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Overview "How to Make Money in an Economic Downturn" with William Eastman
Book & Series: Recession Proofing Your Business
Chapter & Show 3 - Introduction: How to Make Money in an Economic Downturn
EPISODE 9: Summary
During an economic contraction, it is essential to strengthen relationships with your core or most profitable customers and suppliers. It is an opportunity to gain favorable terms from suppliers and hold on to the customer business. Gaining favorable terms and holding onto great accounts is essential when the economy is contracting. Strengthening the relationship with suppliers is applying the concepts from the Cash Flow Management Funnels. Strengthening the relationship with customers is applying the concepts from Lowest-Cost Producer.
Making Money in a recession starts with holding your customer base as much as possible. Given it costs five times more to gain new accounts and hold customers with existing relationships, it is a proven method of minimizing risk. The place to start or build upon is ensuring the relationship is data based to identify the best opportunities to improve your offer and prices. The next step is to bring this expertise to customers who can benefit from the same cost reduction and relationship improvements. Once you have shown your ability to help them, look for opportunities to bring them inside your operation to do the same. BTW - this also applies to suppliers.
Show Objective
Given a contracting economy with diminishing business opportunities and inflation devaluing the currency, we will demonstrate the need to strengthen the core of the business to not only survive, but thrive.
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By IBGR onAir Talent William EastmanBook & Series: Recession Proofing Your Business
Chapter & Show 3 - Introduction: How to Make Money in an Economic Downturn
EPISODE 9: Summary
During an economic contraction, it is essential to strengthen relationships with your core or most profitable customers and suppliers. It is an opportunity to gain favorable terms from suppliers and hold on to the customer business. Gaining favorable terms and holding onto great accounts is essential when the economy is contracting. Strengthening the relationship with suppliers is applying the concepts from the Cash Flow Management Funnels. Strengthening the relationship with customers is applying the concepts from Lowest-Cost Producer.
Making Money in a recession starts with holding your customer base as much as possible. Given it costs five times more to gain new accounts and hold customers with existing relationships, it is a proven method of minimizing risk. The place to start or build upon is ensuring the relationship is data based to identify the best opportunities to improve your offer and prices. The next step is to bring this expertise to customers who can benefit from the same cost reduction and relationship improvements. Once you have shown your ability to help them, look for opportunities to bring them inside your operation to do the same. BTW - this also applies to suppliers.
Show Objective
Given a contracting economy with diminishing business opportunities and inflation devaluing the currency, we will demonstrate the need to strengthen the core of the business to not only survive, but thrive.