5 Tips for Building Your Business in a Tough Economy

It's time to take stock of your business and make a plan for not only addressing your customers' needs, but growing your business at the same time.

By Randall Cochran

Since the economy has continued its downward trend through the beginning of 2009, many solution providers are looking for established ways to shore up their businesses, shorten the length of time it takes to realize a return on investment, and remain profitable. Now more than ever, it's important for you, as channel partners, to get back to the basics, which could make a difference in keeping your business both competitive and successful.

To that end, here are some time-tested tips for helping you to build your business and add value to your customers.

1. Get educated. It's important to educate yourself on vendor solutions and other offerings. By understanding the depth of a vendor's products, how they work together, and how they integrate with your clients' existing IT infrastructure, you have a solid framework for addressing clients' most pressing business challenges. That, in turn, leads to increased revenue through cross-selling opportunities. It also improves customer satisfaction, because you can provide more complete business solutions. Small and midsize companies are looking for trusted brands to carry them through the economic downturn, and you can help them save time and money by being better informed about vendor solutions and how they can be used to address specific needs.

2. Partner with other solution providers. Know your team's core strengths and look for partnering opportunities to shore up any weaknesses. Partnering with other solution providers who have complementary skill sets will further address your customers' business needs and open the door to expanding sales opportunities. By understanding what will help your customers thrive in this economy and leveraging partnerships, you will be more competitive in the marketplace and will continue to build confidence with your client base.

3. Take advantage of vendor tools. Too many solution providers don't take advantage of the myriad sales tools, marketing collateral, and training classes and materials provided by their vendor partners. Yet these assets are critical when approaching customers-you need to speak knowledgeably when sharing the competitive advantages of the products you're offering. By using these resources you can be more competitive, expand your business, and remain profitable regardless of what's happening in the marketplace.

4. Match vendor programs with your business strengths. Take the time to understand vendor programs and incentives, and take full advantage of the most profitable programs that meet the goals of your company. By knowing which programs are a good fit with your business model, you will make better margins and positively impact your cash flow. And when the economy is weak, cash is king.

5. Communicate with your vendors. Stay connected to your vendors through ongoing communication to ensure your specific needs are being met. A vendor's solution providers are the much-needed ground support that helps the company understand what is working and what is not. By establishing a strong relationship with your vendors, you will have the support to respond to your customers' changing needs more quickly. Plus, and perhaps most important, communicating with vendors opens the door to new opportunities, an increased level of trust, and innovation.

RANDALL (RANDY) COCHRAN is vice president of channel sales, Americas, for Symantec Corp., a provider of security, storage, and systems management solutions with world headquarters in Cupertino, Calif. In this role, Cochran oversees the company's marketing activities.