Grab your yellow pad and start thinking

With third quarter results yet to come, it's too early to sit with your advisers to talk about 2009. It's not too early, however, to put some thoughts for that agenda on your yellow pad.

Here are some beginning discussion topics.

Outside the box. It's a time-honored Management 101 cliché, but being open to new approaches works. Tasty Catering President Tom Walter, who earlier this year took a look at commodities futures as a way to reduce food costs, is buying staples now for next year's outdoor catering events.

It's sort of hedging against future price increases without the volatility in commodities. In particular, think mustard, ketchup and other spoil-proof picnic staples.

"We're pre-buying," Walter says. "We're collecting from clients who have booked 2009 outdoor events now and using the cash to purchase staples with long shelf life from our supplier at this year's prices, so we hopefully can share the savings with our clients."

The Elk Grove Village caterer is helped by good relations with its primary supplier, Gordon Food Service, Grand Rapids, MI, which will purchase and store Tasty Catering's supplies until next year.

It also helps that Walter's company is staffed by 20-somethings who don't know what can't be done - and that he's willing to listen to their ideas.

Use the web. Getting qualified leads - actual prospects - to our web sites is an unending issue, especially for smaller businesses with limited budgets. Yet the web offers several business-generating opportunities that won't break your budget.

That's especially true if you take some of the money you spend on other marketing - directory advertising, for example - and put it toward e-marketing. E-newsletters are an excellent way to reach out on a regular basis to customers and prospects - assuming, of course, that you have collected their e-mail addresses and at least an informal OK to send material to them.

Keep content short and to the point; 400 words is a good maximum.

Cost is a factor you'll especially like: If you use one of the Constant Contact templates, at www.constantcontact.com, there is no design cost to an e-newsletter, and you don't have to pay for printing or postage.

Look at linking up with other, noncompeting businesses whose customers may be your customers as well: Suppliers. Chamber members. Consultants. Swap banner ads - theirs on your site, yours on theirs - at no cost.

Find help before you need help. Loyola University Chicago has an excellent family business support program. So does UIC. SCORE, where the geezer factor isn't nearly the issue some business owners fear, can be a good source of advice; so, generally, can the Small Business Development Centers at many community colleges.

You may have one or two employees with a stake in your company and a different perspective. Talk to them. Offer them a planning role.

Questions, comments to Jim Kendall, JKendall@121MarketingResources.com.

© 2008 121 Marketing Resources, Inc.