Wednesday, May 27, 2020

Lessons from the Renaissance

The original Renaissance was an exciting time.  Scary for a lot of people with new ideas that upturned the status quo.  And at a rapid pace that kept everyone on edge.  This is what we are going through right now and there are lessons we can learn:

Until next time...
Chris Morales

Monday, May 25, 2020

A Peek At New Normal

New Normal will look and feel different.  We'll think more consciously about personal hygiene at home and in public;  We'll think about personal space;  We'll change how we shop for goods and services.  It won't happen all at once and it will occur across a broad spectrum.  Here are some other things to look out for as we re-normalize:

Until next time...
Chris Morales

Tuesday, May 19, 2020

The Marketing Mix in 2020

As we emerge from the COVID Pandemic, now's the time to re-visit the marketing basics:
  1. What is your core product or service?  Does it satisfy a real consumer need?  Will people pay for it?
  2. What's your price?  Does it provide value?
  3. How do you create awareness, consideration and preference?  Online has been the flavour-of-the months for the past 15 years but there are other ways to reach people
  4. How will your place stand out, online and/or in the physical world.
These are deep questions and you may need to talk to specialists.  Use the marketing mix template below to frame the conversation...and ask better questions:

Until next time...

Chris Morales

Wednesday, May 13, 2020

Marketing Tips For Small Business

It's challenging to market your business while running your business.  I know...I've tried!  Through trial and error, I found that my particular secret sauce centred on product/service promotion.  I created a limited-time offer (not always price) and used  Facebook Ads to get the word out.  I also sent emails on a regular basis to the database I had built up over time.  These two tactics proved most effective for me.  For more tips on how to market your small business, check out this infographic:

Until next time...
Chris Morales
Chris Morales

Sunday, May 3, 2020

Crisis Preparation for Small Business

The last thing small business owners think of is being prepared for a crisis.  "I don't have the time";  "I don't have the money";  "It'll never happen to me".  When a crisis hits, most small business owners are not prepared...many don't survive.

A recent guest speaker at the Small Business Course I teach at George Brown College shared his strategy for dealing with crisis in his 30 year old prosperous small business:

  • Be on top of your cash flow.  The most important thing for a small business owner and even more critical in a crisis when revenue slows but expenses don't
  • Have a contingency.  Cash is best.  Build up a reserve that allows for 3 - 6 months of operation without any revenue coming in
  • Analyze your receivables.  Collect as much as you can now;  make deals with those you can't;  plan for write offs
Other strategies to build up your crisis preparation are in the infographic below:

Until next time...
Chris Morales, Toronto, Marketing, Author

Chris Morales