The times are tough – especially for the self-employed, small and midsize businesses across America. We are probably facing the direst economic future ever. The question is what are we going to do. Doing nothing is not an option.

The sales figures are alarmingly down, profits are a thing of the past. Firing people and cutting down all non-essential expenses does not help us out of the woods. Many business people around the nation have only two options – closing the business or start thinking outside of the box.

Are You Still Competitive?

First of all, it absolutely essential to ask whether you, your company and your products are still competitive on the market. A thorough analysis of your entire business concept is overdue. Here is a sample of some of the most urgent questions:

  1. Is my general business concept still working?
  2. Are my production, sales, marketing, advertising and customer service methods still appropriate?
  3. Is our entire business philosophy still contemporary?
  4. Are our products or services still competitive?
  5. Do our prices reflect the actual market situation?
  6. Can we find new methods of business development?
  7. In which areas can we initiate substantial cost-savings?
  8. Are our salaries and commission competitive?
  9. Does our personnel policy reflect our situation?
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Reinventing Yourself

Yes, reinventing yourself is an overused word. This is not because it does not mean much – it is because for many people it is an empty phrase for boring business meetings.

If you are used to mean what you say – and say what you mean, this has a meaning. This is a big challenge, and this does not happen by itself just by talking about it. Sit down at your desk and put everything on your table. It may take you days or weeks, but analyze your company, your products, approaches and competitiveness very critically and extensively.

Then, start studying your competitors and their products, distribution ways and market approaches. Compare very carefully how your competitors do following things:

  1. Products or services
  2. Pricing
  3. Sales methods
  4. Customers
  5. Marketing
  6. Advertising
  7. Public Relations
  8. Supply line
  9. Salaries and commissions
  10. General business philosophy

If this still didn’t result in any fruitful new business ideas suited to help you out of your business misery, you really must invent something new – reinvent yourself.

  1. Changing products or business line
  2. Changing the targeted market
  3. Changing the sales approach
  4. Changing the marketing
  5. Changing the advertising
  6. Changing the salary and commission structure
  7. Changing your business consultants

Sometimes, minor changes in these aspects can result in sales wonders. If you are in business for many years, you may not have noticed that many things around you changed so dramatically that your product or business approach is totally outdated.

The biggest problem is that you didn’t recognize it because your business model was still working. Most business people are too busy with doing their business that they lose their oversight. They always go the same track, but they don’t see that they are lost in the dust of their competition.

Managing a company is not being totally involved in daily routine activities – but pulling back, staying above, managing from a standpoint where you can see things. It is not unlike an aerial view of your company. You suddenly see how everything works and what needs your involvement.

Is Your Marketing Still Successful?

One of the most often disregarded aspects is marketing, advertising and corporate communication. Many business people don’t spend much attention to it.  They discover sometimes too late that so much has changed in the filed of advertising – and they still keep doing the same old thing they did for years. Rethinking marketing and advertising might be one of the first things you should do.

  1. Does your advertising still reach your clients?
  2. Do you still do print advertising only?
  3. Do you have an appropriate marketing concept?
  4. Do you do any kind of corporate of media communications?
  5. Do you have a Public Relations concept?
  6. Do you publish Press Releases?

Sometimes we must reinvent ourselves. The wait and see attitude might lead you to your own corporate funeral. If your company is in trouble – time is of essence.