No Bells Ring at the Bottom of the Market

No matter what market you are in, business has to continue to achieve sales to generate income. While experiencing the current economic environment it is easy to fall into the trap, feeling that the situation is continuing and there is no end in sight. There is little comfort looking back over history and seeing that events, however catastrophic as they were at the time, never last. To name a few, there was the Opec oil crisis, gulf wars, dotcom bust, record oil prices and the GFC. Over time all these events and others passed and unless business has planned for the future today, they will be behind the game when their markets recover.

All businesses should now be giving their current prospecting and marketing activity a serious review. Quite often the dominate environment at the time dictates business behaviour and this can cloud the positive attitude that is needed to survive and prosper. Not being prepared for better market conditions will result in missed opportunities and the loss of market share. This is bound to happen, particularly if your competitors are thinking ahead and have made their plans for changing conditions and an improved market.

Take a helicopter view of your business and conduct a needs analysis;

Consider your position – are you prepared for better conditions in your market.

Review your clients and customers – identify those with the most value.

Establish those with the most potential – re-establish contact, review call schedules.

Prospect for new clients and customers – identify and target today.

Develop plans and schedules – increase you market presence.

Review staff and develop training programs – be prepared with effective personnel.

As it has happened in the past, the current economic situation will turn and the usual words will be uttered; should’ve, would’ve, could’ve. But by then it’s too late, events and the market have passed you by, if you are waiting for the bell to ring you will be disappointed.

“Be prepared for change, it has a habit of happening without warning”.