Tuesday, December 2, 2008

Financial performance

Financials for clients in this marketplace are of particularly focus.  Thankfully, all of my clients are seeing increased year over year performance (with one exception).  While I would like to say this is due to my work alone, it is not - it is due to the focus on team performance that the leadership of the business owners has.  What we all need to remember is that all economic times come in cycles - this may be a down time for many industries, but is a boom time for some.  As a fellow entrepreneur said to me recently: "In good times you can make good money, in bad times you can make fortunes!"

Focus not so much on the gross top line, but ensuring that now your business gets lean, nimble, profitable and very client driven.  A great example of how to look to add on to your business is the same model that amusement parks use - the careful extraction of money while you are enjoying the experience: food, gifts, games and mementos (like photographs).  Take time to look at the business through the eyes of the client / customer rather than the bottom line.

I also recommend against the "cost cutting" or discounting that the holiday season typically brings - instead offer ways for the customer to feel more value, then they will readily share their resources with you.  Regardless of what the news says, people are spending money in this economy, it may as well be in your business.

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