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Testimonials
- "The ABC Business Consulting Group has created a great master list and guide to creating a full business plan. The guide includes not only section headings for a business plan, but they have also created a great series of guiding questions around each one of these subsections. My recommendation is spend the US$20 and download a copy and keep as a planning companion." -- Mark Robotham, Growth Management Consulting Ltd [more testimonials]
- "Over the past few months I have hired Frank Goley to write many articles and blog posts for my company and have been more than satisfied with his work. Frank is a fast study, always delivers the project on time and very easy to work with. If you need a top writer for any topic, I highly recommend Frank Goley for the job.” -- Vince Martinez, Partner FYI Media Services, CEO 123 Web Connect [more testimonials]
- "One of the keys to succeeding in the art of social media placement is good copy. Good copy is a combination of affordability, creativity, and timeliness. Frank Goley delivers all three without fanfare or fuss." -- Allan Matthews, Owner, FYI Media Services [more testimonials]
- "As a result of Frank’s advice, our newly developed website, and the ongoing internet marketing and SEO campaign, we have seen great results, including: our energy monitor product sales have doubled, our solar system business is on track for a banner year with a three-fold increase, our targeted website visitors have increased 1,500%, and our Bounce Rate is an incredibly low 5%! If you want someone to maximize your company’s profitability and increase sales, Frank is the guy to call." – Randy Velker, Owner, Simple Energy Works [more testimonials]
- "At the beginning I thought I knew everything about developing a business plan for small and medium size businesses, but when I found ABC Business Consulting to help me prepare this plan, it was a totally different learning experience for me, as this firm showed me that it required a professional staff like ABC Business Consulting to put this plan together with me. I have learned a lot by exchanging ideas and information with ABC and developing my business skills. I thank Frank from ABC Business Consulting for all his help, advice and finally his patience with me as they are very quick in response and completed my Business Plan in time. Well done and great job! I highly recommend ABC Business Consulting and their services." -- Ali Al-Jazairi, Yas Marine (Business Plan Level IV Client) [more testimonials]
- “After spending some time on the ABC Business Consulting website, I immediately was impressed with the vast array of information and resources that is available, especially the wide range of E-Books which Frank Goley makes available for FREE. Frank is a professional consultant who I highly recommend.” -- Arthur Rego, President, AER Enterprises (Bermuda) [more testimonials]
- “Frank, I reviewed the information you provided regarding business turnarounds. I was impressed by the level of detail and the elements that dealt with the leadership qualities of the business turnaround consultant and team. I have reviewed a great deal of literature on the topic and have interviewed a number of turnaround experts. Few have addressed the level of detail that you have provided and none have addressed the requisite qualities of the turnaround team. Thanks again for providing this information!” -- Dan Anderson, MBA, CBA, Director, Small Business Development Center, Helena, MT [more testimonials]
- “I am trying to grow my solar energy and energy efficiency company in a recession. It’s a challenge! I decided I needed a comprehensive approach and assistance from an experienced consultant. I searched on the internet for “business consultant” and found Frank Goley of ABC Business Consulting. After a few discussions with Frank on what I needed and what I was looking for, he presented to me a comprehensive business success solution that included:” Development and implementation of a Business Plan, Marketing Plan and Strategic Plan Business Success Analysis & Recommendations Intensive Onsite Business Consulting Design and Development of a new Website to include a custom WordPress Content Management System Search Engine Optimization Internet Marketing Solutions – Randy Velker ... [more testimonials]
- "I am extremely impressed with the vast amount of knowledge and resources available through Frank Goley and the team at ABC Business Consulting. In particular, the web site information available regarding business turnaround strategies is exceptional and clearly identifies the challenges facing those experiencing a distress situation. This is an excellent resource!" –Vincent J. Palombo, Assistant Professor of Management, Chancellor University. [more testimonials]
- "Thank you Frank Goley for sharing such an interesting article on Real Time Search and Social Media Convergence with links to search engine optimization tactics and suggesting strategies and techniques to support our business’s marketing goals." -- Christiane Lavanoux, I Game Attitude LLC co-Founder and co-President / Certified Life Coach [more testimonials]
- "We started with an idea that we felt would better the citizens of the surrounding communities. So we began to get acquainted with the local entrepreneurs, to find out how they started, and how their vision and dream became the success that it is today. Everyone’s success story started out the same way, they had an excellent business plan. So we started working on our business plan, and after months of trying to develop it, we knew we were in over our head. We turned to the internet and spoke with company after company about developing our business plan with the same outcome: a lot of money! ABC Business Consulting not only offered reasonable pricing, but also Frank took the time to examine and explain every aspect of our up and coming business to make sure we understood what we were ... [more testimonials]
- "I would like to thank you Mr. Goley for making the extra effort with my business plan. The world of business is cut throat and the slightest misstep by an inexperienced entrepreneur can lead to a good idea becoming a waste of time and energy. Mr. Goley has the expertise and knowledge that allows for your great idea to become a great business. He told me what I needed to hear, not what I wanted, as well as, pointing me in the right direction for my future business endeavors." -- Foster Fox, Entrepreneur [more testimonials]
- “Frank, thank you for a very good program and presentation. The Evansville Executive Forum enjoyed your talk, and it provoked a lot of conversation about their use or none use of business plans. Again, thank you. -- Jack Barner, University of Evansville, Vice President for Institutional Advancement [more testimonials]
- "Thanks Frank for sharing SOLID & USEFUL content. I learned stuff from your site!" -- John Milton Fogg, Author, The Greatest Networker [more testimonials]
- "We really needed help with our business plan writing. We actually did not think Frank Goley was going to have time to respond to our request but he did. Although our business plan was in its initial draft version, Frank was honest to point out that the business plan needed a lot of work. At a high level, Frank suggested the following to be considered: Correct formatting Follow the SBA guidelines Strong marketing research and analysis We certainly appreciate Frank for contributing his time and effort to help us with the most important stage of our business formation – writing the business plan. Thanks again for all the help." -- BB [more testimonials]
- "Thank you very much for all of your hard work. We are very pleased with the final result of the Marketing Plan that was prepared for us. Frank Goley with ABC Business Consulting was extremely prompt to answer all of our questions even after business hours. Now that is customer service! Again I want to say thank you for a job well done, and you can use us as a reference for any future clients. We will definitely look to utilize ABC Business Consulting services in the future as we build our company. Thanks!" -- Doug Walker, EMT-P, President, MPACT [more testimonials]
- "Hello Frank, It is always a pleasure to read your articles. Your expertise is obvious and makes the work seem so easy, yet I agree with you mastering all these techniques takes a lot of time and experience building. This is why your services are so valuable. Thank you for sharing such solid and helpful content. Today we also want to thank you for your awesome presence by our side. Today you are our featured person on our page. Happy New Year Frank, we wish you continued abundance in all its forms! To your continued fabulous success." -- Christiane Lavanoux and Mary Margaret White-Levilain, Life Coaches [more testimonials]
- “ABC Business Consulting is now implemented the off page search engine optimization and internet marketing strategy, and I look forward to the increased business this website is bound to create for me. Even in the few short days since my new website went live, I am already getting great rankings where I had none before. My website is going to be a marketing machine, even in this recession! Thanks for going the extra mile and doing the “little things” that really add up to great value and results!” – Randy Velker, Owner, Simple Energy Works [more testimonials]
- "I have been working with Frank Goley of ABC Business Consulting for several months now. The results and benefits have been exceptional. We have been able to significantly grow our business through the business plan implementation, consulting recommendations, and web marketing strategies that Frank has worked closely with me in developing and implementing. Also, the opportunity to consult with Frank at anytime about any business issue or opportunity has been great- he has been a great asset to our business planning and decision making." – Randy Velker, Owner, Simple Energy Works [more testimonials]
- "Hello Frank, Thank you for reminding us of how essential credibility is and how an intelligent use of Testimonials can do wonders in promoting our business. The more visible we become through multiple marketing pipelines that we implement on an ongoing basis, the more business we will generate." -- To your continued success, Christiane Lavanoux, I Game Attitude LLC co-Founder and co-President / Certified Life Coach [more testimonials]
- “Not only is the frontend of my website great, but I am even more amazed with the backend WordPress customization and CMS. Frank’s web developer customized the WordPress platform into an easy to use tool for me to manage content, add content, send newsletters, and so much more. Frank installed a WP plugin that helps make Search Engine Optimization a snap for me in the future as I create more content, and added another plugin to help the overall performance of the website. It isn’t just the plugins that were installed, but more importantly, how Frank’s web developer customized the plugins and the WP platform for my particular need and use. Really fantastic!” – Randy Velker, Owner, Simple Energy Works [more testimonials]
- "I was very pleased with my business plan. Frank Goley was there for me every step of the process and willing to help me with anything. Besides being very patient with me, they were also very quick to respond. ABC Business Consulting made my idea come to life. I will definitely do business with them again." -- Anthony Alvarez, Restaurateur [more testimonials]
- “Moreover, Frank re-worked and developed new content for the website, then optimized the content for the search engines. In as little as a few days, my website has already starting ranking as a result of Frank’s content and search engine optimization work on the website. Frank also came up with the idea to have a Solar Case Studies section on the website, which proves out how solar energy systems make a lot of financial sense, and it adeptly showcases our expertise in designing and installing solar systems.” – Randy Velker, Owner, Simple Energy Works [more testimonials]
- “Frank Goley is knowledgeable and dependable. When working on a project he sees everything through to the end and makes sure that the customer is happy with the results. Frank provides each customer and vendor with a personal level of support.” -- Dave Wallace, IAS Corp / Build My Product [more testimonials]
- “I'm working on a thesis concerning strategies about Business Turnaround, and I find your E-Books to be very helpful, especially "Small Business Recession Tactics" and "Saving a Business in Trouble". I would appreciate if you gave me your permission to make a reference on these E-Books for my thesis work. Thank you very much for your help!” -- Margarita Economidou, Open University of Cyprus. [more testimonials]
- "I read this blog post, and I really appreciate this content: Business Trade Credit and Debt Finance. Thanks for useful information." -- John [more testimonials]
- "Working with Frank Goley made me realize all the missing gaps that existed in my mind about the business I wanted to create. He is very thorough, knowledgeable, patient and understanding. If you want to create a final product that covers all of your bases and does not leave out any detail, you must work with Frank. Most people writing business plans have all the information in their minds, but don't have a way to get it out. Frank uses a methodical approach to gathering information from you to complete the plan." -- Level 4 Business Plan Customer [more testimonials]
- “Frank Goley with ABC Business Consulting has done a fantastic job in creating a stunning website for my company, Simple Energy Works. Not only is the design inviting, but I am really excited about the sales process strategy and design integrated into the website, which with finesse calls website visitors to take action. This is something that my previous website failed to do well. Frank’s website designers also really did a bang up job in designing my social media properties and created a website within a Facebook Fanpage that is just incredible!” – Randy Velker, Owner, Simple Energy Works [more testimonials]
- "I just wanted to express my appreciation for the business plan review service. It has helped tremendously in revising and making the plan attractive to potential investors and helped to eliminate the fatal flaws that could stop it dead in its tracks. The service was very quick and efficient. An absolute must for every entrepreneur or anyone looking for that extra help with a business plan. I eagerly look forward to doing further business in the future and making full use of more of the services offered!" -- Chris Johnson, Saskatchewan, Canada [more testimonials]
- “How do you align your resources, your team, your partners, and your vision for success if you don’t have a common goal or a roadmap to reach it? Of course you have a business plan, but odds are it died a long time ago, relegated to a dusty drawer. If your business plan is not a living, breathing, and valued document; the daunting task of aligning your business is made all the more difficult by the vast array of conflicting agendas in your organization. Frank Goley brings a simple and straightforward approach to building and maintaining an active business plan - that roadmap for success- upon which your organization can align its efforts. He is an engaging speaker / presenter / consultant who has also written an excellent guide which can help any organization navigate the process of ... [more testimonials]
- “Not only did Frank work closely with me to development these strategies, but he has also implemented these strategies into real world solutions which reflect the strategic direction of my company. The comprehensive planning, consulting and implementation approach ABC Business Consulting offers is quite unique in the marketplace, and I have found it incredibly useful in defining the direction my company needs to take to be successful in this economy and beyond. Thanks Frank for all the help and advice. I look forward to a long term and successful relationship with ABC Business Consulting.” – Randy Velker, Owner, Simple Energy Works [more testimonials]
- “Frank, I reviewed the information you provided regarding business turnarounds. I was impressed by the level of detail and the elements that dealt with the leadership qualities of the business turnaround consultant and team. I have reviewed a great deal of literature on the topic and have interviewed a number of turnaround experts. Few have addressed the level of detail that you have provided and none have addressed the requisite qualities of the turnaround team. Thanks again for providing this information!” -- Dan Anderson, MBA, CBA, Director, Small Business Development Center , Helena, MT [more testimonials]
- "Most small business owners can appreciate the value of business planning. The missing piece is an easy to use, comprehensive approach to the process. Frank Goley's Comprehensive Business Planning Guide and Workbook supplies the missing piece by providing a clear explanation of the all the components of an effective business plan. Plus, his Business Planning Guide and Workbook includes a plug in format for your business data. For those business owners dedicated to more profit, Frank Goley's Comprehensive Business Planning Guide and Workbook is a perfect fit." -- Don Osborne, The Profit Puzzle [more testimonials]
- "After locating Frank Goley on LinkedIn, I recruited Frank to speak at SMPS Virginia's 2011 Planning Workshop. Frank was one of the most popular speakers/experts (out of eight total speakers). Clearly a leader in his field, Frank's professionalism and expertise was matched with a great presentation style. I would definitely recommend Frank to present to your organization!" -- Tracey Gould, Board Member/Vice President/President-Elect for Society for Marketing Professional Services (SMPS) (Virginia) and Director of Marketing, Baskervill. [more testimonials]
- "I own a premiere event planning and marketing company based in New York City. I've had the pleasure to work with Frank Goley on many projects that I have for my many businesses. He is fast, reliable and very good at what he does. Because I own several companies and websites, I always need excellent content, articles, sales letters, etc. I’ve worked with a ton of writers over the years, but Frank is by far the best!!! I definitely recommend Frank to any business." -- Mario Stewart, President, EMRG Media [more testimonials]
- “Frank Goley's presentation on strategic business planning was very informative and will be of great help to our firm as we work through a new business plan.” -- Ryan Martin, Director of Business Development, Accumark, Inc. [more testimonials]
Blog
Building an Effective Compensation Program for Small BusinessesMay 17, 2010 by Frank Goley, Business Consultant By understanding the basics of Compensation Plans, Packages and Structures, a Company can effectively lay plans to help incentivize Employees toward achieving Company Goals. A well designed and implemented Compensation Program will pay for itself in increased company profits. Here are the significant areas of the business to consider and the applicable compensation strategies to consider. A. Ownership
Resource: For more information regarding Convertible Preferred and Common Stock, along with more details on stock dividends, rights redemptions, liquidations and anti-dilution provisions, pre-emptive rights and so forth, please visit my article on Funding Sources for Your Business.
B. Harvesting Value: Rule 144 Implications
C. Returning Ownership: Termination Considerations
D. Conclusions
 Posted in Business Compensation Strategies. Comment Effective Web Marketing Tips to Bring in ProfitsMay 14, 2010 by Frank Goley, Business Consultant Are you looking for more ways to cash in on the internet with out breaking the bank? Well, for the last 10 years I have learned from experience what works and doesn’t on the web, including what is working right now. Here are some valuable tips to help you pave the road toward web profits for your business. Outsource: Build a cost effective Virtual Team. Consider using professionals offshore can really save you hundreds and thousands of dollars. Offshore web pros often have quick turn around times as well. Be careful to do your due diligence to find the good ones. Place a Classified Ad to drive traffic to your site. Offer a Free Guide! Make Presentations at your Chamber of Commerce on Web Marketing Strategies. Affiliate Programs are Powerful! Offer Discounts, Add-Ons, Packages and Opt Ins on your website. Subscribe, Advertise and Write Articles for your Industry’s Online Newsletters and E-Magazines. Offer Free Classes: Checkout TeleClass Use Technorati to find Blog Subjects Have a FAQ section on your site Submit your Online Articles to the top article directories Opt In to your competitors Websites to see their offering and strategies Outsource using Elance, Script Lance, Content Divas and Rent a Coder Ideas for a Webinar: Go to Ideas-To-Income Create an Online Marketing Calendar to cue you to initiate certain campaigns, review stats, have certain elements on your website completed, etc. Remember: Automate your Business with Technology so you can set it up once and then let it go. Automate! Consider the use of a Virtual Assistant to free up your time to market more to your customers. Enroll your company in E-zine Directories: try EZine Seek and Topica When Researching on the Internet, try Dog Pile Consider streamlining and organizing your Business Processes in relation to your Online Marketing Strategies using Smart Draw Loads of Free Downloads at Downloads Cross Link or One Way Link with highly ranked, respected websites which relate in content to your site. Develop Relevant Content on your website. This is KEY! Try Biz Stats to research your Industry. Gauge the validity of your Website’s Content at Diggs and Shoutwire. Sponsor a local Community / Charitable Event and publicize it on your website. Remember to send out a Press Release and an RSS Feed! Blog it! Use an Online Backup Service, like Carbonite to back up your Marketing Campaigns, as well as your entire computer, securely. Online Surveys can be a very effective way to determine the needs and wants of your market. Be sure to keep them short and have a Privacy Statement. To Research a Business or Person go to Any Who. For affordable Biz Reports visit DNB. Free Alternative to the MS Office Suite: Open Office. Note: Does not have an Email Program, you can use Endora for free. For Customer Polls, try Ask Data Base and Survey Monkey. Offer Discounts and Free Upgrades to get Online Referrals. Be sure to Post Specials on your website conspicuously at the top of pages. May want to consider a Soft Impact Pop Up Box. Offer an Automatic Payment Option to your Customers. Have pages on your website explaining in full detail your Privacy Policy, Return Policy, Guarantees & Warranties and, if applicable, Confidentiality Statement Market in your Market’s / Customer’s Trade Organization. Use Skype to Communicate with Customers for FREE on your computer. Upload your Books in an Audio Format to Audible. If you offer Services, consider marketing on Elance, Guru, and Kasamba. Firefox offers excellent Extension Tools. Check out Alexa to see how your Website Ranks. Personalize and add Credibility by putting your picture on the About Us web page. Consider doing the same for your Networking Sites. For help driving traffic to your website, go to Online Traffic Now. Submit your Articles to Submit Your Article, Ezine, Library, Go Articles or Articles Alley. Add Google-Page Rank to your Browser’s Tool Bar. For ideas on incorporating Video and Audio in your websites, visit Internet Video Guy and Audacious Audio. Research your Competitors’ Keywords, descriptions and meta tags in their page headers. Partnership Marketing: The Web is a fantastic way to partner with other web pros as Joint Ventures, or Strategic Alliances to cross promote products and services, create more buzz and hype, and provide customers with info packed E-newsletters, E-Zines, Seminars, Courses, Classes and the like. Integrity and Credibility are Key when approaching potential partnership relationships. Anyone can be an Affiliate, but be particularly careful who you partner and ally with. Finding commonality in business philosophy and ethics is a great place to start. With that determined, then you can move into whether a partnership or alliance makes sense for the companies involved. Posted in Business Internet Strategies. Comment Increasing Your Web Profits through Web Video, Automation and ConferencesMay 13, 2010 by Frank Goley, Business Consultant The web is an awesome platform to increase your company’s profitability. There are some great technologies to help you easily and effectively put your website on the map and generate income for your business. Add Audio and Video to Your Online Marketing Ø What Audio Can Add to Your Web Offering: Here are some ideas on using Audio to maximize your Marketing Efforts Online:
Ø Video: Demonstrate your products and services; engaged testimonials from partners and customers; jazz up Power Point Presentations; Interviews; Mini-Courses; Mini-Seminars; etc.
Web Automation As you drive more and more targeted traffic to your Website, it is important to have Automation Programs and Services installed to manage the sales flow. Ø Merchant Accounts: To process your customer payments, try these:
Ø The One Stop Shopping Cart: I suggest Easy Web Automation or similar product as it has a complete solution, which is absolutely essential for a good Shopping Cart system. I like this Cart Program because:
Web Conferences and Seminars Ø These are ideal Web Marketing Platforms to:
Ø Web Conferencing Resources and Tools:
Posted in Business Internet Strategies. Comment Online Marketing Avenues to Monetize your WebsiteMay 12, 2010 by Frank Goley, Business Consultant In this post, I explore how to use Email, RSS Feeds, Podcasts, Networks, Affiliate Sales, Viral Marketing and Online Press Releases to bring sales in the door through your website. Use your website to mine customer information as described previously, then send permission based (Opt-In) email to the clients regarding: Specials, Discounts, New Product or Services, Newsletters, Blog Posts, etc. Here are some email tips: Make the Email a Mini Sales Page: Bulleted; Benefit and Value Oriented; Top Solutions to Customer Problems; Why Do Business with your Company; Why Immediate Action is Advantageous; Directed to Act; Directed Personally; Short Headlines; Use a Value Based, Resource Based Soft Sell Offer; Put Time Limits & Scarcity of Products for Special Offers and Discounts, and so forth. Use Video and Audio Emails: Try Hello World and Instant Flash Audio to incorporate an added dimension to your Sales Offer. Consider: Testimonials, Demonstrations, Instructions, Mini Courses, Tips, Presentations; an Introduction from a Referral; Seminar Clips to build Credibility- there are endless possibilities to incorporate video and audio into your Sales Emails to Opt-In customers. RSS Feeds Really Simple Syndication. These are internet distribution programs that allow people to send and receive short alerts about a blog post, news story, company update, new podcast post – anything you want to alert your customers about. You can use RSS to see what your competitors are doing and promoting. RSS is a great way to stay connected to client and drive targeted traffic to your site. Works great to promote your Blog, a New Product or Service, or a Special – you get the picture. RSS is sent automatically, so once it is set-up, it is a cinch! Reading RSS Programs (Free) – Reader Google – RSS Reader – News Gator Note: Internet Explorer 7.0 and later, Outlook 2007, Opera and Firefox have built in RSS Readers. Providing RSS Feeds on your Website: Use RSS to Java Script or try 1and1 RSS Tips – Add Fresh Content via Articles and Blogs and send an Alert. – You can incorporate Google Ad Sense Advertising into your Feeds. – RSS Subscribe Icon should be located at the top of your web pages. – Submit your RSS Feed to RSS directories Podcasts Record audio or video, post to your web server and offer it on your website. Great Way to offer Industry / Customer specific Resources so your customers can download it on the go and view / listen to it at their convenience. You could even host your own radio or TV show! Set-Up: I recommend the All-in-One Podcast Start up Kit from M-Audio for a reasonable $200. Includes a Microphone, Audio Interface, Editing Software, etc. – the complete set up. Syndication Feeds: Distribute your Podcasts as RSS Feeds through: – Odeo – Feed Demon – Feed Burner Post your Podcast Feeds through Directory Sites, such as: – Yahoo Podcast – I Tunes – Podcast Alley Request a Searchable Category on: – I Tunes – Podcasting News – Podcasting – Station – Podcast Central Podcast Tips – Bandwidth is Key. – No Longer than 30 minutes in duration. – Promote at top of main pages. – Definitely us scripts! Polish it up! – Give it some personality! – Promote your Podcasts in your Blog and RSS Feeds. – Although prepared and scripted, try to be conversational and engaged. – Don’t sell! Provide information. Inform and educate. The Future – Nanocasts Narrowly targeted, commercial podcasts using Really Targeted Syndication Feeds (RTS). Highly niched and segmented. For more info: Nanocasting Alliance. Networking Online Forums, Blogs and Discussion Groups are great places to Network among your fellow entrepreneurs, establish your brand, get your company name out there, drive more traffic to your website, attract new customers and learn from competitors. Online networking gives you the opportunity to strategically position yourself as an Expert and help others, while bringing notice to your expertise and company. Social Media Sites: like Facebook, Twitter, My Space, Squidoo and You Tube are excellent sites to establish a name and to network. They are fun too! Twitter is a growing Social Media Micro Blog which can be transmitted and read on a cell phone. Twitter is an excellent forum not to just network but also send out alerts and updates, as you would with RSS, to your customers. Professional Online Networking: Sites like Linked In and Spock provide an excellent forum to network and cross promote. Be sure to include your Twitter Contact Info, Blog, Facebook Info and other useful links from your Company. This will create an exponential, cross-promotion increase in web traffic. Forums: Join some professional forums online to get your name and reputation established on the web. Serve as an Expert on some Forums and answer people’s questions – it will quickly establish your credibility and drive traffic to your site. Affiliate Sales You can use Affiliate Programs to partner up with other companies to add value to your product and service offerings, making commissions and other income streams off the sales of these products and services to your customers. You can also do the reverse; develop an Affiliate Program of your own so others can sell your offerings to their established customers and networks. I love Affiliate Marketing because once it is set-up; it is a passive generating income, working 24 hours a day, 365 days a year. The key is to partner up with other companies you respect and can offer a customer base you can’t or haven’t been able to target and vice versa. Resources: Mastering Affiliate Sales takes a lot of time and experience building. This is why I highly recommend you check out Mastering Online Marketing as it will get you quickly up to speed on how to set up and use Affiliate Marketing. For a good Affiliate Management Program, try Easy Web Automation – it is a must to effectively manage your affiliate programs. Affiliate Programs: Check out these sites to find affiliate merchants, products and services: – Clink Bank – CJ -- Pay Dot Com Go Viral Viral Marketing is grass roots, word of mouth marketing and can be a powerful way of generating a lot of online traffic to your website. E Marketer conducted a study that determined 53% of online traffic comes from other’s recommendations. That’s over half of all traffic folks! So what’s the best way to Go Viral? Simple! Give something valuable away for free and spread the news of the offer on your RSS, Twitter and other online networks. Give away a Free Article or Guide in an area you are an Expert. Online Press Release Online Publicity and PR is a key component in establishing your creditability and stickiness on the web. Check out PR Web to ensure your Press Release gets noticed. Posted in Business Internet Strategies. Comment How to Develop Effective Web Marketing PagesMay 11, 2010 by Frank Goley, Business Consultant In this article on Online Marketing I will provide guidance on keyword tools, how to narrow your niche, how to develop effective web marketing pages, web sales and squeeze page tips, and web measurement and tracking. Keyword Tool Go to Inventory.Overture.com and utilize their keyword tool to determine what search words and phrases are most popular for your products and services. This is a great tool to narrow down the effective Keywords to use to develop Relevant Content on your websites for the products and services you offer. Using popular keywords to guide your web content, relevant to your specific line of business and expertise, will drive “free” natural Search Engine traffic to your site. Narrow Your Niche The narrower your niche, the narrower and more specific your marketing and web content, the more profitable you will be online. Become an expert in a certain area, develop content on your website that is resource based and relevant to your expertise, and develop specific key words to drive traffic to your site. To get an idea what people are buying on the Internet, go to ClickBank. Also be sure to research your competitors on the web. Effective Marketing Web Pages Ø Squeeze Page: This is a single request Opt-In webpage that directs the web visitor to Action: Opt-In for a Resource Article or Newsletter or Email List, Make a Purchase, or Get More Product or Service Info. This is an excellent page for visitors who have been pre-qualified via an On-Line Marketing forum. A great page to offer a Free Newsletter, Tips, Article, etc to establish credibility. Ø Sales Page: Compelling headlines and delineated benefit points that stress your Product or Service’s value and asks the visitor to Act. Usually a building block process works the best, guiding the visitor to a sale in a serried of steps. Ø Blog: Write 3-4 blog posts a week about your area of industry and expertise, giving away free advice and information. Many blogs offer areas where visitors can provide feedback. I recommend you read the feedback prior to posting and be sure to respond to all Blog Feedback. A Blog is a fantastic way to dramatically increase targeted traffic to your website, stay in touch with your customers, and generate the viral marketing affect. Ø Membership Web Page: Put your site’s best, most valuable, exclusive content on a membership site and charge for monthly membership. A membership website has hard to come by experienced-based information, and the member site creates a community of similar goal driven individuals who can communicate through forums and find common solutions. Ø Online Brochure: Describe your Products and Services, offer the Benefits and Value of them and ask the visitor to take Action. Action could be a Sales Page that asks for the Sale or an Opt-In for a Free Informational Article (Squeeze Page). Sales Page Tips Some important elements to consider when developing your Sales Pages: § Define one Urgent Customer Problem per sales page. § Headline states the Problem in a Few Words with your Most Significant Benefit juxtaposed. § For example: Are you currently losing Customers? Learn about our System to retain & increase your Customer Base, even in a Recession! § Reaffirm the Problem. Build Empathy. § Provide Solutions § Handle Common Objectives: i.e. experience, expertise, testimonials, articles, books, industry experts, data; confidentiality, privacy & security policies; after the sale support (this is crucial!). § Organized with Bullet Points: Stick with Benefits, not the features. § Low Risk / Irresistibility Factor: Take as much risk out of your offer as possible with freebees, discounts, add-ons, but don’t give it away. Think about Guarantees, Warranties & Return Policies. § Build Value: Then cost really becomes a less than or non-issue. § Ask for Action! Ask for the sale and direct the customer to the next step. Give an incentive to act now. § Recap Benefits: Give them an alternative if they choose not to act and be sure to ask why. Squeeze Page Tips Use your Squeeze Page with the Sales Page. An Opt-In (or choices) on the Squeeze Page leads to a specially designed Sales Page for that specific Opt-In. Some Squeeze Page tactics and components to consider: Ø Increase Customer Conversion Percentage: Free Guide or Article; Free Consultation; Free Assessment; Free Newsletter; 30 Day Trial of Product or Member Site, etc. Ø Use the Opt-In Information Gained: You can build a great database of customers that want to be marketed to by asking for their email address. Use the database for other Product Offers if they don’t purchase; to ask why they didn’t purchase; to introduce new products and services; to provide alerts, discounts and specials; to ask for referrals; to offer affiliate programs; to get repeat business- the opportunities to Opt-In are endless! Ø Conversion Tips: Position your Opt-In Box at the top; use interactive strategies (i.e. questions, survey); bundle and add options to offers; follow-up; set expectations you can deliver on; provide an option when a customer clicks out of the site. Ø Progression Model with Option to Buy: I like this type of Squeeze Page Strategy. Give a customer the opportunity to go at his or her own speed and purchase easily anytime in that process. The tactic is to allow the customer to progress one page or step at a time to find a comfort level and then having the option to buy at anytime in the sales process. You can offer a certain sales level as a customer ascends through the Process and moves through your ascending in price offers and packages. Ø Design a Qualifying Progression Model: Separate “Browsers, Opt-Ins and Buyers” into different Strategic Target Groups with customized tactics for each group. Basically, divide and conquer! Measurement Tracking your web visitor traffic flow is absolutely vital so you can effectively and strategically increase your conversions and change strategies on the fly when a model isn’t working. Tracking also helps you to determine very quickly what Sales Page and Squeeze Page combinations work best. Basically, track your visitors so you can increase conversions, as well as, profitability per customer. Define your Visitors Value so you can predictably project what it will cost you to acquire a new customer for each Sales Level. A great Free Measurement Tool is Google Analytics. Posted in Business Internet Strategies. Comment Search Engine Optimization StrategiesMay 10, 2010 by Frank Goley, Business Consultant I have learned over the last ten years of internet experience that Search Engine Optimization (SEO) can be an elusive and often overcharged service by “SEO experts.” So in this article I will lay out in a simple, step by step fashion how to do search engine optimization that will get your website noticed in the search engine general results. Here are some fundamental search engine optimization strategies to get you started. Website On Page Search Engine Optimization Do this for your homepage and your other important pages first and then proceed to off page SEO strategies. The information should be customized to each webpage. – URL: Use a URL that contains your most important keyword, and your subpage URL addresses should contain that page’s particular keyword phrase. – Page Title Meta Tag: No more than 100 characters; use your most important keywords ordered in importance; don’t worry about having your company name in the title if the keywords take up all the space. – Page Description Meta Tag: No more than 250 characters; use all your important keywords in order of importance; describe what you do. – Keywords Meta Tag: listed in order of importance; less is more- use relevant keywords; keyword phrases are better than single keywords or strung together keywords. – Header Tags: Use header tags (H1,H2,H3) for your most important keywords. – Image Alt Tags: Put in keyword descriptions for your website pictures. – Relevant Content: Provide content based around your keywords that is helpful for your web audience. Your Home page should say briefly what you do and feature your most important keywords (products/services), then use subpages to create more content and information on each keyword subject area. – Fast Page Loading – Good Code – Good, Well Organized Navigation – Create a SiteMap XML File: Submit to Google, Yahoo, Bing and Ask. – Have a Blog: This is a must. Blog times per week. Blog on subjects common to your keywords. Submit to the Blog Directories and Blog Carnivals. – Create an RSS Feed for your Website and Blog: submit to RSS feed directories Off Page Search Optimization These strategies also provide you more web traffic and potential business (double benefit)… – Submit your Site to the Search Engines: This is getting less important but still do it! – Home Page and Important Subpage Social Bookmarks: Use social bookmarks to get the search engines to quickly spider / crawl your site, as well as, increase your visibility and create viral marketing. Be sure to submit to Do Follow bookmarks as well. – Create a Local Business Profile for Google, Yahoo and Bing: use your important keywords and choose / create as many relevant categories as possible. – Write Articles: Write your articles around your most important keyword subject areas and submit to article and blog directories. Put two Text links to your website in the Author Resource area (link to pages on your site that are about the particular keyword subject you are writing about). In content back links from websites other than yours is one of the best SEO strategies right now. – Submit Your Blog to the Blog Directories and Blog Carnivals – Submit Your RSS Feeds to RSS Directories – Create Social Network Pages and Submit: Create a Squidoo page, Hubpage, Weebly page and Wetpaint page. Use different content for each on different keyword subject areas. Link back to your site. Use no more than 9 back links for Squidoo and no more than 3 for Hubpages- as many as you like for the others. Submit the pages to social bookmarks and submit the pages’ RSS feeds to RSS directories. Also create a LinkedIn, Facebook, Twitter and Biznik profile with links back to your site (you can also use them to generate more business and publish articles). – Submit your Website to Internet Directories: Gain valuable back links, more traffic and more business. Make sure to submit into relevant categories and have a website description and title that uses your keywords (rotate your titles and descriptions). – Create and Submit Press Releases: Create a press release around each of your most important keywords and submit them to press release directories over time. – Post Comments in high PR and Relevant Blogs: Include a link to your website in your intelligent blog comment. Important: For a brand new site, do this off page SEO over a 6 month period. For an established site, do this over a 3 month period. If you follow these SEO tips, your site will find its way to the first page of the Search Engine rankings. However, you must give it time! Depending on your website’s current position and SEO quality, as well as, the competitiveness of the keyword, it could take as few as several weeks or several months. Either way, it is worth it!If this sounds like a lot of work, it is. But if you want to capture the massive earning power of the internet, without having to pay for very expensive Cost Per Clicks or Internet Advertising, then it is necessary. Be sure to check out my other internet article which goes into depth on internet marketing tactics and strategies: Cost Effective Online Marketing Strategies ABC Business Consulting offers three levels of Web Development, Marketing and SEO to meet most business’ internet needs and budgets: The Web Development, Marketing and SEO Package The Business Success Plan + Web Development, Marketing and SEO Package Posted in Business Internet Strategies. Comment Small Business Innovation – Stay CompetitiveMay 7, 2010 by Frank Goley, Business Consultant In order for Small Businesses to compete in the Global Competitive Business Marketplace, Innovation is imperative. One factor affecting Innovation is Pressure. Pressure from the Competition urges Small Businesses to successfully innovate and adapt. Also, innovation can be encouraged from within a company as employees need a certain amount of pressure to jump start the creative process. Positive and constructive pressure from the top of a company stimulates your people to creatively think outside the box. The real conundrum is converting the creative ideas into a business practice. This is when and where your employees need the most encouragement and positive reinforcement. As CEO you must demonstrate as much interest and commitment in new product development as you are in existing product lines. Innovation isn’t only producing new ideas but adapting new product versions from your inventory of developed creative ideas. We must foster environments which applies creative imagination to problems and then finding excellent solutions to those problems. As CEO you can foster innovation in your Company by: 1. Reorganizing Individual Contribution 2. Providing a Bonus Incentive Program to reward Individual and Group innovation contribution Innovation is mastered by being an Expert in your particular field. Technology leadership or a commitment to know more about your field than any other company is very important toward closing the Innovation Gap. Joint Ventures, Strategic Alliances or Partnerships can’t close the gap on their own. It is your core competency, with the added synergism of a JV, Strategic Alliance or Partnership, which makes Innovation truly successful. The best way to beat the competition is to sell products with technology they can’t match. It is only through innovation and successful implementation of that innovation which allows a company to achieve true competitive advantage in the global market place. However, this innovative product must be: 1. Cost effective enough to earn Big Margins of 50% or more 2. Beat the heck out of your competition 3. Save your customers significant money This Profit Margin must be big enough to allow for product investments to sustain your competitive advantage. You need to be continually reinventing yourself in order to produce innovative products which are fundamentally better- you need to effectively obsolete your existing products to truly compete. Innovation takes years to develop, yet you must bring products quickly to market to compete. Therefore, stream lined corporate systems must be in place, so as your company structure grows, and you don’t lose the ability to innovate and subsequently market the product in a market leading fashion. Then once in the market, you must aggressively protect the proprietary nature of that “edge” product by making aggressive utilization of Trade Marks and Intellectual Property Rights. Posted in Business Growth Strategies. Comment The Top Businesses during a Recession and Real World Recession TacticsMay 6, 2010 by Frank Goley, Business Consultant Top Ten Businesses in a Bad Economy According to One Coach the following businesses tend to succeed during a recession: 1. Business Coaching 2. Business Networking 3. Alternative Fuels 4. Environmental Services 5. Health Care 6. Nail Salons 7. Discount Retailers 8. Luxury Products 9. IT and Technology Services 10. Credit and Debt Management It is debatable whether Nail Salons and Luxury products truly do succeed in a recession. Item #9 in my view should be ranked higher in the list as businesses utilize technology to become more efficient and profitable during tight, recessionary periods. #3 and 4 are great forward looking businesses, but they carry a premium and subject to positive government policy and regulations. Just know you need to be prepared for the long haul with Alternative Fuels and Environmental Services as demand will ebb and flow directly associated to the whims of the White House and Congress. In addition, during down economies, you will need to aggressively sell how much these businesses can save consumers and businesses money in a significant, quantifiable way, since the offering will be products and services that carry a price premium. Glad to see my business at the top of the list! Businesses find out they need a business consultant and coach during downtimes—the smart ones know this before they get in trouble! Real World Business Recession Tactics and Strategies Some areas which Sara Wilson keyed on in the December ’08 Entrepreneur Magazine Article, “Trend: Economy”, which makes a lot of sense in this Economy: 1. A Business Idea that is Working right now: CouponMom
2. Local Scope: Due to financial pressures and an uncertain economic outlook, consumers are spending more time at home and closer to home.
3. Green Business: Organics are and have been exploding in growth and the outlook is very good. People want to eat healthy and feed their family healthy food even when things are tight financially. Green conservation is another growing business niche. 4. Web Business: Why spend large start up dollars on a brick and mortar Business, when you can run the same or similar business from home, utilizing the internet?
Resource: Please consider reading my article on Online Marketing for ways to explode the growth of an online business. Sara Wilson had another good article, “How are Franchisees Dealing?” in the January ’09 Entrepreneur Magazine that interviewed four different franchise business owners on how they were dealing with obstacles during this current economic slump: 1. Floyd’s 99 Barbershop: The franchisee, Jay Palmer, couldn’t find a loan for a new store. He tried using his home and his parent’s home as collateral and no luck with banks, including trying to obtain an SBA or Corporate loan.
2. Kitchen Solvers: Franchisees, Carrie and John Borden Kircher, customer niche based changed. Their customer market became price orientated, and the business offers premium kitchen and bath remodeling. Leads dropped 19% and sales are down 25% over the last two years.
Resource: Please check out my detailed article on Franchising for more information.
3. The Melting Pot Restaurant: The challenge Franchisee Michael Frampton was facing during the Real Estate Crash in California was establishing the restaurant in a new shopping center when 10 other centers in the area were all opening at the same time. On top of this significant challenge, property taxes went up from $500 a month to $2,500, which meant $2000 a month cost comes straight off the bottom-line, never being budgeted for.
4. EmbroidMe: Wendy and Todd Diskin own a franchise that specializes in promotional solutions for businesses, which includes decorating apparel and screen printing. Their challenge has been rising costs from their suppliers. They have experienced a 5% increase in the Cost of Goods over the last year.
Conclusion This article used real world examples and combined it with the business experience of a 20 year veteran Business Consultant to provide you with real world examples and strategies to use in order to start, run or adjust a new or existing business in a struggling economy. In my article on Recession Survival Planning I discussed how it is a must and utilizes good Strategic Planning, Diversification Techniques, Contingency Planning and Cost Management. In another article I discussed various Recession Finance Techniques for your business which are particularly good during a Recession, which include Networking, Supplier Finance, Lease Finance and Local Business Loans. For more detailed information on Alternative Finance Strategies for Businesses, please refer to my article, Funding Sources for your Business. To conclude in this article, we identified certain types of businesses which excel in an Economic Downturn and why they are successful. Our best advice for starting or operating a business during Recessionary times is as follows: 1. This Recession will have an impact for at least 3 years. So keep that in mind when planning for your business. 2. Track record, Experience, Niche Market Identification and Cash Flow are keys in raising funds for your business. 3. Solid, Comprehensive Business Planning, along with realistic, accurate Market Planning and Financial Forecasts are very critical during challenging economic times. An effective Strategic Plan is integrally important in bridging the gap between a Marketing Strategy and Realistic Financial Forecasting. 4. Out of the box thinking: For Brick and Mortar Companies, key on strong local areas and/or utilize the web to efficiently bring a product or service to the market. 5. Price Competitiveness becomes less important if you sell value-added business solutions to your customers and have tight controls on costs. Posted in Business Recession Tactics. Comment Business Finance Tactics in a RecessionMay 5, 2010 by Frank Goley, Business Consultant During tough economic times, Finance is a huge challenge for business owners. In the “Going Forward” section of the January ’09 Entrepreneur Magazine, Mark Hendricks quotes some sobering statistics: Ø During the Second Quarter of ’08, 65% of bank senior loan officers stated they recently tightened lending standards for small businesses. Ø In August ’08, 49% of business owners reported cutting back and by October that number grew to 69%. Ø Sales Growth for businesses in all sectors fell from an 8% average increase over the last five years to 6% for the year ending October ’08. Our best advice to meet the challenges is have a well developed and implemented Business Plan and Financial Strategy which proves your Cash Flow Model and determines which financial sources and structures fit that Model. With your Funding Business Plan, Loan Package and Investment Overview in hand, here are some real world funding options and strategies to consider when Lenders’ purse strings become increasingly hard to access: 1. Networking: Increasing your Networking activities through morning executive breakfast events, trade associations, Chamber of Commerce events and Rotary/ Kiwanis/ Lions Groups can be a great way to find suitable, local, private money. Local investors are much more approachable in hard times as they have a connection and understanding to the area and your track record. Other business owners in these groups, associations and events can be extremely helpful in finding suitable private money. 2. Supplier / Trade Finance: According to Rosalind Resuick, CEO of Axxess Business Consulting, no outside party has a bigger interest in your company’s success than your trade partners and suppliers. Having your supplier as an Equity Partner can be very advantageous when you are having difficulty making payments or want to quickly develop a new market. The participating Equity Stake is assigned to your past trends, present and future orders. Start-up Consultant, Joe Fulvio, suggests your Business Plan “show not only a direct return on investment, but also the value of future business to be gained”. By making your supplier a partner in your business, the supplier is better suited to understand your Finance needs 3. Lease Finance: When times are tough and your cash is tightening, Leasing can be the answer. Small deposit, lower payments and flexibility are often associated with Lease verses Buy Terms. At the end of the lease, you can easily upgrade equipment and roll into the Lease Payments so your out of pocket costs are much smaller than a typical finance loan. 4. Community Bank Loans: Amy Loera, owner of Tio’s Mexican restaurant chain, was denied at nine different banks, for a loan to open a new restaurant, although she ran a very successful business. These Lenders cited the Nation-wide downturn of restaurant sales due to the current recession as the chief reason for the loan declination. There is no doubt a year ago, these banks would have lent to her. Instead of throwing in the towel, Ms. Loera turned to a local, community lender, Arrowhead Credit Union, and she was approved for a $643,000 loan. What was the difference? The Credit Union was based in her business region, and she could make a strong case for the health of her restaurant chain. Reasons Ms. Loera cited for her success in obtaining her expansion loan: 1. Low overhead costs 2. Reasonable Prices 3. Family-Style restaurants picking up the slack from people by the Fancier establishments in the area. 4. Smaller, localized lenders are typically in better shape during an Economic Downturn 5. Community Banks are more cognizant of the local economy’s health and vitality 6. Larger / Regional / National Banks are more reliant on Credit Scores and cookie cutter Applications. Local Banks rely more on a Business Plan. 7. Niche Market: Suburban market that likes an affordable meal at the end of a busy day 8. Historical Financials showing track record 9. Debt-free 10. 12 month Realistic Projection for the new restaurant 11. Comprehensive Business Plan; every detail about the business 12. Received approval from the Credit Union due to:
The Inside Story: What the Local Bank Looks for: 1. Not Credit Score Driven 2. Look behind the scenes of the business 3. Cash Flow is Key: An important indicator of the ability to pay off the loan. 4. Believable, forward-looking Cash Flow Projections for the new business. Realistic Financial Statements. 5. Provide Best & Worst Case Scenarios on your Financial Projections 6. Small, Community Banks assess a business loan on a case by case basis. This is a huge advantage over Regional Bank Loan decision making, especially, in an economic down-turn. 7. In recessionary times, certain industries will be hit harder than others, like Construction Companies or Auto Dealerships; therefore, it is very important to have a well developed Business Plan and a forward looking Strategic Plan that includes a well researched 12-18 month industry outlook, based upon a believable Marketing Plan. 8. Small Bankers can see successful pocket areas in a struggling local economy. These pocket areas often have a Strong Niche Marketing Offering 9. Financial problems are best disclosed to the bank early on so a mutual solution can be implemented 10. Small Banks do loan to Companies showing past financial “hiccups” if they can show they were proactive and overcame the issue Resource: For comprehensive information on Supplier Finance, Trade Credit, Lease Finance and Bank Finance, please see my article on Business Funding Sources. In my next article, I will review what businesses do well in a recession and provide more recession business tactics so you can succeed, despite this lousy economy. Posted in Business Recession Tactics. Comment Small Business Recession TacticsMay 4, 2010 by Frank Goley, Business Consultant We are in a pretty bad recession. Should you open a new business? Should you be in the small business capital market right now? The simple answer is YES! This blog post gives you real-time situational advice on how to be successful during a tough economic times. Survival Planning Ed Hess, author of “So You Want to Start a Business? 8 Steps to Take Before Making the Leap”, says the first step is to “analyze why you’re in trouble, why you’re losing customers or why customers aren’t paying you fast enough.” I can’t agree more. You need to rework your Company’s Strategic Plan, Customer Plan and Supplier Plan to come up with a Survival Plan to cash-in on the opportunities a Recession provides. So how can you increase or maintain Cash Flow in a down Economy? 1. Diversification: Dan Leader, Owner of Bread Alone, a wholesale and retail bakery with three outlets, used diversification to maintain his $7 Million in Annual Revenue. One third of the business is targeted on Retail Stores, one third on wholesale distributors and the other third concentrates on Mail Order and On-line Sales. This way if one sector is hit hard in an economic downturn, the business has two other Sectors to pick up the slack. 2. Contingency Plans: Just like you have an Emergency Fund in any good Personal Financial Plan, you should establish an Emergency Fund for your Business. Mr. Dennis Ceru, adjunct professor, Entrepreneurship and Business Strategy, Babson College, recommends planning for “rainy days”, putting aside 3 to 6 months operating capital and salary. Include in your Business and Strategic Planning an Emergency Plan for cutting costs. Another option during a down economic period is to send out invoices the day of a sale with cash discounts for early payment, say within a week. Waiting 30 days to send out invoices, during tight times, can be a strain on cash flows. Managing Cash during a downturn is crucial so your Budgeting Process in your Company’s Strategic Plan is vital. Other strategies could involve leasing verses buying or hire part-time labor verses full time employees. You just need to survive until things turn around, and you can implement recession strategies. Cost Management Cost and Cash Management is crucial during tough economic times. Here are some great Recession strategies to employ: 1. Expand your business into profitable areas without needing additional capital: Dan Leader of Bread Alone, a New York wholesale and retail bakery, sets aside one to two days a week to make sales calls on new customers that have multiple locations, which can yield $100,000 in annual business. Mr. Leader presented new product offerings to Whole Foods, Zabars and the like which generated a surge in large orders. 2. Weed out Costly Customers: Analyze your Customers’ profitability, create a “perfect customer” profile and concentrate on that customer type. This will help you to be more profitable on a per customer basis, which is much less of a strain on Company cash flows during hard economic times. Concentrate on higher net profits per customer verses high volume sales with less profitable customers. 3. Examine your Technology Costs: Technology is key to running an efficient business but make sure you only have what you need for a good price during recessionary periods. Heavy technology costs are hard to justify when you are fighting to retain and gain customers. After analyzing the effectiveness and necessity of available technology, negotiating the terms of delivering the technology which can be met and sustained by your company. Low cost per acquisition unit, high unit profitability and platform flexibility are key factors to keep in mind when assessing your Technology Plan. 4. Poor Employee Performance during tough economic times can’t be ignored. Ensure you have a suitable Performance and Control Mechanisms in place to proactively manage your human assets. 5. On the flip side, retain your talented people even though they may be expensive. Experience prevents mistakes, which can be very costly. Your most expensive employees to hold on to should be your most productive ones. They can pick up the slack during company cut-backs. 6. Analyze the payoff of your Marketing Dollars. What specific strategies are paying off? At what profitability? What is the ratio between marketing dollars spent and the resulting unit / customer profitability? Exploit your high profitability areas and refrain from generalized Marketing Strategies. Analyze your Marketing Plan to determine the best target, niche markets and the most profitable methods of selling to those targets. 7. To retain those highly talented, skilled, experienced people in recessionary times, you must continue to offer good benefits. Don’t cut your benefits to save on costs and expect your best people to stick with you when things are tough.
Refrain from Across the Board Cost Cutting Across the board Cost Cutting is a desperate measure. Effective Cost Management should be a day to day tool you employ in your Company’s operations. When times get tough, the Cost Management System you have in place will pay off large dividends, while making you very profitable during boom times. Cost Management should be an integral part of your Company’s Strategic Plan, Product Development Plan, Marketing Analysis and Strategic Plans. With effective Survival and Cost Management Plans and Systems in place, your Company will be well situated to cash in on the limited availability of Business Capital in the Lending Marketplace. Tough economic circumstances really tighten lenders’ purse strings, so it is important to concentrate on Funding Strategies which can be successful in such conditions, which is where I will pick up in my next blog post. Posted in Business Recession Tactics. Comment |
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