Chicken Little panics

Disaster begets panic. Panic breeds more disaster. It’s a vicious cycle. When you fall prey to the fear, you lose your vision and your ability to be proactive. It’s okay to fear this horrific economy but don’t let that crippling fear put a stranglehold on your ability to react wisely. Panic is a business constipator. It prevents you from making healthful decisions that will ultimately benefit your business movement.
Yes, it’s a tough economy. Businesses — from small operations to big box stores and car manufacturers — are failing. Business owners are panicking. They are slashing prices, cutting jobs, and running around like Chicken Little. What does this do? It sends a message to your consumers that you’re unstable. As a result, those who would have bought from you are concerned that you won’t be around tomorrow, so they go elsewhere, which perpetuates the sales slump. So, by showing your panic, you deepen the effects of the disaster rather than battling it.
Price cutting is a short-term strategy used to boost cash flow, a strategy that has become too common in today’s economy. It does not create relationships because price shoppers are never loyal. Once you head down a path of price reductions, you flush your future.
But you feel you must drop prices to stay in business, right? Wrong. Take a closer look at your business. How is it unique? What distinguishes you from the competition? What can you do to enhance your perception to the customer? Better service? A unique opportunity to improve their lives or save them time? Look closely at what you can do for your customers to fulfill their needs and you will build the relationship that will outlast the recession.
Start by creating a plan to loosen the stranglehold. Consult with your team. Brainstorm ideas. Examine your customer database for that low-hanging fruit that can feed you during this drought. Most of all, communicate with your customers and vendors. Let them know you’re here to stay.
A strategic plan that is creative, realistic, and meets the needs of your customers is the panacea that will lighten that cloud of doom and get you back to your regular business mode!

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