Getting Vendors to Help with Marketing

Don’t be afraid to ask your vendors/manufacturers for co-op dollars to help sell products. Your vendors have the big marketing departments which have the creative people and the deeper pockets. Sometimes they will contribute dollars and sometimes they will provide signs or whatever they can to help promote the products. Remember, it is in their best interest to help you market and sell your (their) products.

New Employee Retention

When looking to hire a new employee, include in the recruiting process a description of the company and the potential growth opportunities of the position being filled. This will help applicants get a feel for a possible future with the company and positively impact employee longevity.

Delivering Unpleasant News

There are 3 parts to delivering unpleasant news to your employees.

1. “This is what we have done.” Don’t let your employees agonize over an upcoming event. Take action first, and then tell them what you have done. Employees are more likely to continue working as before when they are presented with a fait accompli.

2. “This is why it will work.” Your message must include assurances that the action taken was appropriate, adequate and aggressive. Employees want to know that you are on top of the situation and their jobs remain safe.

3. “This is what you have to do.” If a situation warrants negative action, employees want to help. Finish the announcement with a call to action and a sense of urgency. Remind them that their efforts are the key to recovery in the future.

Are you listening to yourself?

Pay attention to the conversations you are having with your friends and confidants. What is the tone? Are you excited about your business or are you complaining about the economy, your employees, your customers or vendors? If you complaint is recurring, you may be procrastinating on some project or avoiding some actions that would be beneficial to your company.

Thriving in a tough economy- part 2

7- As you consider your cost-cutting, consider your customers- do not cut out value to your customers.

8- Communicate, communicate, communicate- to employees and to customers and stakeholders (banks, investors, family).

9- Spend money on smart marketing- do not stop marketing. You have an opportunity to stand out when others are retreating. Marketing now will position you for the market rebound.

10- Make employee layoffs a last resort- keep those employees that are most valuable to you even if it hurts. It will take you too long and cost too much to find, hire and train people when the market swings back your way.

11- There are great values out there- if you need something for your business, now is the time to buy.

12- There are some great employees out there. Now is the time to hire great talent.

President of TAB speaks on Fox News

Thriving in a Tough Economy- part 1

1- Stay positive.

2- Manage to your values- do not compromise your values.

3- Keep your employees informed as you go along- the more they know, the more productive they will be.

4- Tweak the business plan- take the time to really perfect it.

5- Cut expenses that make sense for now and long-term.

6- Clean up what you don’t need- really understand what your business needs to be successful and consider cutting those things that are nice to have but are not a necessity.

Get paid quicker or at least on time!

We all know that cash is king. To help expedite receiving payments from your customers, get an inside contact, learn their processes and have the inside person guide you through the process. They can help get paperwork filled out correctly- and by having a contact and a strong relationship- they can help get your invoices through the systems quicker.

Welcome

Welcome to my St. Louis Business Owners
blog. I have set up this site as an
informational tool for business owners. I have
been coaching St. Louis business owners
for over 10 years. On this site I will provide
weekly business tips. For more information
on how I can be of assistance to you and
your business visit my website at
www.tabstlouis.com