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September 26, 2008


This week’s Consultants Connection meeting was fantastic. It was another very full room. Everyone’s enthusiasm about the group is wonderful. And, we were sad that we had had to turn folks away. Early RSVPs next time!

We spent much of the time talking about concerns for the economy and the impact the changing economy has on us as small business owners and entrepreneurs. And while the exact kind of impact seems to vary across industries and businesses, one thing is for sure: things are changing and we need to adapt. Some entrepreneurs talked about experiencing tightened budgets, reluctant clients, and slower sales processes. The group suggested creative ways to scale offerings, add value to existing clients, and engage new clients. We also spent some time discussing the importance of highlighting to your clients the business case for and importance of your service, especially when budgets are tight. Why is it important for your clients to invest now and what will they gain?

Others entrepreneurs, whose businesses are obviously differently positioned, talked about experiencing a boon of interest and recognizing huge client and project potential during the economic downturn. In response, we all suggested ways for them to position and package their services, structure their offerings, and streamline their efforts.

To all that attended, thank you for such lively dialog and for your rich contributions!

In addition, a member shared a helpful article, The Great Shakeout, by James Cramer from the latest issue of NY Magazine that discussed economic prediction for those of us in NYC over the next two years.

After we left, I found another helpful and relevant reading that relates to utilizing an economic downturn for strategic advantage. Specifically it states a strong business case for initiating marketing efforts during a time when your competitors are probably tightening their budgets and laying low. The article, The Best Global Brands in Business Week Magazine, not only highlights the “Top 100”, but also cites specific iconic brands that, during previous times of economic challenge, have bucked the conventional wisdom to cut marketing budgets and instead used the slow down as an opportunity to stand out from the crowd and really make an impact.

We are really looking forward to the next meeting (November 11; 2-4pm) but in the meantime...
Remember, agility is a benefit of entrepreneurship. So is agency. You are nimble enough to make the changes necessary to succeed amidst a changing environment. What is your strategic advantage? What can you do to adapt?

posted by Adelaide

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