Monday, February 23, 2009
More live notes from Oklahoma Entrepreneurship Conference
Hot areas: Stimulus package, default services, renewable energy, energy use reduction, governemnt programs, alternative finance, vices
Economist says growth is in high knowledge professional skills, like the social media/marketing woman.
Economist also says internet security is a good niche for now and immediate future.
What about rural business opps?
Funding for broadband in rural ares in stimulus package.
In shrinking population, must extend geography or add products.
During a recession, people go for more education, so this is an opp to reskill, especially in IT.
Is now it a more sound idea to have a cheaper product?
Depends on whether you are a "need" or not.
Tearing away revenue from someone is hard. So, you have to have a great value. And if you have a bigger competitor, they can decide to match your beat you instantly. You have to have something more than price.
Get a firm grasp of finance to get you through this time.
Get to know your customers who owe you money on a face to face basis. It's hard for them to not pay you, if they have to look you in the eye to do it.
Websites and email marketing also have immediate impact for those not yet using them.
Don't pay your suppliers until you get paid. You go see them and say you'll be late.
Remind your customers why they are buying from you.
Double the incentive system for your sales people for new sales. It doesn't cost you anything unless they sell.
Give good service. Really.
Don't confuse the amount that the creditor screams with their ability to put you out of business. The credit card company screams the most, but can't close you like the priority suppliers can.
Right now, leadership is key. Employees and suppliers are concerned. You as a leader have to be talking about what you know about the business, give actual figures. If not, then people will make up their own story.