If you watched the Tonight Show lately, you saw Jay Leno say things like, “ Kevin the economy is real bad. It’s real bad. It’s so bad I saw Bill Gates on the street selling Google Services. Aside from the joke, there’s a real message there. We do what we have to. There’s no need to throw in the towel, or feel sorry for ourselves. It’s America, and there’s plenty of business out there if you know how to get it and can make some rain.
With this weak economy, construction in general is expected to be down in 2009. Yes, there’s a Stimulus Bill, but Robert Murray of McGraw-Hill says even with the bill there will be “a 7% drop as a best scenario”, and FMI forecasts 4%. This of course does not include the housing sector, where several economists are forecasting another 18%.
What does this mean? In my opinion, very little, because it depends on a number of factors:
- Where are you located?
- What are your products or services?
- How are you positioned in the market?
- What are your capabilities to enter new markets?
- How are you capitalized?
- How are you staffed?
- Can you transition effectively?
There is always competition, and in this economy, there will be more competition. That’s a given. You just need to be smarter today. What worked years ago, may not work today.
Five Things You Should Be Doing?
1. Positioning. Is your firm focused on its niche? Is it being spread too thin, and in the wrong markets for these times? Is your firm well known in your market(s)? Is it time for guerilla tactics just to stay even? Are you knowledgeable of your competition, and what they are doing?
2. Use Go/No-Go Decision Making. Many firms have a formal Go/No-Go policy with criteria in place along with forms, and don’t use it. If you don’t have such a form, send me an e-mail at jhoffman@jsbarclaypc.com and I’ll forward a sample which received plenty of use. Unfortunately, decisions are made without enough information, and are often based upon:
a. A technical capability to perform the assignment better than the competition.
b. A corporate track record and project history.
c. Availability of key personnel.
d. Management’s desire to perform the work.
The Go/No-Go process is a good check and balance to avoid wasting time chasing questionable opportunities. With proper use, it can also provide key people and management with an opportunity to contribute. They may know somebody, or can relate some issue or experience. They can also kill a potentially good deal, so a well thought out discussion must take place to make the process worthwhile. One public corporation that I know requires the salesman to fly out to the Midwest (city to remain anonymous) to make a full blown presentation for the go/no-go decision. One has to wonder whether senior management has nothing better to do.
3. Stimulus Money. President Obama plans to print money, and as a result there will be some opportunities. But will there be opportunity for you? Consider doing the research on how the money is being appropriated and drawn down to see if it matches up with your capabilities and experience. There are many government sites that identify the stimulus money and how it is earmarked. You need to start early and do a go/no-go. Don’t depend on it for your marketing program. You still need to win the contract the old fashioned way.
4. Implement Your Plan. There are many sayings regarding plans, such as “if you don’t know where you’re going, any road will get you there”, or “a poor plan well implemented is better than a good plan poorly implemented”, so…..dust it off if you have one. If not write one or call me, and we’ll knock one out that’s responsive to your needs. I don’t believe in cookie-cutter plans. I start with an outline that gets customized. Then we interview to determine how aggressive you want to be. When I leave the interview with scratches and bruises, I get the message.
One former manager described a sale where he grabbed the tie of his potential client from across the desk and yanked it so hard that his head came down on top of the contract which was simultaneously placed under him. He called that his “soft sell”.
In practice, Business or Marketing Plans are rarely opened after they are developed. However, it is management’s responsibility to steer the ship and therefore they shouldn’t lose sight of the brass ring. The plan is also an excellent barometer and should be tied into the sales reporting structure showing plan vs. actual.
5. Measure Performance. There are many yardsticks out there to measure performance. Some people use “earned value”, budget vs. actual, sales quota vs. actual and others. The important point is:
If you can’t measure it, you can’t manage it.
The key is to implement the measurement process immediately, long before it’s too late. How long are you willing to wait in order to learn whether a salesperson will deliver a sale? Write me and I’ll tell you how long it should take to find out whether a salesperson will perform.
ABOUT J.S. BARCLAY, PC
J.S. Barclay is a professional marketing consulting firm focused on enabling professional services firms to achieve their goals and objectives. Established in 2002 by the founder and President Joseph C. Hoffman, the firm has developed a track record of performance and excellence resulting in long term client engagements. Mr. Hoffman consummated billion dollar deals, and was the leading marketing executive for a well-known NYSE project management consulting firm prior to forming J.S. Barclay.
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Joseph C. Hoffman
J.S. Barclay, PC
jhoffman@jsbarclaypc.com
Website: www.www.jsbarclaymarketing.com
Phone: 609.760.0446
P.O. Box 2326
Cherry Hill, NJ 08003
