How to Thrive in Tough Times: Five Steps for Beating a Bad Economy

While others wallow in the difficulties of this poor economy, you can actually beat it with five strategies guaranteed to positively impact your business.

In today’s chaotic environment, you can’t pick up the paper, flip through a magazine or turn on your TV without being bombarded with some new crisis in the economy or the challenges of consumer spending. The end doesn’t seem to be in sight and it appears that things are in a permanent downward spiral.

Here are five simple ways to begin turning the tide against the never-ending challenges of today’s economy and create opportunities for success!

Listen to Your Customers

The more you hear what your customers are really saying, the more you understand them and the more loyalty you create.  Personally connect with your customers by asking them what you are doing well and what you need to improve. Inviting customers to be part of the solution allows guests to invest in your success. Offer guests a free appetizer or other incentive for participating in a “customer roundtable.”

Investing in your customers and your community creates consumer loyalty. Support local groups and become involved in your community allows you to help others and the investment of your time and resources becomes a benefit not only to your business, but to your customer base as well.

Don’t be afraid to embrace change. Turn your slowest times into productive times through mid-morning or late afternoon specials.  Maximize tough day parts with value added opportunities like a Kid’s Night or an Early Bird Special.

Invest in your people

Strong operations are the best marketing. Be picky in your hiring practices. Resolve to hire the best, train the best and lead your team to excellence. Your customers deserve a valuable experience, not just a value price!  Great service is the key to creating a great experience every time.

Inspire Excellence in Operations

By striving to always deliver your best in operations, you beat the competition focused on the best price.

Remember a clean restaurant combined with happy and well trained servers and good food at a fair price, plus unique ambience equals a great customer experience every time!  Delivering each of these will allow your sales to grow!

Break out of “Old School” Thinking

If you are interested in learning more about accelerating your company during chaotic times, contact Kathleen Wood Partners, LLC at Kathleen@kwoodpartners.com .