by Rick Erling

Too many startup, small and mid size business executives are caught up in doing the day to day tasks of running their businesses. As a result, they are unable to work on the bigger picture of growing their businesses. In today's hyper-connected economy things can unravel quickly and when your business is not growing and improving it is falling behind and headed for extinction.

Take the current credit liquidity crisis as a case in point. The cycle began when mortgage lenders began offering loans to borrowers with bad credit, usually at adjustable interest rates that soon reset to unaffordable levels, causing the borrowers to default as home prices leveled off or declined, making it impossible to refinance. The most visible impact so far has been on foreclosure rates, which rose by 93 percent in July from a year ago, according to the mortgage data research firm RealtyTrac. 



With Dallas included as one of the Top 10 cities regarding foreclosure rates, this simply cannot be ignored because it is hitting close to home and having a ripple effect throughout the economy. Is the credit liquidity crisis affecting startup, small and mid-sized business lending and spending yet? How about the supply chains?

Kerry Sciandra, a Management Consultant at The CxO Group, LLC in Dallas, Texas specializing in sales training, marketing advisement and business strategy for small to mid-sized firms is already seeing it's effects indirectly through the hyper-connected economy. "Last week, we attended The Great American Trucking Show at the Dallas Convention Center. Many manufacturers and suppliers we spoke with are bracing for tighter financial statements over the next twelve months citing the cyclical effect of the downturn in the housing market. It's an "anxiety economy" and having a ripple effect on the entire industry, less people are building houses, less trucks are needed to haul materials, and since there are less trucks, trailer sales are down along with tires, suspensions, engines, LED lighting, and the list goes on and on".

What can your growth directed firm do to stay on target in an anxiety economy?

-Growing your business in tighter times must be premeditated, and not reactive as in cash rich times.

-Develop new bundles of your products and services to sell more to your existing customers.

-In changing times, research new markets to find underserviced gaps.

 

- Increase your average sale price by adding value your competitors aren't offering. When you talk like your competitors, and sound like your competitors, and act like your competitors, you now are perceived to be like your competition and it’s hard for prospects to truly see the value difference of your brand and how you can help them.

-Shorten your sales cycle with actionable steps to lead prospects down the sales path. 

-Revise your web site to make your site stickier and increase lead generation. 

-Create sales and marketing metrics and monitor them every month.

Perhaps most importantly, when you’re not experienced or don't have the budget to have marketing, sales or systems people on staff, or simply don't have the bandwidth, get help! Smart business owners surround themselves with consultants that are strong where they are weak. Don’t use the excuse that you can’t afford help. There are many management consultants who specialize in the startup, small and mid-sized business market and are priced accordingly.

Remember, Business Growth is a Premeditated Sport!

 

Rick Erling, is the CEO of The CxO Group, LLC in Dallas, Texas and can be reached at info@thecxogroup.com, http://www.thecxogroup.com or 972.727-6880. The CxO Group is a licensed partner of the Value Forward Network and specializes in sales training, marketing advisement and business strategy for small to mid-sized firms. The Value Forward Network is the recognized thought leader and one of the worlds largest management consulting groups focused on sales, marketing and strategy.