2009 January / February Edition

A Message from Doris: Why Business Development Works?

If you’re wondering why your firm is not receiving RFPs (Request For Proposals) at the pace it once did, and have felt the uncomfortable squeeze of downsizing and work stoppage, you’re not alone. Not at all. If someone is telling you they did not lose 30%-50% in the stock market, 20-50% in real estate value, they are not being straightforward. If your bank and credit resources have not checked in on you lately, reducing credit lines and calling loans, you’re in the minority.

It’s a reality that we need to recognize, but by no means should we be immobilized from action. Lack of action is an unreasonable approach from a risk perspective, as things can only bounce back. Or will we all be worth $0 or is what we all buy free? Having all market sectors crunch to the extreme makes no sense to me.

My recollection is that this would be my fourth recession and in all but one did we not properly continue to market and develop business opportunity. If you don't need to develop new business, cool, but you’re lucky and most likely your competitor is looking at your market.

That said, here are some things we do and have always done as it generates work for our firm and connects our clients to people who generate work:

This newsletter, we consider independent but welcome sponsoring.
We partner with quality CPA, IT and software firms and do not compete for services because it is the right way to conduct business.
Our website is loaded with material, packed with opinions and information to give back to our valued clients and anyone stopping by our site. . Attend, sponsor and speak at events and seminars.
Direct clients and business associates to the proper resources.
Routinely perform marketing campaigns such as direct mail, phone calls and introductory meetings to develop business, stay in touch with clients and the market.
Strategically watch but provide a budget for promotion.
Attend networking events (BSA, ACEC, User Groups, Chamber of Commerce, Golf, etc).
Simplify and choose technology software that tracks and measures business effort.
We recognize where your work comes from and try to develop a program to generate more.

There are definitely challenges with each recession; this one in particular seems to be making businesses fearful to a degree of inaction. I encourage owners not to be afraid, a move away from the retrenchment mode. "Freeze spending" is not the solution; Rather, energize to develop your work practices and improve your chance to render work using your existing resources.

Deploying a rounded sampling of the above business development practices tends to render work. More importantly, good work and consistent practices make you more likely to overcome those tough times. Keep an eye out for our summer seminar series that focuses on developing new business which will include guest speakers, good stuff.

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In 2009, work your options & keep your business going. by Guillaume Deflers

Every day I read about companies cutting jobs, such as GM trimming 10,000 jobs, another one closing its doors … This year is starting tough and Qtr 1 will most likely be weaker than the previous years. But let’s be honest, we knew that already and everybody is in the same boat, so now it is time to take a closer look at your options. Keeping a positive attitude is critical in difficult time but at the same time be realistic with your team as it is going to be a difficult year.

Your marketing budget may be shrinking but make sure to keep branding your company, the more visibility the more people will reach you. Utilize the internet as a primary resource as affordable approaches are available so make sure to use them.

Creating new leads to generate new clients is definitely required. Counting on recurring work and your current clients won’t be enough. Networking is definitely the way to go, as the more people you get in front of, the more possible clients you would create. Depending on your field, join a group/association which can help you get better at your job and make new connections.

Using social networking websites such as “LinkedIn” can not only help you to reconnect with old coworkers and clients but also will allow you to do business while meeting new people. I like the interface and it is definitely more professionally oriented than Facebook. The “Answers” tab lets professionals exchange ideas and challenges, giving everyone the opportunity to share their knowledge.

In addition, meet with your business partners and create a list of a few common goals that needs to be achieved in a specific timeframe. For example, with our vendors, we organize strategic meetings and joint marketing events on a regular basis to generate new clients.

Cutting costs is on everybody’s mind right now, but it does not necessarily means laying people off. Synergy is a better approach, using your current resources to be more productive, reorganizing your organization to be more efficient. If you compare this to layoffs, this strategy will benefit your company in the long run.

Along the same line of ideas, reducing travelling costs for meetings should be reviewed and reliable alternatives considered, such as Cisco Technology or GoToMeeting, either of which will allow your company to continue to meet yet cut your expenses at the same time...As more and more people are using the Internet on a daily basis, web conferences are becoming more common. At DMC Systems Group, we use web conferences and webinars to either work with our clients or communicate our services.

Adding value to your services will show that the investment is worth it. The key reasons people do not buy from you are that they either do not fully understand your services or just do not see the value you add compared to the competition. Try to simplify your message so that potential clients clearly identify the features associated with you services. At DMC, we offer our clients packages which include consulting, implementation, and training on your accounting/ project management software.

To conclude, even in a weak economy there are still some opportunities, so stay alert and work closely with your marketing/business development department to come up with new creative ways to generate work. “Teamwork” and “going the extra mile” will pay off, and be sure that if you aren’t willing to do so, your competition will.

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New Website Features

If you haven’t dropped by the DMC website over the past few months, I recommend doing so. Next time you get a chance, fire up the web browser of your choice and check out our new features.

Since the start of the New Year, Doris and I have been writing and recording Audio Blogs which feature free, valuable, industry-specific advice. Topics include subjects such as: upcoming events, cost commentaries, accounting software reviews, and user group information, plus more. When you visit the audio blog, simply press the play button, then sit back and enjoy.

We’ve also recently launched a new Media Broadcast Channel. It is accessible from our main website or visit www.youtube.com/DMC Systems Group where you’ll be able to find continuous updates regarding DMC like news and footage from our User Groups and Webinars. Here you will be able to keep up with the latest Accounting tips & tricks and receive valuable recommendations for your firm.