| Prevost
encourages business owners to stay positive
Tim DenOudsten, Didsbury Review
February 24, 2009
 "A
recession really starts in the mind," customer service
activist Roy Prevost told an audience of about 50 gathered
at the Memorial Complex’s Multi-Purpose Room on Wednesday,
Feb. 18.
Instead of allowing themselves to dwell on the negatives
of the current economy, small business owners should look
for positive aspects and try to remain upbeat, the Burnaby,
B.C.-based Prevost recommended in his session, "How to
Recession-Proof Your Small Business," which was jointly
sponsored by the Didsbury and Carstairs Chambers of Commerce.
""We felt as a Chamber that … the tools and
information that Roy had to share could make a real difference
to our local and surrounding businesses that will have to
survive these difficult times," said Didsbury Chamber
of Commerce president Margo Ward.
It’s important to stay positive, said Prevost, noting
the current Canadian unemployment rate of 7.2 per cent means
that 17.1 million people are still working.
"What you focus on – put emotion behind –
expands," he said. "Focus on what you’ve got."
However, this does not mean that people should be ignoring
the situation, he stressed, because Canada is likely only
six to nine months behind the American market.
A recession hasn’t hit Western Canada like it has anywhere
else, so we’re somewhat lagging the national scenario,"
he said. "It’s important that [people] get their
ducks in a row real quick and prepare themselves for a bumpy
ride."
Indeed, it’s critical to recognize that Canada’s
economy is closely linked to those of the United States, Prevost
said.
"The US dumped $700 billion into their economy …
If that doesn’t work, then the ramifications of that
on our economy are huge. We’re the mouse, they’re
the elephant. The elephant rolls over or sneezes, we run for
cover.
"Right now the elephant’s in a major coughing
fit."
A key element in remaining competitive amidst the economic
turmoil is to offer exceptional customer service, especially
to one’s best customers, he said. Building loyalty and
trust is critical because, in general, 80 per cent of a company’s
sales come from 20 per cent of its clients.
In addition, don’t be afraid to get creative to attract
new business.
"Get [yourself] decorated for Halloween," said
Prevost. "It makes people laugh and they’ll remember
you."
A poor tactic for surviving in rough financial times is hoping
for a large inheritance, he noted.
"The longest living organism on the face of the Earth
is a rich relative," said Prevost, drawing chuckles from
the crowd.
Better ideas include keeping the accounts receivable current,
knowing which inventory items are selling best and developing
a good personal relationship with the bank.
"Date your banker … Let them know what’s
going on in your business," he said.
Ultimately, Prevost advised small business owners not to
allow themselves to panic and to concentrate on controlling
what they can.
"Take care of [your] current customers, be vigilant
of what’s happening in the marketplace, be upbeat and
positive," he said.
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