|
By the numbers |
$7.6 Billion
|
The amount Facebook is worth, according to market maker NYPPEX. |
| If you got this message from a friend and like
what you see, sign up today! | |
|
|
Keeping It Fresh
According to Harvard Business Review, social media will get even more popular, more mobile, and more exclusive in 2010. They've listed what they think are the near-term trends we could see as soon as next year.
- Social media begins to look less social
- Corporations look to scale
- Social business becomes serious play
- Your company will have a social media policy (and it might actually be enforced)
- Mobile becomes a social media lifeline
- Sharing no longer means e-mail
Read Six Social Media Trends for 2010 in its entirety.
|
Quick Tips:
Prepare Your Business Now for the Growth of 2012
In our past newsletters we have introduced you to online tools to help you stay ahead of the competition, increase your networks, and build a more successful future. However, entering into that future welcomes a lot of insecurities, and we're just as curious as everyone as to what 2010 may bring.
Paul Diamond, Web editor for Vistage International, recently wrote an article about how to prepare yourself, your company, and your clients for that economic uncertainty that leads us all the way through 2012. "The Inflation Threat: What You Need to Know About Inflation and the US Dollar" was written following a speech for Vistage International by Alan Beaulieu, economist for the Institute for Trend Research.
Beaulieu's beliefs are that you must prepare your business going into 2010 in order to make 2011 a strong year and 2012 an extremely profitable year. Before we begin the upturn, he believes we will experience inflation that will continue once the economy improves and could be upwards of 7.5 percent. Because of that inflation, business owners must act now to protect themselves and be prepared by planning for the future.
Following is an excerpt offering actionable advice to business owners:
The beginning of 2010 is a golden time to expand your operation
Because everyone is trying to stay afloat, equipment, real estate, and advertising will be inexpensive and interest rates low. Now is the time to plan to borrow and spend money as conditions will be less favorable in the years to follow. Do not get ahead of yourself though, know your limits and spend within your means.
Ramp up your advertising and marketing
We've always believed that when times are good, you want your name and brand out there. However, especially when times are bad, you should focus substantial time and money on communication. If you cut back your outreach when things get slow, you will not remain top-of-mind when customers are ready to spend once again. Keeping your brand out in the market allows you to be seen as a thought leader and innovator when others are stepping back. This also gives you the opportunity to reach and speak to future customers since your competitors may be cutting back.
Renegotiate contracts
Landlords and vendors are desperate to keep you as a customer. This is an opportune time to renegotiate leases in your office space and contracts with your vendors. Once negotiations are set, lock in those rates for as long as possible so you are set once inflation takes place.
Hire exceptional talent
Not only are there plenty of excellent individuals looking for work, but now is the right time to hire them. The competition among people looking for new jobs is at an all time high, and forecasted to get even higher. If you are in the position to bring on additional staff, do so now - all while preparing your workforce to handle larger workloads. Train and motivate your staff for what's to come, but be prepared to increase their salary to match inflation.
Find resilient clients
Industries such as energy, "green," water, electricity, healthcare, funeral services, alcohol, and even leisure are thriving in this down market and will continue to do so. Go after these industries and cultivate all relationships now so they will keep you top-of-mind.
And possibly some of the most important information we took from this article is through all of the changes and ups and downs, it's vital to always lead with optimism, constantly communicate your company's future clearly and honestly, and of course, take risks and be courageous.
|
|
PR in practice
Even though this AllBusiness.com article is written with the franchise industry in mind, it works for all businesses, as well. Ten ideas for growing your business through special (and free) events.
Why is it that during tough economic times, most companies reduce marketing budgets? It turns out there is a great case study about Kellogg's and Post, during the Great Depression, and how one company stopped spending and the other increased their spending. Read our blog post about it on FADS.
Gini is on the road speaking at industry conferences and CEO groups, hosting workshops, and doing social media consulting. If you'd like to have her visit you, please contact Patti Knight at
312 787-7249 or pknight@armentdietrich.com.
| |
|
|
|
