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People

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So far we’ve discussed Passion, Product, Persistence, and Planning. Now Deb, you say we have to think about People – surround yourself with people whose strengths are your weaknesses.

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And look beyond your friends, family, and significant other. They are important people to have on your team, but you want to have other people who can be objective, who don’t have any emotional ties to you as well.

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Often, to get someone to take care of a weakness, you have to pay them to do that. If you don’t have any money, what is the answer then?

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A lot of people barter. I have a friend who is a massage therapist who needed help building the web site for her business. So she and the web designer now trade services. The web designer gets massaged and doesn’t even have to pay for it … he’s happy! A side note to that – check with your accountant to make sure you’re accounting for it properly when tax time comes up. A lot of people I know really enjoy helping small businesses. They may be an accountant or an attorney. They’re looking for new businesses as future clients. Sometimes they’re willing to give you a few hours of service at no charge or give you a reduced rate. They recognize that, if they help you get your business started, you’re likely to become a future customer for them. Talk to other business owners and see who they’re using as providers.

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Promotion

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Next up on the list is something that many business owners are cutting back on because of the tough economic climate – Promotion.

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I just did some research into The Great Depression, what businesses survived, and how they did it. Some of the businesses that made it through the depression very successfully include Procter & Gamble, Camel cigarettes of all things, Kellogg, and Chevrolet. What they all had in common is that they scaled up their advertising during The Great Depression. They stayed visible in the minds of consumers and they were able to continue to do business throughout the depression even though people were spending less money. And when the economy did turn around, and it always does eventually, they had customers loyal to their brand. So now is not the time to stop promoting your business. Now is the time to kick it up a notch because people still have money to spend. They may spend less of it and they may be more choosy about where they spend it. But if they don’t know you’re out there, you’re not even going to be considered. Few of us have the resources to just advertise here, advertise there, and just throw money around that’s not going to pay back. So you really need to sit down and identify who your customers are. Be specific. Are they men or women? What age range? What kind of profession? Where are they? What are they reading? What are they listening to? What are they looking at online? Then think about how you can best reach them. Successful promotions, marketing, and advertising don’t mean you buy an ad in the newspaper and run it once. It has to be a long term plan and commitment.

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Positive Attitude

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So the last “P” on your list is Positive Attitude.

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You just have to maintain a positive attitude, through thick and thin. That reflects on your employees. Your customers know it. I just heard from a colleague of mine who went into a retail store. She said she’d never go there again because the owner of the store was in a really bad mood, griping about the economy. She said that she wasn’t there to hear all of that. She was there to have a nice experience. It really turned her off.

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Because shopping is my escape. This is me trying to stimulate the economy, so relax!

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Right now, not just for entrepreneurs, but any leader … it seems like we’re hearing such dismal news from so many of our leaders from the highest levels in the country to the biggest businesses. And I think, in many cases, small business owners are buying into it and people don’t want to follow someone who doesn’t have a better vision for the future.

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Exactly. I’m seeing businesses, some who’ve decided to close, but others who are planning and taking a different approach. They’re being very creative about it. They’ve said that this is forcing them to not be lazy. When things are good, they do whatever they want. They can’t do that now so they realize they have to be really proactive, but they’re making changes that they’re really excited about, even if they were forced into making them. They think they’re in a much better position going forward, now and when things do turn around for the better.

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Thanks Deb for sharing your wisdom with us! Check out Deb’s site, debneuman.com for more great tips for your small business.

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And thank you for reading our post today. Join us next time when we’ll tell you how to find the deal of your lifetime. Until then, here’s to your bigg success!

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(Image in today's post by k_vohsen)