Adjust Your Business Structurefor Today’s Economy

© Expressive Business Strategies 2009 All Rights Reserved

The Economic Fundamentals Never Change

People have unfulfilled needs, andBusinesses want to fulfill those needs…For a price

The Attributes Unique to Today’s Economy

Global, globally competitiveTied to a global economyCompetitive saturationFast-pacedFast-changingEfficientKnowledge-basedCommunication required

Do You Need to ChangeAny Part of Your Business?

Ideas: Tailoring aspects of your business for today’s economy

Idea: Focus on what you know,outsource what you do not know

Become an expert at something Focus on your core competencies – the essential

things you do best You cannot, should not, do everything What is your business’ core product or service? Control the things that affect your success Outsource what you don’t do well Time has great value

Idea: Make it easy to find you Web site – your focal point Social networks – Like-minded people Search engines – customers in discovery mode Blogs – people looking for information Professional associations – peers and business contacts Networking – The people around you Conferences – peers, competitors, co-learners, potential

future employers and employees Signs – For people driving by Advertising - Let people know you exist Email signatures – every email is a free ad Reviews – Show people you exist and what you know

Idea: Make it easy to contact you Make it easy to contact you Phone (toll-free, cell) Fax Email Instant Messaging Texting Web Mail Business cards Brochures

Idea: Make it easy to do a transaction

Minimize barriers to making a transactionHave multiple product price pointsAccept all forms of paymentUse internet-based economies like Amazon,

eBay to get into the head of the internetDo business with reputable, world-wide banks

that won’t get rejected

Idea: Learn from others

Study how successful businesses operateStudy long-established businesses in your field

to see how they operate and learn why they have been in business so long

Study new businesses to learn if there are new methods you can incorporate

Idea: Build a virtual business

Virtual = “a working substitute for the real thing”

Hire for essential tasksOutsource non-essential tasksPartner with businesses that complete your

business processexample You do the design, and contract with a

manufacturer to build the product

Change is continuousRefine your skillsStudy other businessesLearn new thingsMeet new peopleTravelTalk with strangersHelp others less fortunate than yourself

Idea: Never stop learning

Questions