No matter how rich a person or a country is, there will always be tough times. In these tough times when the economy is in bad shape surviving a bad economy is a must for everybody. This will not only help themselves to adjust to the current situation but this is also one way of contributing to the overall survival. The following strategies no matter how simple they might be can somehow help a person to survive the downscaling economy.

On transportation:

- It is best to carpool more often. Make it a habit between you and a coworker to take turns in carpooling to the office. This is a good way of minimizing both your expenses in gasoline. If there are more than two of you living in your neighborhood much better, the more the merrier.

- Instead of buying new cars, old used ones. In these tough times, new cars are not a necessity. But still, you need a means of transportation. What best way to save up but to buy old cars and save up some money? When you buy used cars, it would costs you a lot cheaper.

- Put together different errands in one trip. Try to get all of the things you need to do in one trip or on your trip home. This lessens the number of trip you need to make and you can avoid from driving back and forth.

- Take up a hobby and ride a bike. If you live close to stores malls or places you usually go to, ride a bike instead of driving you car. It’s god exercise and it’s good for your health.

- Wash your car yourself. This one is a no-brainer, why spend on something you can do yourself. That’s right, you can do this yourself. Imagine the cost savings that you’ll be making. It’s not much on its own but it’s a lot altogether.

On eating:

- Eat like you’re on a diet. Try and eat off your kids plate sometimes, this will make you eat in smaller portions and you would even notice. This one works if you don’t go for seconds.

- Bottled water alternative. Tap water is the ultimate cheap fix. Try comparing an ounce of bottled water and an ounce of tap I’m sure you’ll see the difference.

- Less meat more savings. Imagine not having meat during the working week and having it on weekends instead. It will definitely cost you less than your usual tab.

On personal shopping:

- Generic is good. Brand loyalty is a thing of the past especially if it cost you a lot. More than anything else the generic substitutes allows you to have options.

- Be a bargain hunter. Despite the downscale, people would still always buy personal items for themselves. Getting good items while surviving a bad economy can be done by buying bargain stuff. Don’t just be contented with the low price the stores have, try and look around if there’s anything better.

Posted by Francoise Christine East Orange NJ

I recently read a story about a washing machine manufacturer in China. This Chinese company had produced a washing machine they were proud of and it was getting great reviews. However, they were starting to get complaints from some of their rural customers about the drain becoming clogged. After some investigation, they determined that some of these rural customers were using the washing machine to wash potatoes. Of course, this was not what the machine was designed to do. The manufacturer could have simply said this was the customer’s problem because they were using the machine improperly. Instead, they decided to add a vegetable-wash cycle to the machine. This is true innovation and clearly demonstrates their desire to be customer centric.

Being able to innovate in business is clearly one of the key areas of entrepreneurship. However, the idea of needing to innovate to succeed can be a little scary at times. Many people don’t believe that they are creative enough to do this well. Nothing could be further from the truth. You don’t need to be a creative genius to bring innovation to your business. However, innovation is the way businesses grow and change so you must pay attention to it. As the old saying goes, ‘You are either growing or dying, there is no such thing as standing still.”

Embracing change should be a way of life. While most people do not like to change, it is essential in business. You must constantly adjust the way you look at your business, your market and your competition. It is also extremely important to understand your customer and what changes are occurring with your target customer. By looking at each of these segments of your business, you will be able to determine where you need to innovate.

Innovation does not always need to be as radical as the example above. However, what the example does illustrate is how important it is to stay in touch with what is going on in your market and be willing to adapt to meet the changing needs of the market. In our current economic environment, this is especially true. As you look at your business, think about all the areas where innovation is appropriate. In fact, you could argue that every area of your business needs to be examined routinely for possible innovation.

Here are four areas to take a close look at right now. Ask yourself how these areas of your business are positioned today to handle the changing business climate. Be honest with yourself and ask others for their opinions. Talk to your employees, your customers, your business network and your mentors. Then decide what needs to change and start making the adjustments to keep you poised for success.

Marketing message - take a look at the message your marketing delivers. What are you saying to your prospects and customers? What about the positioning of the message? Is it speaking to people in a way that will attract them in the current climate? Is the message and offer you are giving meeting their needs today and is it persuasive enough to convince them to spend their precious dollars on it? Right now is a time when you may need to modify the way you deliver your message. Quality and value are always important in your message, but how you deliver it may need to change. Innovate the message based on what is important to your customers and prospects today. If you look closely, you will see this happening in many marketing and advertising campaigns for some of the largest and most successful companies in our economy.

Sales scripts - review your sales scripts and determine what you are saying and how it fits into the current environment. This includes your phone scripts, in-person sales scripts and your on-line sales scripts. Are you addressing people’s needs and concerns and showing them why your product is a good investment? Are the objections you get today the same as before and should you address them the same way? If you have salespeople, don’t assume they will modify their approach automatically. Pull the team together and conduct some brainstorming and training. How they approach prospects may need to become more creative right now as people become more cautious. Be proactive, not reactive in your sales process.

Product offerings - does your product line address today’s issues? Should you add a product or service to increase the value to deal with new issues your prospects face? Should you package products together to offer greater value? Can you modify a product or service to better position it within your market? Like the Chinese washing machine manufacturer - do your customers use your products in ways you didn’t expect and can you innovate to meet their needs? Can you offer different payment terms or methods of payment to make buying the product easier and more attractive?

Operational efficiency - take a look at how you make and deliver your product. Where and how can you improve this process to make it more efficient? Can you cut costs or improve quality? Should you outsource specific pieces of the business or conversely, should you bring more of it in-house.? Are there systems you can incorporate into the business that will increase capacity or lower costs? Take a look at every operational aspect of your business and question it all. You will be surprised at the improvements you can make.

Posted by Francoise Christine East Orange NJ

The economists use special economic datas to trace, to forecast and to analyse variations in economy in general and in its separate branches. From different economic datas published by state and other establishments, the economists are interested theme, which one mirror current or future state of economy. These reports are called as economic parameters, because they image state of economy. They can help to the manager to administer the company in changed conditions.

Where it is possible to receive economic datas? Except for specialized sources, you can find them and their analysis in business press, specially in the national daily business newspapers. In this publication we shall consider following key economic parameters:

* Level of economic growth vs. Price and inflation

* Interest rates vs. Unemployment

* Construction and sale of housing accommodation vs. Retail trade and sale of new automobiles

The largest parameter: a level of economic growth. This basic parameter mirrors percent (interest) of growth of all economy considered. Itself it is defined as out-to-out of economy. The given parameter consists of following summands: consumer spendings, investments, expenditures on public account and net export (export a minus import).

It is published monthly. But, unfortunately, it revise later. The difference between primal and final significances can reach one - two percents of interests for a parameter, the average significance constitutes which one approximately three percents of interests.

Consider deviations from this three-percentage level and find a trend. The trend is a most relevant element If there is a reduction of economic growth within several months or quarters, that, probably, the conditions of existence of many kinds of business become more difficult. During decrease of growth the buyers spend less, hence, companies do make the same. The companies do not wish to make and to accrue at themselves production, which one does not find sales, and reduce production. If you have noticed, that your business reduces revolutions, would be excellent idea to trace conduct of your buyers and schedules of sales, and, probably, you should reduce production, purchases of raw material and amount accepted on operation. Do not run into a panic, but be specially close during such slowing down.

If the economic growth is speeded up, the consumers begin to spend many money. The people feel confidently on the jobs and want to commit more purchases and to use the credit. At such times majority of firms attempt. To forge iron, while is hot , extracting advantages from the created conditions. As well as during slowing down of economic growth rate, you should supervise of conduct of your clients and trace sales. Escape excessive deploying of activity, engaging too plenties of the workers etc.

Posted by Francoise Christine East Orange NJ

With all the talk about a recession (Are we headed for one? Are we already in a recession?), many people are unsure where the safest options are for investing their money. Stock values and retirement accounts are plummeting and whether or not you’re in them for the long haul, you may still want to invest some of your money in investments that are considered “less risky” in an effort to combat the situation of the current economy.

Certificates of Deposit are an option for a reasonably safe investment that also offers the opportunity to earn interest. It’s a bit like loaning money to the bank; and in return - they pay you interest on the money you’ve loaned them. The CD is a note from the lending institution that states you are investing a certain amount of money for a specific time period; and during that time period, the lending institution will pay you a guaranteed interest rate when the CD matures at the end of the designated time period.

You can choose the investment period you prefer, with options ranging from a few months to several years. Usually the longer you invest the higher your interest rate, but the amount of your deposit will also play a role in the interest rate you secure. High yield certificates of deposits are typically offered around 4% interest for deposits of $5,000 or more, but it will vary from one lending institution to another. The varying interest rates are a good example of why it’s important to take some time and compare your options for investing in certificate of deposits. Just as an online bank can offer better rates and terms on checking accounts and money market accounts, they are often likely to have the ability to offer higher rates on their certificate of deposit accounts due to having lower overhead costs for operating expenses.

During times of economic difficulty, a certificate of deposit is a nice option for investing money you can’t afford to lose. The potential of losing your money in the stock market is a much greater risk and you can easily lose your money just as fast as you invest it in stocks. Putting your money into a certificate of deposit, on the other hand, guarantees that the interest rate you are given when you invest is locked in for the life of your certificate of deposit and will not change. You know exactly how much money you’ll have at the end of your investment term.

While safe investments, the downside of a certificate of deposit is that you are committed to investing for the full length of time you arrange when you set up the investment. If interest rates increase after you’ve invested your money, you can’t just pull the money out of your CD and move it to a new investment (at least not without paying early withdrawal penalties on your certificate of deposit!)

In an uncertain economy, and any time you want to invest money in secure, interest earning options, a certificate of deposit is a practical investment. If you have enough money to deposit to qualify for a high yield certificate of deposit, you’ll earn an even more attractive interest rate that does not decrease in value and does not pose any risks of losing your initial investment.

A slow economy is a difficult time for business and no salesperson welcomes it. As total business volume slumps, triggering apprehension of deeper recession and pessimism and uncertainty can prevail. However, it is an inevitable part of the economic cycle and businesses should learn to cope with it and salespeople should develop a strategy to survive and thrive. They should pursue only the best possible sales opportunities despite the hardships. Weak and inefficient salespeople are affected most in a slow economy and some even get wiped out, because all the negative news affects their attitude. Interestingly, many salespeople and businesses not only survive when the economy is slow, they also thrive. In addition to having quality products and services they follow some basic sales strategies to succeed in a difficult market which you too can follow:

1- Shift and Readjust Focus: The market composition changes when the economy is slow. Consumer demand and preferences change. Astuteness lies in studying and understanding the changes in the market and in consumer’s behavior. For example, a shoe manufacturer will notice that during a slump, consumers forego purchasing expensive designer shoes. But the sales of moderately priced shoes meant for the average consumer will purchase these brands unabated. The shoe manufacturer will be better off shifting focus to low end and moderately priced shoes rather than concentrating on high end - designer shoes. Similarly, financial and investment companies will find that the shares of certain industries still remain high despite an economic slow down. Industries related to food and other products that are basic to the needs of people will remain upbeat in a slump. Campbell’s Soup’s stock price has not depreciated significantly during this recession. The gaming industry has actually experienced growth during the current ongoing recession. Some computing companies haven’t yet been introduced to the current recession. IBM for example, has registered growth for the second successive quarter. Investors can shift their focus to these industries. Even some companies that have experienced a decline in the value of their stocks will be worth investing in if they show enough promise of bouncing back soon.

2- More Thrust on Sales: When the economy is running smoothly or booming many salespeople become mere order takers and are not delivering value to their clients. There is hardly any skill required to push sales as the brand name of the product and huge consumer demand automatically result in sales. But when the economy slows down, consumer demand dips for a large range of products. That’s when sharp sales skills should be used to keep sales figure up. The smart ones succeed in selling reasonably well despite the hard times. Organizations should reassess their sales strategies as well as the efficiency of their sales teams. There may be a need for weeding out non-performers from the sales team and rewarding the performers. Companies should have a well defined and effective sales process in place. All salespeople should adhere to the sales process and apply every ethical sales method that is known to them to get a sale. The possibility of online sales should be fully explored, as Forrester Research points out, that online consumers will spend $3000-4000 per year and their desire to spend is unlikely to be affected by recession.

3- Emphasis on Customer Service: In good economic times you may get away with poor customer service. But during tough economic times a single slighted customer could prove to be very costly. Customers expect prompt service and due attention, especially when they have come forward and chosen to buy your product. Organizations should remember that the transaction doesn’t end when they deliver the product and receive payments. It is just the beginning of a process that may require further rendering of service to the customer. A happy customer invariably becomes a repeat customer. A company can save money and effort by concentrating more on existing customers through impeccable customer service.

4- Slashing Prices: One of the weapons of fighting a recession is slashing prices of products and services as much as possible to stay competitive attract new buyers and gain market share, while still making profits. Microsoft has slashed its prices of the Xbox consoles to stay ahead in the booming gaming market. To compete with Nintendo and Sony and capture a sizeable chunk of the gaming market during the holiday season, the decision to cut prices seemed very logical for Microsoft.

In today’s economy sales professionals need to be equipped with the appropriate selling skills, following a proven selling system or sales process, in order to succeed and meet their sales targets.

They can no longer afford to carry on with traditional selling skills of doing dog and pony shows, feature and benefit dumps, or hit and run closes.

Today’s economy demands engaging selling skills, not telling selling skills. Engaging selling skills attract and engage prospects into personal and business conversations - Personal conversations to build rapport and trust; Business conversations to qualify opportunities to do business.

Engaging sales skills starts with a desire to create relationships. Keep in mind that people buy from people, people they like and they trust. Once trust is established, a relationship starts. That is the sales skill foundation to a sales transaction.

To build that rapport, or trust, requires conversational selling skills focused on the prospect, not on you, your company or your products. The selling skill required here is to show a genuine personal interest in the person in front of you. You do that by asking questions, questions that they would like to respond to and talk about.

So, what do people like to talk about?

People like to talk about themselves, their families, hobbies, job, etc. These are more personal conversations. The selling skills required here are asking questions, listening and using your body language to show interest.

Your job is to get them to open up and to keep talking. The more they talk, the more you listen, the more you learn and the more they like and trust you.

Mind you there are also other selling skill techniques to build rapport. One of the best rapport building sales skills comes from Nero Linguistic programming (NLP) where mirroring and matching body language, tonality and words enhances rapport building quickly and magically.

You will know when your rapport selling skill has been established, just by the way the prospect has opened up with you. When they get to the point where they can’t stop talking, you know you got the rapport selling skill that would allow you to move onto the next step in the selling system, or sales process.

With rapport, trust and relationship starting, you can then move from personal to business conversation, by simply interjecting another question - Bill, I really appreciate what you are sharing with me, but how much time have you set aside for our meeting?

With the answer to this sales skill question, a new sort of business conversation starts. Your time allocated is either confirmed or extended, either of which matter, as it is the next sales skill question that will make the difference.

“Bill, what is it that you would like to accomplish over the next X minutes?”

Most sales people only think of their objective, and not that of the customers. It is the customer’s objective that is most important, so let’s get it out of them first. Then we can add our’s into the scenario.

For example, they could reply with, “I would like to learn more about your company and it’s products or services.”

You can then reply with an inclusion of your objective. For example, “that’s great Bill, as I too would like to learn more about your company to determine if there is an opportunity for us to do business together or not. Is it ok if we ask each other questions?

Do you mind if I take some notes?

Getting permission to ask questions, and to take notes, is also an important selling skill. It shows interest, and makes the prospect feel important.