Building your Business in Difficult Times
Feb 07, 2011
In business some will go up and down. Sometimes revenues are good and sometimes things get difficult. In Europe now in certain environments things are not as easy for those of us in business.
There are some key fundamental things we can do during these difficult times to build our business.
1. We have to aggressively find ways to add value to our business so that we become the number 1 choice for customers
It is not that there is not business for our types of products or service, it is just that there is a limited choice. If we have higher value, and we add in more free services or value added services and products, we might make a little less or use more of our time but we will gain more customers who are shopping for greater value at this time
2. Keep costs low
Our lifestyle and expenses for our company must be kept to a minimum at this point. If needed and we are small businesses, transition unproductive staff or those who are taking advantage of us out of the company.
3. Increase strategic selling
Look to other markets, Asia, markets within our own country, people who do not normally use our products, could use it with some tweaks and strategies. There are always opportunities in any environment even difficult ones
4. If you have made the decision that your business is not working or suitable in today’s environment cash out and move into something that is
Airlines are a difficult business, profit margins are low and operating costs high except for a low cost model, many airlines are going to feel the pinch unless they reinvent themselves. Some low cost models are also going to be hit because of high financing and loan interest rates (they are over extended in debt)
Ancillary business such as travel agents, tour companies, F&B at tourist destinations will also take a hit, when global tourism takes a hit
These are business worth considering to move out off
Business which seem to thrive in difficult times are:
- Movies and Entertainment - people always want to escape in difficult times
- Cheap take outs and low cost food options (restaurants with low overheads)
- Product sellers - people need groceries (if value can be added)
- Small businesses run by owners, with great demand and low overheads.
Find a niche for yourself and your skills, if you are unemployed give it a go, do not stop and wait for the next job, there might not be any. Who knows by venturing into your own business, you can take off to another level income wise.
Don't be afraid. There is always hope and a future in transition for those of us who are willing to move and not settle down in these times