Are You Avoiding These Three Business Mistakes?

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As nearly everybody is affected by the current economic conditions, the question "how is your business holding up" can open floodgates. Listening to some of the frustrating stories, I see three main issues. All three can easily be addressed and everyone can make the needed adjustments to their activities and their mental mindset to overcome them. So let's look at the three issues and see how you can surmount them:

Unrealistic expectations - Yes, we all hear stories of people who - despite themselves - seem to make extraordinary money. From what I see, read and hear, this is not typical in this environment. So don't put undue pressure on yourself and blame yourself for lack of success. The key is to stay connected with your customers. Most likely they feel significant pain, too, and supporting and helping them now will build long-term relationships which will drive business when the economy picks up.
Sporadic activities - This is not the time to develop bad habits! Make the best use of your time; "sharpen your saw" and focus on becoming more strategic. More of the same produces more of the same results! So look closely at the products and services you are offering. Can you expand and adjust some of your offerings to make your product or services interesting for additional customer groups or markets? For example commercial customers, where you are today targeting residential customers or vice versa? Diversification is one of the important strategies in a recession!

The second important issue is to stick to your marketing and networking plan. Be out there, be seen and stay in touch with your current and reconnect with past customers. Listen to your past customers, how their current suppliers are doing. Bucking the trend, listening and supporting them, might persuade them to switch back to you. And always stay close to your best customers - remember: Your best customers are always your competitors' best prospects.

Needless to say, your message to both groups needs to be upbeat and supportive and not a story about depressed markets, missed opportunities or personal hardship.

Accountability - Keep track of all your important activities (phone calls, face to face meetings, appointments, marketing activities and cold calls) and set targets. Only by tracking your activities, you will be able to identify where the strengths and weaknesses of your plan are and where your successes are coming from. You cannot improve what you don't measure! Your goal is to use your measurement to set realistic targets and to motivate and hold yourself accountable to achieving these targets.

Just because the going is tough, it doesn't mean that you're excused from being a professional. Take a second look at your commitments and organize yourself for success.