The Pandemic, government spending at an all-time high, economic slowdown, price increases, supply shortages, and a dozen different opinions of what comes next seem to be on everyone’s minds. The word, “recession” rears its ugly head. Unfortunately, the knee jerk reaction is to do nothing and “wait it out.” That is the worst thing to do during economic uncertainty. It creates a “self-fulfilling” prophecy of disaster. I could cite a wealth of economic statistics that include production slowdowns, caution by business owners, tighter spending, and price increases (A dozen eggs cost how much?), but in reality, it is during these times that new businesses with innovative ideas are started and name brands actually make giant leaps forward.

Interestingly enough, there is a formula for success during difficult economic times that, if followed, can supercharge your business and give your employees, vendors, and customers confidence that you will not only survive, but thrive! Ready?

Step one: Stay in contact with customers, suppliers, and prospects. If you don’t have a regular publication that keeps all your contacts informed, now is the time to begin. There are a number of marketing tools that make it simple to stay in touch. Software like “Mailchimp,” “Hubspot,” and “Aweber” are products that can automate your marketing to better reach customers and prospects. (If you need articles for your newsletter, email me at [email protected],I will give you your first twenty to get you started).

Step two: Make a list of your “Top Twenty” clients and prospects. Start a targeted campaign of “MVP.” In sports terminology that stands for “Most Valuable Player.” In marketing terms, it stands for “Mail, Visit, Phone.” Choose two to three customers a week to either telephone or meet in person just to let them know you are still there and ready to support them.

Step three: Review or rewrite your business plan to adapt to new challenges. Decide what you can do to defeat the obstacles in front of you. Obstacles are overcome with hard work and creativity. Here is an important tip: review your plan monthly, it will help keep you on track. There is nothing worse than a business plan that you file away and don’t review on a regular basis.

Step four: If you are not already active in trade associations, such as Associated General Contractors, Home Builders Association, National Truck Equipment Association, or National Ford Truck Club, now is the time! Make a point at meetings to connect with at least three individuals you have not met that could be potential new customers.

Step five: Get out the door! Visit your best customers and while you are meeting with them, ask for their list of vendors that they depend upon for business. These vendors can become your new customers! Asking for referrals has become a lost art in today’s world of business.

These five steps are starters to get you going. Take action now and you will begin to see the results. Here is a simple formula of success that creates results every time:

“Well defined and consistent action, coupled with passion and determination is the formula that creates lasting success.”

Author: Ken Taylor, president of Commercial Truck Training. Ken has appeared on national television on Fox Business News and in the Wall Street Journal. Ken can be reached at [email protected]