Survival of the Fittest
Growing a business in an economic downturn is definitely not easy. However, if you can ride the storm, the reward will be a solid business that can outstrip competition and grow exponentially once the market picks up.
How to Ride the Storm
- Use a Business Plan – Even if a business is well established, a detailed business plan helps to clarify and highlight various areas to focus on.
- Put your finances in order – Prepare a detailed cashflow to anticipate any shortfall.
- Look after your existing customers – Treat them like gold dust and look for ways to add value for minimal cost.
- Ask for referrals – Set up a referral system that will generate new leads and hopefully new customers.
- Review all your costs – Cut back and negotiate where possible. Donâ€™t be shy of changing suppliers if the same quality can be guaranteed.
- Keep marketing – Look for other (not so costly) avenues to pursue or change the method used to attract more leads. Create and use a marketing plan to aid the process.
- Systemise – Wherever possible devise systems in order to save time and facilitate operations.
If all or even most of the above is carried out on a regular basis and monitored throughout, not only will your business survive, it should also thrive and come through the recession stronger and healthier, ready to capitalize on future potential growth in the marketplace.
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