Merely surviving in our volatile post-recession economy is a significant accomplishment. But what are small business owners doing to thrive?
They’re giving their companies a makeover – and moving to the front of the pack. In fact, a recent survey by Citibank shows that a majority of respondents (53 percent) have stayed “afloat or competitive” over the past few years by reinventing their businesses. Here’s what they’re doing:
- 88 percent kept updated and knowledgeable about their field;
- 70 percent increased face time with customers;
- 47 percent overhauled their product or service offerings;
- 24 percent revamped their infrastructure, such as technology or staffing.
To thrive, and not just survive, in your industry this year, start with an internal audit. Critically examine the following areas to find new ways to drive your company to the top:
Offer new products or services. Consider how your clients’ and prospects’ needs have changed as a result of the recession. Look for new niches, new markets or new service delivery models to separate your company from its competitors.
Invest in training. The economy and technology have dramatically changed virtually every industry within the last several years. What have you and your staff done to keep up? Invest in training to keep employees on the cutting edge of your industry. Options include: seminars, classes, conferences, reading industry blogs and magazines, and bringing in outside experts to provide specialized training.
Give sales and marketing a makeover. Are your sales and marketing efforts relevant? Are there newer, better ways for you to reach key decision makers? Bring your key business managers, sales reps and marketing team together for a brainstorming session. Examine your current programs, processes, communication channels and collateral to identify opportunities for improvement (e.g., new ways to use social media to attract prospects).
Overhaul your workforce. Meet with a specialist from a Middle TN staffing firm (like Wood Personnel) who understands our local economy and staffing challenges. Together, you can determine ways to:
- achieve greater efficiency or cost savings by realigning your workforce;
- staff-up or bring in specialized experts to test new business concepts or capitalize on new opportunities;
- offload time-consuming or repetitive tasks, freeing your staff to focus on key priorities.
Through good times and bad, one thing remains constant: change. Wood Personnel can customize workforce solutions to help you not just survive, but thrive in any economy. Contact your local staffing experts in Nashville to learn more.