Does a Poor Economy Mean Poor Business?

by | Aug 11, 2008 | Entrepreneurship

Apparently not. The August 11 issue of BtoB magazine reported on an Opinion Research Corp. study that says, at least for small businesses, otherwise.

Conducted by phone between June 24 and July 3, the study polled 500 small-business owners and decision-makers. What they found was that 65% rated their business conditions as “good,” whereas only 27% rated the economy as “good.” So, where do you and your business fit? Is business good for you? Or could it use some improvement?

To some degree, I would think, that might have to do with what market you are targeting, as some segments of the population are doing better than others. But mostly, I believe, it would have to do with your marketing. Have you set yourself up for success?

  • Is your target market one that you feel passionate about serving?
  • Have you done the research you need to see if your target market is large enough and cohesive enough to be profitable?
  • Do you have a clear idea of what your ideal clients act like, look like, and behave like?
  • Do you know what their deepest desires and greatest fears are?
  • Do you communicate to them the benefits of what you offer in a way they can relate to?

I urge you to take a look at those questions again and see if you can answer them clearly and confidently. If you can, great! You are most likely part of that 65% and I’m happy for you. But if not … maybe your business is just “O.K.” — you can improve it by improving your answers to those questions. And, if your business is less than “O.K.” — you owe it to yourself to do the work you need to do to get those questions answered and answered well.

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