News from Wemmers Consulting Group

November, 2009

Our economy IS IMPROVING even if ever so slightly. Small businesses need loans and banks are still holding tightly to the funds. A growing option is micro-lending. Several web sites are set-up to encourage lending between individuals and some business borrowing.

NOW is the time to move quickly to solicit your competitor's best quality customers. STEAL them before they wake up and feel positive again. I know it is hard to be pro-active in this economy but please try.

Focus Focus Focus

Three business people in private plane

Now is the time to identify the profile of your best (most "profitable" is my favorite) past customers. Do two things:

Make sure you talk to them at least a once a month and ask - what do they want they aren't getting - how could we improve for you?

Buy lists of all those in your market area that match the profile of your best customers. Then get communications out to them on your product or services. Use customer testimonials because they will work better than anything you say.

Advertising News

Most traditional advertising - newspapers, TV, radio and magazines are not being read nearly as much as even two years ago. If you feel you MUST advertise then put some tracking keys in everything to see if these expenditures are making any profits. (Call me if you can't think of any keys). Why spend money on advertising when you can't see the resulting profits? Just because you always have? BULL! American consumers are changing their habits for getting product information. Look into it for your industry. Learn from the experience and wasted money of others. Personally I am liking post cards more and more.

Banks Start Offering Business Charge Cards

J.P. Morgan Chase & Co.has launched its' Bold card to compete with Visa, American Express and others. They are targeting small business accounts who, when the economy recovers, will lead spending well beyond increased payroll. Small business spends
$5 trillion on non-payroll expenses annually. 70% of that was spent using checks. We are becoming more and more of an "instant gratification" society and charge cards work faster than checks. Banks can also add new fee income here.

Convert Full-Time to Part-Time And The State Pays The Difference

Some business owners have discovered real assistance in dealing with payroll costs in these times. Rather than lay offs they have enrolled in their state's Work-Sharing Program. Employers can convert some full-time workers to part-time and the state pays the difference. Check your state's Department of Labor.

Interesting Facts and Tidbits:

Americans spend $36,000,000 at Wal-Mart every hour of every day.
Wal-Mart is the largest private employer in the world.

If you place a sealed envelope in a freezer for 90 minutes it reopens easily

If you take your bananas apart after buying they will last longer.

To keep squirrels out of your garden, sprinkle cayenne pepper about.
You definitely know you are living in the technology age when you enter your password on your microwave.

Some More Thoughts to Ponder