products, services and skills are a natural fit. Kim Gordon, in her article 'Niche to Expand', gives a perfect example of this.. “when consulting with Marada Industries Inc., an auto parts manufacturer exploring expansion opportunities, I conducted idea generation sessions with employees from the plant, where we discovered the company could use its equipment and expertise to make everything from bed frames to hospital gurneys”.

4. LOOK FOR NEW SALES CHANNELS
If you think you have “maxed out” using your current sales strategy and programs, for example selling products on the internet, it’s time to seriously examine alternatives. There are many, but in our example and for many others, these could be very viable options. i. Use Sales Reps ii. Develop a catalog and sell via direct mail and/or telemarketing iii. Open a store-front location iv. If you already have one, add new locations.

5. DEVELOP STRONG AWARENESS
A great web site, even with effective SEO won’t give you the full exposure your business needs to be really competitive. Even the most ambitious internet marketers admit that what will really make the difference is “you and your employees”. So, you need to get out there and be seen and heard in as many places and ways as possible. Here are some of the obvious ones: i. Network at Chambers of Commerce, Trade Shows, United Way and Service Organizations ii. Speak at local Events or Host them Yourself – for example the Board of Trade “After Hours Networking” get-togethers. iii. Sponsor local Charities or Community events.

6. SELL SMARTER – PICK LOW HANGING FRUIT
If you have ‘Created a Great Customer Experience’ there are several opportunities you have opened up to increase your sales at little or no additional cost. In my work with two large Retailers selling to customers across North America I found that i. Multi-product selling (cross selling) was one of the easiest ways to significantly increase sales, often by as much as 50%. One of these was a Promotional Products company and when confirming the sale of 250 branded pens to a customer (as give-aways) the sales person would ask... “what about matching diaries to go with those… they’re a perfect complement, how many would you like?” ii. “Up-selling” involves persuading the customer to trade up to a better quality, more expensive product. In the case of the second company, which sells Cruises on the major Cruise lines to destinations around the World, the sales person would advise the customer of the superior comfort and convenience of opting for a better cabin. The vast majority of customers were happy they upgraded.

7. POST-SALE FOLOW UP
There is nothing as reinforcing or more likely to guarantee a repeat sale as thanking customers for their business. A thank you phone call, especially for high ticket purchases, such as in the “Cruise company example”, a card, or even a gift or discount coupon will ensure that the positive impression you’ve created with your customers becomes a lasting one. It is also a proven, sure-fire way to get referrals and further boost your sales.

Phil Richardson, President
BizGrowth Coaching Inc.

Many Businesses are doing Great!

SOME BUSINESSES ARE THRIVING... HOW IS YOURS DOING?

Even in these recessionary times, many businesses have continued to chalk up healthy sales increases and maintain or even improve their bottom line. In this News Update we look at who they are and why they're doing well when so many businesses are hurting.

First, let’s dispel some myths which often serve to obscure the underlying issues. The first Myth is that this is either a "Big Company" or a "Small Company" problem - it’s neither! Both have been affected by the recession and yet many have done well. For the most recent Quarter (to Dec '09), Google reported Sales growth of 17% and a profit increase of 30% over the prior year, while Apple's numbers were a staggering 32% and 49.8% respectively. As for Small Businesses... according to INC. Magazine's listing of the top 500 Private companies in 2009, many small companies, like Media Trust in NY, Snap Fitness in MN and Kiva Systems in MA had sales growth ranging from 5,900% to over 9,000%! The data for Canada is just as compelling.... nearly half of Profit 100's top ranked companies had sales of less than $12 million, but with growth of up to 1,100%.

The Second Myth is that problems are industry driven and that only companies in a few "lucky" industries are doing well. That just isn't true... of the three companies in the Inc. list, one is in Advertising, another in Fitness and Health and the third is a Logistics and Transportation company.

The third Myth is that manufacturing is dead - and that only low-wage service industry companies will survive. During the last 12 months, eight of the top 30 industries in growth were manufacturing or directly related and experienced healthy double digit sales increases. The rest were equally divided between service and non-service industries such as transportation and logistics, telecommunications, technology and waste management.

WHAT SUCCESSFUL COMPANIES ARE DOING RIGHT AND YOU CAN DO TOO!

Perhaps the best way to identify what companies are doing right is to look at some real-life examples. This week we focus on a company that was the basis of a case study for the Industrial Extension Service Department at North Carolina State University:

“Cable Assembly, LLC, in Graham, NC can barely keep up with explosive growth and so many new orders that the 40,000 square foot facility can barely contain them. While the US economy flounders and many manufacturing orders drop, Cable Assembly had to add a second shift.
Their success lies with three strategic directions:
• First, they excel in a niche market making complex cables for companies requiring
hundreds, not thousands, in a high mix (they make up to 12,000 different parts), low volume assembly.
• Second, the customer relationship is so important that clients often call the plant manager in charge of their project directly on his cell phone, without going through a call center or a sales office.
• And third, they’ve embraced a lean culture from management to floor, thanks to a
jump start with IES lean specialists.

'What can I say? We’re doing great in a lousy economy,' said Jon H. Clements, general manager.

Cable Assembly makes their highly specialized cables for General Electric’s industrial windmills and for Thomas Built school buses. About 30 companies depend on Cable Assembly, and some have been doing so since the company began in 1988. Clements expects to do $13 million in sales this year, up from $8 million a year ago." – IES, NC State University

Even though the company is a highly specialized manufacturer of an industrial product, what they're practicing so effectively is applicable to every business and industry: i. Identify and clearly understand what your market is and who your customers are ii. Communicate clearly and frequently with your customers and make yourself available to deal with issues or concerns immediately iii. Use the latest technology to ensure you're performing at peak productivity.

Phil Richardson, President
BizGrowth Coaching Inc.

Managing Through a Recession

IS THE RECESSION OVER AND HOW WILL WE KNOW WHEN IT IS?

Does this sound familiar to you?.... Barry Knapp, a strategist at Barclays Capital, wrote recently that the economy appears "to be in the sweet spot of a recovery" and that the recession may have ended last month, according to Bloomberg News. Or how about this...“The economy is on a pretty good track on the recovery side and inflation is not a problem,” said Nariman Behravesh, chief economist at IHS Global Insight in Lexington, Massachusetts, who correctly forecast the increase in consumer prices. “The Fed can be pretty relaxed, at least for the moment, and focus on making sure this recovery is sustainable.” – Bloomberg News

Amazingly, the first economic forecast was a Lead Item in ABC's News coverage back on May 12, 2009 and the second was on December 18, fully seven months later! Clearly, no one has a definitive answer as to whether the recession is over or even when it will be. But, there are many increasingly positive signs that the worst is behind us and we're on the road to recovery, both in Canada and the US. Here are the key indicators that most economists and business people agree we should monitor, together with their current rating: Gross Domestic Product (positive) • Manufacturing Output (positive) • Housing Market (booming in Canada, positive in the US) • Inventory build-up (positive) • Consumer confidence (fair) • Employment (fair) • Inflation (positive)

We strongly recommend that business owners and managers focus on these indicators, and let economists continue what is now an academic but seemingly endless debate.

KNEE-JERK COST CUTTING CAN MAKE THINGS WORSE

While businesses of all sizes are forced to cut costs as they face substantial declines in revenue what and how they cut is equally important for their future and sometimes, even survival. Michael Dell, founder of Dell Computers, in an interview with Inc. magazine, advised small businesses to keep an eye on productivity and excellence - and possibly even opportunities for small business growth, even amidst all their recessionary cost-cutting. As he so aptly put it, "If all you do is cut costs, then you have nothing left."

It's good advice but unfortunately too many businesses make the mistake of cutting costs in areas which often are vital to "pulling through" a recession and being well positioned to forge ahead during a recovery. Some areas where management should think very carefully before wielding an axe are: Marketing and Advertising dollars, Sales people, Training, key managers, supervisory or technical staff, Customer Service and Technology.

This is a real life example of what can go wrong... over the past year and a half I have been assisting a major Canadian company with transitioning managers and employees who have been released as part of a massive restructuring program. A few weeks ago I was surprised to learn, in discussions with a manager who was "down-sized", that with her departure there was no one left to run the department... which performs a very critical, high value technical service for customers!

"WHEN THINGS GET TOUGH THE TOUGH GET GOING..."

We've all heard this saying and most of us probably think its a good prescription for how to deal with business setbacks. Unfortunately, in a recession as deep and severe as the one we're emerging from, business owners and managers sometimes don't know where to begin. Many who do know and who've acted effectively have done very well. "In a recent survey, about 30% of [small] businesses reported that they are in fact doing great and have even increased their profits this past year" - New York Times, December 3, 2009.

Here are some of the strategies pursued by top performing businesses during the recession:
• Focus on value and sell quality products and services at very competitive prices
• Outsource non-core operations, technology and customer service to low-cost providers
• Use of job agencies to reduce staff related overhead and for flexible scheduling
• Implement low-cost, high return Marketing i.e. web-based advertising, blogs, social media
• Expansion into new geographic markets, including overseas

Phil Richardson, President
BizGrowth Coaching Inc.