Survey Results Are In!

In a recent survey, Chamber members were asked to offer ideas on how to survive in a down economy, and we want to share the answers with the entire membership in the hope that we will all benefit from the success of our peers. Thanks to all who shared their thoughts and ideas.

• Keep your perspective on the future clear. Ask yourself if what you read in the paper today affects you directly and irreversibly immediately- and for the next twenty-four hours. If it truly does, or if the effect is negative for your health or peace of mind and is making you anxious, ill, or sleepless, then call your financial services professional. Remember to try not to make rash decisions and consider insurance and annuities that have a Guaranteed, Fixed-Rate of Return which may provide a safe haven immediately, and a constant and potentially sizeable compounding return in the long term. Mike Mosblech, New York Life Insurance Co.

• From my experience as a new business owner I hope I don't forget how hard the first two years were and the choices I had to make to stay afloat. If you think back to those times maybe you can find what you are looking for. Joe Starry, Unique Home Maintenance

• One of the most important things to remember in a down economy is to remain positive! This needs to be reflected in everything we say about our business. There is always something positive that can be said even if there are more negatives. Positive thinking needs to start with all of us and hopefully we will be able to spread this positive feeling of faith in our economy to others who will pass it on to others. We have lots of good things happening in our world today. We need to dwell on these to help turn things around. Carole Bernsen, Coldwell Banker Gundaker

• Ask yourself - would I buy my service/product? Would I tell my friends about my service/product? What about my service/product stands out from the crowd? If you are ‘ho hum' or ‘me too' why would someone call you? If you are only concerned about your bottom line, your potential clients can sense that. On the other hand if you are genuinely concerned about your clients and their needs they can sense that also. If you are just trying to survive, give up now. You must be constantly trying to excel - and you will.

• Get the word out to your customers on what you do.

• Keep Smiling - it's contagious and lightens your load as well as others! Susan Cotta, Women's Journals

• It is important to have open communication and talk about concerns everyone has. Also to be available on a timely basis when someone tries to contact you. We've had these downturns before and there will be a recovery, so be optimistic and just reevaluate values and goals. Times like this can change some of your prior frames of reference, and help you set new directions for your life and business plans. Wally Schmieder, Financial Advisor

• Actively seek out referrals from current clients. Call them so that there is a personal connection, and ask them directly " who do you know, who, like yourself, might want to talk to me about (whatever you do). My grandmother used to say "If you don't ask, you won't get". Ronn Morice

• You must be service oriented. Reach out to more people to get appointments and sales.

• Resist the temptation to slash your marketing budget. Utilize messages to your customers and prospective customers that emphasize their benefits of doing business with you.

• Expand your services. Even though the economy is rough....demonstrate your value to your customers by expanding or improving the services you provide. Sunset Office Suites just upgraded to a high speed, high volume color laser copier/printer/scanner that allows our tenants to produce high quality documents directly from their computer at either the office or home. Because of this upgrade we have seen substantially higher usage of this service. We believe this higher level of service provides an additional reason for our tenants to remain as tenants with Sunset Office Suites. Ray Everding, Sunset Office Suites

• Evaluate your expenses, advertise wisely, network as often as possible, support the Chamber. Scott Collier, Wild Birds Unlimited

• Refer to your fellow members! Referrals are what we all prosper from. Remind others to shop our Chamber districts, especially during the holiday season.

• Focus on core strengths, pay attention to the details, and stay positive. Chuck Healy, Handyman Matters

• Networking events is the best solution to helping individuals. We have several networking events that the Careers Centers are involved with and would be glad to share our expertise. Frank Alaniz, Missouri Career Centers

• Focus on the parts of your business that people actually need everyday and build from there. This is a good time to develop a PLAN B- look around at what some of your fellow Chamber members have to offer with low start up costs, minimal requirements to stay afloat, etc. They are out there!

• At the very least, a monthly massage.....Stress can dismantle an efficient immune system--massage can decrease the perception of stress (I know it works for me!) Thanks. Brought to you by Lisa Telthorst, Life in Balance Massage Therapy

• Take advantage of your competitors slowing their growth and cutting back. Do the opposite, and be aggressive. Position yourself to be at the forefront of the upswing.

• What most of us have done, but what we should always be doing anyway - be creative, offer good service/value for the price, put the customer first and, if necessary, reduce your prices to be able to stay in business.

• Stay calm, property values will come back, this the fourth time I have been through this situation. This one is lasting longer and hurting a little more. Interest rates are going lower, which usually drives home prices up. Ron Ruzicka, Bank Star Mortgage

• Plan ahead to know what to expect and how to manage your cash flow. Improve your service so that with survival through the down time you are referred to during a time when customers and clients are upset with their current provider and interested in changing to you! Referrals are our lifeblood. Jim Matush, Trinity Wealth Advisors

• If you lease space, do not be so quick to exercise a renewal option or renew your lease without revisiting the market. Talk to and engage a seasoned commercial real estate broker to assist in the process. It is possible, given certain conditions that a reduced rent and other tenant driven terms can be negotiated. In addition, do not discount the value a landlord places on an early renewal even if it means giving you a rent reduction. Not all conditions allow for re-negotiation. However it is important to consider it. This is also a good time to buy a building to occupy vs. lease, as there are owners who wish to downsize through asset sale or sale lease back. Lynn Richter, Vice President, Coldwell Banker Commercial CRA LLC

• Stay patient and consistent with your investing. Streamline your budget taking out any unnecessary expenses.

• Encourage Chamber Members to shop other Chamber Members. Walter. Cornucopia

• Keep the atmosphere upbeat & positive. Create excitement! Express gratitude to staff & clients.

• Keep a positive perspective at all times. No one will want to conduct business with a negative person in an uncertain economy. A person's negativity reflects unfavorably on their business. I do not think this implies insensitivity to economic factors affecting others or false perspective on reality. We need to remain professional at all times. There is always opportunity. Look for the silver lining. Regroup or reshuffle, but continue to set and strive for goals. Above all, remain a professional in all your endeavors. Anne - Amtrak

• If you lower your prices without changing your offering you give the impression that you were previously gouging your customers. Let your customers know that you understand their dilemma, then jointly look for ways for them to get what they need at a lower price. Dale Furtwengler, Furtwengler & Associates, P.C.

• Whatever it takes to preserve cash. ‘How' is a more difficult question. Mike Brown

• Focus on a Listen First Approach to ensure that you are offering what the prospective member, customer & staff are searching for. Refocus on target markets - also do more direct email- radio spots, as well as collaborations with companies. Offer more incentives for your corporate partners. Mary Jauer @ Kirkwood Family YMCA

• Focus on your core mission, eliminate excess, pray.

• Keep your customers as happy as possible by maintaining the highest quality standards. If a customer thinks they are getting less than what they are paying for, you are the first to go when times are tough.

• Make sure your company has an updated 'Strategic Plan' that addresses the current economic environment, what strategies to change and how to maximize your capital and human resources. Tim Bayer, The Growth Coach of St. Louis

• Think outside the box- How about hosting an open house in one's place of business with nice hors d'oeuvres/refreshments? THEME: "Beat the winter blahs, or a Valentine's "love-in", anything to get regular customers or prospects in the door so that you can remind them why they do/should do business with you

• Review your record keeping systems to insure that all tax deductible items are recorded. Lloyd W. Schnieders, CPA

• Communicate with the people who owe you money, and the ones you owe money to. Talk out any financial problems. Work out payments even if they aren't what has been paid in the past. Do everything you can to keep your credit in tact, work out payments, keep open lines of communication. Bill Burckhalter - Photographer

• Shift your Chamber membership into overdrive. Give yourself the competitive edge by attending every event and network, network, network. Make yourself THE contact potential clients will think of first. Barb Byerly, BJB Creative Services

• If you are facing a job loss and no new job available, you may check out at the local community college for grants and scholarships that you may be well qualified to participate in higher education and training for new jobs and careers.

• You need to be adaptable to current conditions but for most people the biggest problem is a negative mindset. You need to be around people who want to thrive, not just survive, in this market. There is an opportunity for you in this market, it is your job to find out what and where it is. I would be willing to hold a class on mindset in my office for the Chamber. Dave Bueker, Keller Williams Realty St. Louis/Kirkwood

• Give the best customer service possible, so that the customers, who are spending money, spend it at your business. Do not give them a reason to go somewhere else.

• It is all about being in front of prospects as well as servicing your existing clients. Your competition is out in front of your prospects, are you? David Burlis, Express Employment Professionals

• Don't spend more then you make in income. If you are spending credit cards to the limit cut them up, don't use them. Fix and repair don't buy new unless you have to. Don't wait for the new President to bail you out any jam you may be in. He didn't get you in the jam and he will not get you out.

• Since our work has significantly slowed in the design and architecture fields, in order to cut expenses (which labor is our biggest) instead of laying any employees off in December, we are trying a 20% pay and time reduction across the board to make it through the end of the year and, hopefully, after the first things might start to break loose. If not - we will readdress. Also - closing the office December 29 - January 2nd, employees can use remaining days of vacation, get the paid holiday or take time off without pay for part of the week.

• Email marketing is an inexpensive way of staying in touch with your people and I see it being more used in 2009. However, while many use it, some don't use a permission based email marketing with a clear opt out. So I'm really marketing my ConstantContact solution as a great means of doing business in 2009. I'm also fond of the SendOutCards distributorship that I'm doing too. These are two wonderful relationship managing tools I'm using more and more as I've had to decrease my aggressive print ad spending for 2009. Christopher Powers, Powers By Design

• Keep prospecting, keep networking. It isn't as bad as the papers say. You might have to change how you sell and to whom, but there is still business out there to be done. Don't make excuses, keep moving and the results will follow. Mike Lucey, National City Bank

• Take the time to "re-think" and re-create large parts of your business; what did you do because you could afford to be sloppy and inefficient because the volume of business hid the inefficiencies or made them a low priority? Dan Andrews, Cutco Cutlery

• If you decide to cut your marketing efforts, beware you don't cut your financial throat. Talk to a couple professionals about that. Become extremely active in networking organizations like the Chamber and BNI and others paying special attention to network with people you can pass referrals to. That always comes back in the form of new business. David Collin, Busy Bees Embroidery, Screen Printing, & Promotional Products

• Be careful about long term financial commitments such as leases, ad contracts and the like. Try to go month to month in order to stay flexible. Look for new ways to expand revenue using existing fixed costs. Pray for our world and the incoming Obama administration.

• I found that I have to make more calls and network more.