Business Owners: Keep Your Eyes on the Ball!

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by Arthur Cooper

Well, its been quite a week. Including the effects of inflation, the Dow Jones Industrial Average is at least 20% below where it was 10 years ago! We will see layoffs in the 6 figures for many months now and we’ll probably see unemployment rates north of 7%.

Our government is nothing short of embarrassing. As opposed to Michelle Obama, this is not a time that I feel very proud of my country. Don’t misunderstand me, I love my country and believe that we will work through this and emerge stronger. It will take time and it will get worse before it gets better.

Monday morning, we still have to go to work and run our businesses. So, what to do?

Pay even closer attention to your business. Analyze all areas of your business. Don’t cut cost just for the sake of cutting costs. Concentrate on efficiency … getting more done with less! Through careful analysis you can always increase your efficiency and productivity in all areas of your business … sales, marketing, customer service, finance and accounting, manufacturing, research and development.

Consider your marketing approach. What’s more efficient? Using the traditional media, print ads, direct mail, cold calling, telemarketing OR internet marketing including SEO (Search Engine Optimization) and Paid Search or PPC. The former involves “coming at the potential customer” almost always when not welcome. These methods are considered wildly successful if just a success rate of 1 in 200 is achieved … not very efficient or cost effective. The latter involves the targeted visibility achieved through Google, Yahoo and the rest where the potential customer initiates the contact at a time and place of their choosing. They are ready when they decide to search for your products and services. Predictably, the success rate is much higher, sometimes as high as 15-20% if your website is easily found and is further optimized for converting the visitor.

My message: In these troubled times, the best investment you can make is in yourself and in your business. Focus on efficiency and productivity to maximize your profitability. Yes, cut costs where you can; but stay on offense more than on defense.