October 6, 2020

Staying Savvy: Stabilize Your Business During the Economic Downturn

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im Grotto of Grotto Marketing, Lauren Barron from Fiercely You, Inc., Kim and Art Angel from E2A Partners discuss how to create a stable business foundation by utilizing a combination of strategy, financial best practices, customer personas, pricing, key data collection and marketing strategy.

Focus on What You Control

Kim Grotto of Grotto Marketing: Do not make decisions out of fear, shift your focus to what you can control. Having a responsive versus reactive mindset allows for wiser decision making. Be mindful of where you invest your time and energy. Articulate and communicate your brand, mission, values and products in order to expand their reach, earn revenue, increase loyalty and market share.

Let Financials Work For You

Lauren Barron from Fiercely You, Inc.: Financial analysis encourages strategic operational planning and decision making, meaning...Establish a system that encourages financial best practices and recording. Let your finances work for you by taking advantage of information they provide. Your strategic plans and your financial expectations go hand-in-hand.

Customer Success vs Business Development

ID Managing Director Travis Linderman and E2A Partners Kim Angel: Ensure that your customers are utilizing your services optimally. Direct your focus to current customers which will lead to long-term loyalty and retention. Don’t neglect those who already trust you and your product.

Trending Numbers and What to Do

Lauren Barron from Fiercely You, Inc.: Take a closer look at your income statement, balance sheet, and cash flow comparison. Ask yourself three important questions: Why are my numbers trending the way they are? How did it happen? What am I going to do about it?

Utilize these resources to gain a better view of the trends in your business.
Businesses should utilize a 13-week cash flow forecast. This high-level tool can give a cumulative figure of your cash flow or cash burn. In simpler terms, it is reconsolidating your checkbook for your business.

Intimate Knowledge of Your Customer Profile

Lauren Barron from Fiercely You, Inc.: When determining pricing, analyze who you are serving and what their needs are. Pricing decisions are influenced by many internal and external factors. Determining the cost of goods sold and cost of services may require obtaining various quotes.

Consider your customer demand. If there is a continued need for your product or service but people are not able to access the way they normally would, think about other ways you can provide for your customers. Know your audience. Prioritize current customers and the needs you can fulfill for them. Stay connected to key partners and employees, especially with an online presence and prompt replies to emails. Learn about the Four C’s: Cohesiveness, Connection, Communications, and Create and how to apply them to your business.

Building Your Strengths & Consistency

Kim and Art Angel from E2A Partners: Recognize what you are good at and what is working for your business.This is not a time to start from scratch. Learn to pivot, identify adjacent services/products. Do not assume customers' behaviors based on past experiences. Realize who you are to the core and how viewers see you.

The reality is, none of us know how long the pandemic will last. Given that most people are still under a stay at home order, there is more support than ever for local businesses. Commit to your values, remember your audience, and don’t be afraid to think outside the box. Together, we may just be able to weather the storm.

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