Are the ups and downs, the spins and stalls of the economy making you dizzy? Does the future look like an unpredictable blur? Are you getting nervous and just a little bit queasy? How do you brace yourself when you don’t know which way things will spin? Welcome to Business on the Tilt-a-Whirl.
Businesses of every size are scrambling to adjust – downsizing, right-sizing, offering new products, cutting product lines, offering new promotions. The flurry of activity makes Chicken Little look like the Rock of Gibraltar. Activity is good; we need to adapt to change, and the current economy certainly is a change. Unfocused activity, however, can be deadly. So how do we do business on the Tilt-a-Whirl?
• First, the basics are the basics. Customer service and courtesy have never been more important. Going the extra step, with a genuine smile, is mandatory. No one has to tolerate indifferent, abrupt or arrogant service, and no one will.
• Know your costs and price strategically. Know your fixed and variable costs and the contribution margin per item. Know what impact a special promotion will have, and how much business the promotion has to bring in for it to be worthwhile.
• Analyze your customers. Know who is coming in, and why, and who no longer comes in, and why. Know if sales per customer are stable or declining. Use this information to target promotions that will have the best impact to your bottom line.
• Look at your operations now. Evaluate who you have, what you have, and how you can maximize your products and services. Old processes and flows might be disrupted, but there are always opportunities for innovation. Give value. Think out of the box!
• Do the right thing. Take the opportunity to reach out to your community. We’re all on the Tilt-a-Whirl together, and some individuals, businesses and charitable organizations are having a rougher ride than others. Reach out and lend a hand.
Times of change are times of opportunity. Structured innovation and working smarter can strengthen your company to survive and thrive. Smaller businesses can move quickly, respond to change and out-maneuver larger competitors. Focus on the future and take advantage of the opportunity to do Business on the Tilt-a-Whirl!
Ellen Huxtable helps business owners boost profitability, manage change and make the most of what they have. Contact her at
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