Five action steps to take now...

By Rosalie Marcus

http://www.promobizcoach.com/

What a week! Challenges are everywhere. If you're like most business people, you're concerned about the economy and how this will impact your business.

Here are five action steps to take now:

1. Protect your cash flow. Whenever possible ask for deposits or pre-payments on your promotional product orders that will cover your costs. Consider setting up a merchant account to take credit cards if you don't already do so. Consider instituting a 1% discount for payments received within 10 days.

2. Stay in touch with your current clients. Remember out of sight, out of mind. Let them know you're there to help them. Send marketing tips and business articles of interest. Send them a coupon with a special discount offer. When they are ready to buy, they'll remember you. My gut instinct is that people may delay their purchases this year, but they will be buying. Having a consistent stay in touch policy keeps you top of the mind.

3. Keep the lines of communication open with suppliers. Suppliers are there to help you. You're their life-blood of their business. Keep the lines of communication open. Any payment problems should be discussed as soon as possible. Look for special offers and better pricing to help your bottom line and generate new sales.

4. Reach out to strategic alliance partners. Strategic alliance partners are people who serve the same target market but are not direct competitors. For promotional products professionals alliance partners could be: meeting planners, printers, sign companies, etc. See how you can work together to promote your businesses. Consider hosting a joint open house or doing a cross promotion.

5. Take great care of yourself. Take time to exercise every day and get plenty of sleep. Exercise clears your mind and releases endorphins (your body's natural way of promoting a feeling of well being). A good night's sleep is your best antidote to handling the stresses of the day.

Above all, believe in yourself and your business. All businesses go through good times and bad. This too shall pass.

What are you doing to protect your business and keep a steady cash flow? All thoughtful replies are welcome. Just hit the comments button to be part of the dialogue.

I'm here to help you. Would you like a personal 15 minute consultation to discuss your business needs and see if my programs and services are a good fit for you? Drop me a line at Rosalie@promobizcoach.com to set up a time to speak.

Rosalie Marcus, The Promo Biz Coach(tm) http://www.promobizcoach.com/

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Rosalie Marcus, The Promo Biz Coach(tm) teaches promotional products professionals how to get more sales, better clients and a higher income. Get a free special report: How to Attract Business in 30 Seconds or Less at http://www.promobizcoach.com/

Reach her at Rosalie@promobizcoach.com or 877-570-6766.