By David Howlett

If you hadn’t already noticed, times are getting tough for businesses in Montana. In the bigger scope of things, it is safe to say that things are getting harder all over. These are economically scary times for Montana businesses, and fear and uncertainty seem hard to escape these days. With the unfortunate forecast of many small businesses going belly up, we wanted to provide a few strategies to help ensure that your business can weather the storm.

Don’t Panic – Stay Focused

Getting caught up in the panic and everyday struggle can easily lead to short sightedness, and even worse catastrophic failure. Although difficult, maintaining your focus on long-term goals and business objectives can help ensure your success both during and after slow economic times. Take measures to help keep your aim down the long run, like writing down some key objectives you would like to accomplish.

Once you have outlined your objectives, it is time to make a plan. If you want to recession-proof your Montana based business, you are going need to come up with a strategy to reach your goals. Set your targets in a financial plan for income and expenses and take steps to ensure that every decision made regarding your business fits into your overall business strategy. When times are uncertain, straying too far from the straight and narrow path could have dire consequences.

Leverage What You’ve Got

When faced with times like these, it is essential for businesses in Montana to investigate the resources they may already have in place. Look around… there are almost always things that can be done to help your business run as lean as possible without diluting the value of the service it provides. Make time to research ways to improve your product, maximize your advertising dollars, improve work flow, reduce costs, and sharpen your business model… the dividends will show up on your bottom line.

Explore new ways to engage with your customers, and don’t be afraid to find out how the current economic situation is affecting them and how you can help. By simply tuning into their needs you can develop strategies to make it easier for them to purchase from you. After all, a well satisfied customer is usually a repeat customer, and it is far cheaper to retain customers than it is to attract new ones.

If you have employees, quiz them for suggestions they might have for making your business better. Asking your employees what they want/need will help you to better understand and meet your customers needs. Chances are you will find the feedback you receive from employees on the front line a valuable asset. As an added benefit, employees who have a say in their job are often happier, and happy employees are usually more productive and tend to call in sick less too.

Dare to diversify, because the more services you can provide, the more customers you will ultimately be able to attract. When you explore ways to be innovative and force yourself to think outside the box, you begin to create an edge over your competitors. No matter what type of service your business provides, you should be able to develop ‘new’ offerings by repackaging your services to attract potential customers who may have overlooked you as an option in the past. Thus opening yourself up for attracting new customers.

Finally, do everything within your power to make your Montana business shine on all levels – from amazing customer service, clear on through to outstanding management and leadership. Steps taken in these departments will have great long-term benefits for your organization, and will help your business stand out from the crowd.

Cash Is Best

One of the many lessons to learn in a recession, it is that that being liquid is paramount. The importance of cash flow in the fiscal health of your business should not be overlooked, because it is the ultimate factor in determining whether you can keep your doors open. So do your business a favor and take measures to build up your cash reserves.

One of the things you can do immediately to help increase your cash flow is collecting on your accounts receivable. After all, if there was ever a time to chase after delinquent accounts… now is the time. On the other hand, you should pay your accounts payables as slowly as possible without getting yourself in trouble.

Using the measures above coupled with keeping your expenditures low can assist in freeing up some cash flow in your organization. That is not enough though, I urge you to maintain a sharp eye on your bottom line and calculate whether you have enough cash to pay your expenses if revenue were to suddenly drop. Just because money is coming in the door today, does not necessarily mean the same can be said for tomorrow.

Manage Your Credit Wisely

Businesses that strongly rely on credit to manage their dealings are usually the first to fail when the economy goes soft. Of course some credit is a good thing, but if your business has several lines of credit, you might consider renegotiating any outstanding loans or lines of credit taken out more than six months ago. With the current credit crunch you may have a chance to negotiate a more favorable rate, which will in-turn help you to increase your cash reserves.

Don’t Cut Your Pricing

Although it might be tempting, you must avoid slashing prices to try and sell more product in an economic downturn. When you cut your price structure there is a chance that more product will be sold, but the down side to this is that your profit margins will decrease and you risk the chance of your brand image becoming diluted. If cutting prices cannot be avoided, try offering discounts only to current or repeat customers. This is important, because if new customers are given discounts, they will expect similar discounts when doing business with you in the future.

Watch for Opportunities

When financially crippling times occur, there are basically two types of stand out businesses… those who suffer and those who prosper immensely. The key to surviving – or perhaps even prospering – during an economic downturn is being aware of opportunities and positioning your business to take action when they occur!

For example, you are probably not the only one feeling pinched. Chances are that your competitors are also struggling to make ends meet and some of those weaker competitors may be prone to failure. This usually leaves some favorable opportunities in the form of skilled employees, tools, equipment and gained market share in the wake of a collapse. That is why during hard times, keeping one’s ear to the ground to stay abreast of changes in the market can prove to be very beneficial.

In the circumstance that you actually do manage to hire key people from competitors in your industry, make the most of it and be sure to submit press releases outlining the changes. Leveraging the power of these opportunities for good PR normally proves to have long-term payoffs.

Grow Your Business

While your geographic location may be suffering during a weak economy, others might be thriving. Changes in the Montana real estate market (both residential and commercial) are subject to significant shifts in slow economic times. With prices dipping to historic lows, your business might be able to take advantage of expanding into a new location that might have increased square footage, a better location, substantially more foot traffic, or a host of other amenities. There is also a high likelihood that you can get a better interest rate and be able to take advantage of more favorable negotiating terms as well.

A recession is also the perfect opportunity to look at upgrading the major equipment your business relies on. The advantage here is that as suppliers become more desperate, discounts in the pricing structure of capital equipment usually become more evident. At times like this, forward-thinking customers like you are a welcome sight, and you might be able to cash in on some great purchasing incentives during the process.

Increase Your Marketing/Advertising Efforts

One of the worst mistakes businesses usually make during a recession is the decision to cut back on their marketing activities. Many of your competitors will fall into this category, so in turn you need to be more aggressive than ever! This doesn’t mean you should just throw your advertising dollars at the problem, on the contrary… the key to succeeding in marketing is to have a comprehensive plan of attack.

Start by making a thorough evaluation of your current marketing strategy. Highlight what is working and take note of what is simply wasting valuable revenue. During an economic crisis, it is more important than ever to track your advertising dollar, so make sure your marketing is cost-effective. Challenge your advertising venues to provide you with measurable results and don’t be afraid to ask your customers how they are finding you.

Set yourself apart from the competition by developing your own unique selling point (USP), which can be anything from superior customer service, to the lowest prices or even touting outstanding quality or craftsmanship. Once you’ve established your USP, make sure the everyone is aware of it by forming a great marketing campaign to exploit it. This will give prospective customers a good reason to do business with you over your competitors.

When it comes to marketing, remember to use every creative opportunity to advertise and build your brand. For example, try including marketing materials in things you already do… like mailing out invoices. This can help you save postage and other costs as well. You can also maximize your point-of-purchase opportunities by tucking coupons or promotional materials in the bag along with items a customer has purchased.

As another means of maximizing your marketing, you might also seek to combine your advertising efforts with that of neighboring businesses. When the market is slow, doing so will greatly help stretch your advertising/promotion dollars even further. By taking the time to partner with businesses in your vicinity you may discover ways to help each other out. Establish and nurture healthy alliances and in turn, favorable opportunities will be sure to flourish.

Take Advantage of Technology

These days there are a variety of new technologies that are designed to help save you money.  There are countless websites and web services that help save businesses just like yours thousands of dollars each year. Modern technology offers you the convenience of holding a conference call, sharing a online presentation, or even conversing via webcam with even the most basic of internet services. Now instead of traveling for business related functions, you can simply manage dealings from your office right here in Montana.

You can also use the power of the internet to find better deals on the products that you use most. If you need it, you can find it on the internet, and usually at significant savings too. If buying local services or purchasing made in Montana products is an important aspect of your business, than I suggest you show your local supplier the deals you can find online and see if they will be willing to come close to matching the cost.

The bottom line here is that if you haven’t taken a good look at all the opportunities the internet can offer lately, now is the perfect chance! What are you waiting for?

Swallow Your Pride

When things seem to crumbling down around you, don’t be afraid to ask for help or assistance. If nobody knows you are in trouble, no one will be able to help until it is too late. Reach out to people who care about your business, perhaps even people who have been in similar situations before or maybe even worse. Seek out savvy business people who have been hardened through Montana’s hard economic struggles in the past. Their expertise and guidance could be just the footing you need to help make it through.

Don’t Try to Just Wait it Out

In a recession, it is not a safe bet to simply hunker down and hope the whole mess will simply blow over. The most important thing you can do to recession-proof your Montana business is to take action. In this article I’ve given you some of the top tips, best tactics, effective strategies and things to do that will help your business survive during hard economic times. Start improving your situation today… I’ve shown you the way, but now it is up to you to take the ball and run with it. Don’t wait… start taking action right away… like now!

Incorporating the proper measures now can help you weather the storm. Remember recession is a temporary economic problem, in fact, most recessions only last for a few years. So although in the short term, there might be rough roads ahead, in the long term the positive changes you make now will benefit you for a long time to come.

A Few Last Words…

So that’s about it. The good news for you is that history has shown that businesses which are still around after a recession tend to do very well. The reason for this is that when the economy stabilizes, those businesses are already well established and the weaker competition has been weeded out.

That being said, your goal is to make sure your business is one of the ones that is still around when the sun finally comes out again. Until then, pack your umbrella and I wish you the best of luck.

Admittedly this article was intended to be very in depth and cover all aspects of the business card; from it’s origin in the 1500’s, clear through to it’s various uses in modern business communication. After doing some research, the choice was made to narrow the scope and stick to the title… just the basics!

Anyone in business should know that one of the most important components of making a connection and eventually closing a sale, happens to be leaving a good impression with the customer. It is this “impression” that leads me to write about a one of my favorite handy little business tools… the business card.

Author’s note: This article is part of the “Making a Name For Yourself” series.

Long considered a staple of modern business, having a business card is one of the most important considerations for a company of any proportion. When properly used business cards can go a long way in helping to add credibility when making introductions. Not only does a it give you a way to help introduce yourself and your business to others, but the information printed on the card provides the means for prospective clients to contact you after the initial meeting.

Of course person to person contact is not the only value the business card can provide. In fact, there are a number of ways it can prove itself useful. As an example, this extremely versatile business tool can be left in case of someone’s absence as a reminder that you stopped by. Additionally, a stack of business cards can be left in high traffic areas or pinned to bulletin boards for passers by to grab as they wish. It is in these types of circumstances that having a well designed and attractive business card becomes absolutely imperative.

It is on that note that I’d like to share some of the key components of what I believe makes a great business card… and some strategies that can help make your card stand apart from the rest.

Size & Shape

The standard business card is rectangular in shape, with 3.5″ wide by 2″ tall being the most common size. This allows for the card to be designed either horizontally across the full width of the card (like a credit card) or vertically (2″ wide by 3.5″ tall). The orientation of the design is totally a matter of taste, but the horizontal option has several advantages in most circumstances. There are no hard and fast rules as to whether a one or double-sided card is better than the other; again it boils down to your taste and unique needs.

Even though the rectangular card is the norm, there is nothing saying you must conform to this size and shape. In fact, there are a number of entities that decide on adopting unusual cards of various shapes and sizes. This may include rounded corners, die cuts, or even cards in the shape of animals or objects. Although the benefits of having a business card of a unique size or shape are that it will certainly stand out from other cards, one of the the drawbacks is that they are typically much more expensive to produce. It should also be noted that a card of unusual shape can be difficult to store in a wallet, Rolodex or business card holder.

It’s All In The Materials

When designing a business card considerable thought should go into the type of material that the card will be printed on. Your typical business card is produced on medium weight card stock, but there are multiple options to consider. Examples of some alternative materials can be cardboard, wood, plastic, vellum or even fabric. Now-a-days your message can be printed on just about anything and having unusual business cards can be a great marketing ploy.

No matter what your business card is printed on, is important to take into consideration how the card is going to feel in your customer’s hand. If your card feels cheap or flimsy, it could be argued that your business card is sending a subliminal message about the perceived quality of the very business itself… so be careful. That being said, having a business card that is sturdy and of high quality can result in a positive reaction before the person handing it out even says a word!

Pick Sides

When the size, shape and feel of the business card has been finalized, it is time to consider what message to convey on the card itself. One of the first things to decide on is whether to print on just one side of the card (single sided), or utilize both sides of the card (double sided). Here at Manifest Creative, we like to maximize the benefits of the card by taking advantages of both sides. Initially it will cost a little more to produce, but we believe the benefits of a two sided card far outweigh the cost. We use this as a general rule, the exception being that sometimes the material the card is composed of might not allow the use of both sides.

Start With A Logo

The most important design element on a business card is of course the logo or brand of the company, service, or entity that the card is being used to represent. When used correctly a powerful logo can be recognized at a glance, and in general the rest of a card’s design is formatted around the placement of the logo. It is a key piece of business branding and in most cases should be the main focus of a business card.

Some key factors to consider when placing the logo on the card are:

1. Make sure the logo is of good size and that it can be clearly read. It is important to pay special attention to colors and typefaces to make sure that your your message is conveyed clearly.
2. Try to only use one logo on a business card, some people get carried away and add the logos of associations or even other business on their cards. Remember this is your business card… why advertise for someone else? You need to have the confidence that your business can stand on it’s own.
3. Make the best use of the space provided. This means if you have a particularly wide logo, it would not make much sense to design you card vertically and vise-versa if your logo design is vertical in nature, you would limit it’s potential by placing it’s orientation horizontally.
4. If you are designing a double sided card (highly recommended), make sure the logo is evident on both sides of the card.
5. If a specific trademark, phrase or saying is associated with the logo, it is advised to include it in close proximity to the placement of the logo on the business card.

Now for the information

Once logo placement has been decided on, you can begin to decide what information you would like to provide on the card, and ultimately where the information will reside. Some common information that is utilized on most business cards consists of the following in relative order of importance:

1. The name and title of the person the card is promoting.
2. An address of either the business or person the card is portraying.
3. The pertinent phone numbers of the party involved which might include a cellular phone, business phone, a fax number.
4. If the person or business the card is promoting has a website (also highly recommended), it is no-brainer to include the web address or URL.

Additional Information

If you have the room available, we advise giving a brief description or list of the type of services the person or entity the card is being designed for can provide. This information should usually be clearly separate from the main information. Remember that it is important to keep this information to a minimum, as too much information on a business card can make the card graphically busy and difficult to read.

Inspect and Re-Inspect

Upon completing the design of a business card it can be tempting to quickly get the card printed and begin handing it out. We can’t stress enough the importance of looking the card over for errors several times before the project goes to print. Often in the excitement of getting the card finished it is easy to overlook even major errors. This can be a costly mistake, so make sure to get a few pairs of eyes to proof read your project before you even consider going to print.

The Printing Process

Once the design of the card has been extensively proof read and finalized, it is time to look at getting the cards printed. At this time you have a few options to choose from, and for your convenience we have outlined some of the main advantages and disadvantages of each.

Print Your Own: The most inexpensive route is printing the cards yourself with a high quality color printer and business card paper that is readily available at most office stores. Cost is the biggest advantage here, and this option also allows you to print in small increments with the flexibility to make adjustments and changes as necessary. The drawbacks are that the cards can often feel low quality and are fairly susceptible to damage and fading. They also have the tendency to wear out quickly and are easily torn.

Find a Printer: Although finding a local printer can sometimes be a hassle with getting pricing quotes and print deadlines, the end result is usually a rewarding experience. The benefits of using a local printer are that you can usually see and feel the texture and quality of the materials you will be printing on. Some printers even have the ability to add special customization to business cards such as embossing, raised ink, metallic coloring and foil stamping. It should also be noted that you will have a relatively high high degree over the control of your project and you will normally end up with a nice high quality card. The drawbacks are that there is usually a minimum number of cards to purchase (typically 500 or more), and this type of printing can be somewhat expensive.

Leave it to your Designer: Since most people will contract a graphic artist to design the business card, often the designer will handle the printing as well. This is usually the best choice because a graphic artist is familiar with the appropriate programs, terminology and requirements associated with professional printing projects. These designers are also aware of issues that might arise during printing. It is also important to note that most designers have affiliations or relationships with printers and can sometimes get special privileges or savings. Your graphic designer might also be resourceful enough to know of other printing options that can offer incredible savings and printing options that a local printer simply cannot match.

Here at Manifest Creative we obviously believe having a designer handle your print project is generally the best option. The only drawback being the associated cost involved, but even that expense usually becomes a moot point once it is realized how having someone who knows the printing process and who can handle all the details for you is worth. After factoring everything in, this option usually saves time, money and frustration.

Hand ‘Em Out

The best part of having your new business cards are handing them out and seeing the responses to your efforts. We recommend having stashes of your business cards everywhere. Try and remember to have at least a few on you at all times… keep some in your vehicle, keep a healthy stock of them in your purse or wallet, put some in a Ziploc baggie in your gym bag… you never know when you will need them!

Don’t be stingy with your cards… give them to your relatives, your friends, and to each and every new person you meet. Leave small stacks of your new cards at places that will allow it, and make sure to pin a few up on your favorite bulletin boards. Remember to be conscious of using your card as a tool as frequently as possible. After all, you never know where your next sale or important contact may come from, but if you have a business card with you when it happens… you will be ready when it does!

May we help you with a business card design?

During the life span of most companies, the business card will usually go through a handful of card designs. During this evolution it is important to take notice of things that worked well and things that perhaps did not. Every now and then try to ask someone to review your cards and listen carefully to what they have to say. These reviews will prove to be an incredibly valuable resource when it comes time for the next re-design.

Speaking of re-designs… or new designs… or any designs for that matter… feel free to give us a call to schedule a design consultation any time. Here at Manifest Creative, we would enjoy the opportunity to put these business card basics to work for you. We will do our very best to provide you with a stunning business card that when completed is ultimately anything but basic!