Technology and Management Solutions Pursuit of Passionate Purpose
    December 2008
 
In the December 2008 Newsletter
  Invest / Turn Worst to Best / Get a Plan / Assess

Invest in Your Team

Look for Theresa's upcoming column in Colorado Biz Magazine on how to invest in your team and your marketing programs to Turn the Worst of Times into the Best.

Turn Worst to Best — Part III

Here's another proven strategy for growing your business during a recession: increase the breadth of product and/or services that you offer.

In their 1997 analysis, Pearce II and Michael report that this product approach will determine success in a recession. Here's how to do it:
START WITH A PRODUCT AUDIT. Look at real data to determine what products are your cash cows and which ones should be discontinued.
ANALYZE THE MARKET AND COMPETITION.
RE-INVENT YOUR CURRENT PRODUCT. Sometimes your firm already has technology that can be deployed in new and different ways. For example, using our proprietary approach we have helped firms find the new 'killer application' that allowed them to break into a new market segment or industry.
STRATEGICALLY EXPAND YOUR MARKET COVERAGE. Not all market segments are hurt as badly in a recession as others. Certain segments actually grow while others downturn. Now is the time to determine what segments would be most beneficial to your firm.
Most of all, TALK TO YOUR CUSTOMERS and determine how you can serve their unmet needs in your own distinctive way.

By talking to your customers, you'll learn ways to enhance and expand your product line to best meet their needs. This gives them the avenue to buy more from you and generates more revenue for your firm.

Customers who participate in a dialog with you feel more of an ownership stake in the solutions, are honored to have their opinion respected, and will more likely become passionate advocates of your offerings.

Yes, this is the means to build PASSIONATE CUSTOMERS who can help you through tough times. For example, we have built Customer Advisory Councils for many firms using our proven proprietary process. The ROI of this activity is a no-brainer. One firm which introduced Customer Advisory Boards found that customers who were members of their Advisory Boards bought $52M more products and services than those who were not members of these boards. That's $52M more!

This is a powerful way to increase your top and your bottom lines. However, don't try to conduct these Advisory Boards without expert help. Without an independent expert facilitator who has done this successfully before, there is potential for one angry customer to negatively impact all the rest of your client base. As they say, "One bad apple spoils ..."

What's your product and market expansion plan? Proactive companies thrive in a recession — they research, plan, and then take action!

A Plan to Get to the Top

Do you have a plan to take your organization "To The Top" in 2009? Kick-off the year with a plan and then get the help you need to keep it on track. Contact us to explore the options and begin moving "To The Top" — it's part learning, part prodding, part planning and part implementation, all rolled into an inspired process.

"When Theresa delivered her 'To the Top' presentation, she brought a set of practical tools that were backed up by her 'real world' experience as a business owner. Our executive members could immediately begin using these tools to advantage in their own businesses."
        Maureen Boyt, Renaissance Executive Forums

Do you have clients, co-workers, friends, or family who can use more passion, more purpose, and more success in life and work? Give a book, CD, DVD, or "Success Pack" to help them pursue their dreams. Go to our Online Store and invest in purposeful gifts.

How Great was 2008?

Now is the time to assess this past year. Take the Progress Inventory. Do a Strengths, Weaknesses, Opportunities, and Threats Analysis. Conduct a Force Field Analysis. All of these are explained in Chapter 6 of Pursuit of Passionate Purpose.

From this knowledge base you can compare where you wanted to be with where you are now. This is the first step in figuring out what to stop doing, what to start doing, and what to continue doing as you go forward. More next month, along with my new 2009 theme, of course!

Focus, Finish, and Fly to Live, Love, Laugh

Theresa M. Szczurek, Ph.D.
CEO, Entrepreneur, Consultant & Business Coach, Speaker & Author
Technology and Management Solutions, LLC

Pass it on. Feel free to share this newsletter with your colleagues.
   
Theresa M. Szczurek, Ph.D.

Technology and Management Solutions

303.443.8674 Phone
413.473.2780 Fax
tms@tmsworld.com
www.tmsworld.com
 
Learn More

www.pursuitof
passionatepurpose.com
 
TMSworld

Introducing the Book

Product Catalog

Newsletters

News Feed  

Podcasts  

TMS Blog

More Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subscribe to this newsletter

iConnect is a service of
Roaring Pine
www.roaringpine.com

© Copyright 2008
Technology and Management Solutions