Jane Applegate: Flourishing in Tough Times: Strategies for Thriving in a Recession
Jane Applegate was the guest speaker at a recent workshop entitled Flourishing in Tough Times: Strategies for Thriving in a Recession, sponsored by Comcast and Bloomberg Television. Applegate, a best-selling author of books on small business management, presented the ABC’s of small business success during tough economic conditions, including a variety of practical strategies related to people, cost-cutting, marketing, and employee issues.
Her first point was her most important point.
“If you remember nothing else from this morning, remember my personal motto: you should never work with anyone that gives you a headache or a stomachache,” Applegate said. “This is really important because businesses can’t reach the highest levels of prosperity when people-problems are overwhelming.”
Applegate pointed out that bad employees don’t reflect bad people, only that bad employees are oftentimes bad fits for certain companies.
“It’s a financial burden to companies when employees lower morale and become drags on bottom lines,” said Applegate. “I think it’s very important that businesses take a close look at potential employees before they are hired.”
Applegate also encourages researching monies owed by clients during challenging economic climates. She says writing letters, setting up payment plans, or offering discounts off balances due (to be paid within certain time frames) can alleviate headaches when attempting to collect balances due when money is tight.Marketing during tough economic periods can also be a challenge for businesses but surveying the competitive landscape can allow for increased economic successes. Applegate suggests visiting all competitors’ websites often. Retail business representatives should visit competitor’s stores and should buy competitors’ products to compare.
“Businesses need to know what they’re up against,” Applegate said. “The worst thing to happen to businesses is to be blind sighted by new products being introduced into the marketplace.”
Utilizing relationships with businesspeople that may know competitive information can help businesses take the pulse of the competitive environment. Applegate also feels cross promoting and participating in community-interest endeavors are positive marketing strategies.
Top strategies for increasing morale during challenging economic times include up-to-date tools and equipment for employees to successfully complete their tasks and recognition.
“The number one thing employees want during a downturn is to be heard,” said Applegate. “They want face-time with employers so they feel like they are contributing to helping the company remain profitable.”
Applegate founded The Applegate Group Inc., a multimedia production, communications, and consulting company. She provides marketing strategies and video production services to companies such as American Express, Sprint and MasterCard, producing documentaries, television programs, music videos, and independent films. She is also the founder of SBTV.com, the first streaming video website providing 24/7 news and information to entrepreneurs. Applegate has been recognized for her service to the business community by the U.S. Small Business Administration and by the National Association of Women Business Owners.
Door prizes were handed out at the event. Each winner received Jane Applegate’s book, 201 Great Ideas For Your Small Business, courtesy of Comcast and Bloomberg TV. The winners were:
Rodney Ruth, Knox Area Rescue Ministries
Sara Martin, Ross/Fowler
Sherry Furr, InsulTechnologies
David Lewis, Resource Advisory Services
Amy Sharp, LBMC
Cynthia Moxley, Moxley Carmichael
Stephen Ridenour, J.S. Ridenour
Aline Thaller, House of Thaller
Maureen Bosch, WVLT-TV
Rickey McCallum, Dale Carnegie Training of Tennessee