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What a week! Challenges are everywhere. If you’re like most business people, you’re concerned about the economy and how this will impact your business.

Here are five action steps to take now:

1. Protect your cash flow. Whenever possible, ask for deposits or pre-payments on your promotional product orders that will cover your costs. Consider setting up a merchant account to take credit cards if you don’t already do so. Also consider instituting a 1% discount for payments received within 10 days.

2. Stay in touch with your current clients. Remember: out of sight, out of mind. Let them know you’re there to help them. Send marketing tips and business articles of interest. Send them a coupon with a special discount offer. When they’re ready to buy, they’ll remember you. My gut instinct is that people may delay their purchases this year, but they will be buying eventually. Having a consistent, stay-in-touch policy keeps you in the front of their mind.

3. Keep the lines of communication open with suppliers. Suppliers are there to help you. You’re the life blood of their business. Keep the lines of communication open. Any payment problems should be discussed as soon as possible. Look for special offers and better pricing to help your bottom line and generate new sales.

4. Reach out to strategic alliance partners. Strategic alliance partners are people who serve the same target market but are not direct competitors. For promotional products professionals, strategic alliance partners could be meeting planners, printers, sign companies, etc. See how you can work together to promote your businesses. Consider hosting a joint open house or doing a cross-promotion.

5. Take great care of yourself. Take time to exercise every day and get plenty of sleep. Exercise clears your mind and releases endorphins (your body’s natural way of promoting a feeling of well-being). A good night sleep is your best antidote to handling the stresses of the day.

Above all, believe in yourself and your business! All businesses go through good times and bad. This too shall pass.

What are you doing to protect your business and keep a steady cash flow? All thoughtful replies are welcome. Just hit the comments button to be part of the dialogue.

I’m here to help you. Would you like a personal 15 minute consultation to discuss your business needs and see if my programs and services are a good fit for you? Drop me a line at Rosalie@promobizcoach.com to set up a time to speak.

Featured Resource: The FAST TRACK to Promotional Products Business Success!

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This step-by-step program will give you all the tools you need to boost your promotional products business FAST. Instantly available, easy to follow and inspiring.

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© 2008 – 2013 Rosalie Marcus

Want expert help growing your promotional products business?  Click the link to preview the programs and products created to quickly and easily grow your promotional products sales. 

Not sure which program or product is right for you? Contact Rosalie for a brief, no obligation, personal consultation. Reach her at Rosalie@promobizcoach.com

Rosalie Marcus, The Promo Biz Coach ™ is a promotional products business expert, coach and speaker. Combining her skills and years of experience in promotional sales, she helps her clients sell more at higher profit margins and dramatically increase their incomes! Get a FREE special report: 10 Big Mistakes Promotional Professionals Make and How to Avoid Them and a FREE Skyrocket Your Sales audio download at http://www.promobizcoach.com. 

Reach her at Rosalie@promobizcoach.com or 215-572-6766.

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