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00:01, 00:18
It's BobParsons.me. And now, a man who still likes to do nothing more than watch his watch glow in the dark. Dr. Bob Parsons. 00:18, 00:23 Hi, I'm Bob Parsons. Welcome to episode #24 of my video blog. 00:23, 00:33 In this episode, Reva, Amber, and I are going to tell you about the top five ways to make this bad economy work for your business. 00:33, 00:40 When times are good, almost anyone can succeed. But the bad times are when our true measure is taken. 00:42, 00:43 I don't think so. 00:44, 00:55 This bad economy is your opportunity to show what you've really got. If you or your business can make it now, then you're going to be in a great position when the economy improves. 00:55.5, 01:06 So, to help you survive, and thrive during these trying times, I've put together a list of things your business can do to make this bad economy work for you. 01:13.5, 01:18 In a bad economy, your efforts stand out due to less competition. 01:19, 01:22 Wow, incredible efforts Amber. 01:23.5, 01:26 Some of your competitors won't survive this recession. 01:30, 01:32 "Oh my god, I shot my eye out". 01:32, 01:41 Others are probably closing their checkbooks and battening down the hatches. Which, quite often, is exactly the wrong thing to do. 01:43, 02:00 This is the time to improve your products and services. If you focus on making your business better every single day, you will stand out while the competition stands still. And believe me, people will take notice and your business will grow. 02:00.5, 02:06 In a bad economy, advertising becomes more affordable and effective. 02:07, 02:13 A big mistake that many businesses make is cutting or eliminating their advertising budget. 02:15.5, 02:23 Tough times in the TV, radio, and print industries give you a ton of leverage when negotiating your advertising deals. 02:23.5, 02:32 Get lower rates, more commercials for the same amount of money, or buy time periods and products that were once too expensive. 02:32, 02:47 Those things, along with the fact that many businesses have cut back on their advertising will give you a larger share of voice. That means your advertising dollars have the potential to do more for your business than ever before. 02:47.5, 02:52 In a bad economy, the consumer is more receptive to high value propositions. 02:53, 03:05 People are still buying. They're just looking longer and harder for the best value for their money. This is an excellent time to present your customers with an offer they can't refuse. 03:06, 03:08 "I'm gonna make him an offer he can't refuse." 03:08, 03:13 In a bad economy, your business should dive into the talent pool. 03:14, 03:25 There have been millions of layoffs in this country. Many of the folks left without a job are high quality talent. Look around a bit, and you might find a few superstars who need the work. 03:26, 03:34 Populating your staff with outstanding performers is always the right thing to do. It makes your company stronger and more successful. 03:35, 03:43 In a bad economy, share the pain. Renegotiate with vendors. 03:44, 03:54 Your business isn't the only one that needs to do all it can to retain current customers. Your vendors are in the same boat as you. 03:59, 04:16 The big difference is, when it comes to them, you are the customer. So use this opportunity to renegotiate your vendor agreements. You might be surprised at how willing your suppliers are to deliver cost savings and give you better terms. 04:16, 04:26 Those savings will go straight to your bottom line and may give you the capital needed to improve products and maintain, or even expand, your advertising. 04:26.5, 04:41 Be alert, and you'll discover that incredible opportunities don't only exist during the good times, they also exist during the bad times. And some of the opportunities you'll have now, you'll never have when business is good. 04:41, 04:45 So step up, be alert, and take advantage of them. 04:45, 04:55 Well that's a wrap for this episode. If you have any comments or questions, please post them here. I read each and every one of them, and I'm always interested in what you have to say. 04:55.5, 05:02 Reva, Amber, and I thank you for taking the time to watch. See ya next time. 05:05, 05:16 During my life, I've assembled a collection of 16 rules, most of them I learned the hard way. These rules helped me in business and my personal life. Hopefully they will help you too. 05:16, 05:32 Today's rule is #7. Always be moving forward. Never stop investing. Never stop improving. Never stop doing something new. The moment you stop improving your organization, it starts to die. 05:32, 05:47 Make it your goal to be better each and every day, in some small way. Remember the Japanese concept of Kaizen. Small daily improvements eventually result in huge advantages. Bonsai! 05:48, 05:58 Want more Bob? Follow Bob on Twitter. Search DrBobParsons. |
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