You Can Still Build Corporate Business During Recessions
ALTHOUGH YOU MAY be based in a metro area like Detroit that’s hurting from the downturn, you must maintain a positive attitude, says Sue Jarvis, president of Aristocat Limousine and an NLA board member. She’s owned her business for 21 years, and recent weeks have been the worst she’s seen in the local economy. Now it’s more important than ever to give employees and clients as much positive energy and support as you can.
“Don’t get caught up in negative attitudes and with negative people,” Jarvis says. “You need to focus on what’s the problem and what’s the solution, and then work on it. Take it day by day. Don’t get caught up watching the news.”
Having the right attitude also means doing what’s necessary to cut costs and grow the business, she says. She’s had to put in long-hour work days, and carefully analyze the company’s fleet, payroll, and business expenses. She was able to cut expenses in phone bills and credit card processing charges, but this took careful analysis of billing statements and discussions with suppliers. It’s also meant selling off cars that haven’t been getting enough use. “If the car’s not pulling its weight and making money, let it go,” she says.
She also recommends looking carefully at what you have in client relationships and seeing how that can grow and bring more revenue. “Take care of what you have,” she says. “It’s much easier to retain current clients. Get in touch with them and ask if other departments need transportation.”
Tapping business relationships is an important part of growing during tough times. Signature Limousine Service is using its reservation agents to make “warm calls” to current clients and let them know they can fulfill transportation needs across the country, and ask if they have any referrals. A-National Limousine Service offers 10% of the transaction cost to concierges, valets, and travel agents who refer business to them.
It’s not all about finding new business. During recessionary economic conditions, building on your network of clients, affiliates, and local businesses is an essential part of growing and staying afloat.
source: http://www.lctmag.com/features/features-story.cfm?id=1492
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