We keep hearing that the economy is still in trouble, there’s even talk of the dreaded double dip recession. So if that’s what we facing, of even if we’re just in for a slower recovery, does that mean that you have to put your plans on hold?
The simple answer is no. But be smart about what you do. A downturn, or even a period of very slow growth, can present real opportunities for the smart business owner.
Whether you’re running a business now, or just thinking about getting started, these tips can help you make the most of the economic climate.
1. Look for the opportunities.
Some of the weaker businesses will fail. Those that don’t take the right actions to keep afloat, and that means there is a market share up for grabs. Look at how you can benefit from that. What new products can you introduce to take advantage? What new market areas could you move into? If you’re just starting up in business how can you position yourself to move into these gaps in the market?
2. Rethink your offering
Is what you’re selling, or planning to sell, still right for what your customers want today? If not what can you do to change it? Sometimes it’s just a case of changing how you sell the same product, or stating the benefits in a different way.
3. Seek out alliances
Look at other businesses around you and see if you can enter into a mutual arrangement to refer business to each other. Many other businesses will also be looking for ways to get more customers and this can be a great way to do it.
4. Do more networking
Make the time to find people who either could be your customers, or who could put you in touch with your potential customers, and spend time developing a relationship with them. You can do this at formal networking events or at social and sporting occasions, or at any other opportunity.
5. Increase your marketing
One of the first things many businesses cut back on when the belt has to be tightened is marketing. But actually it’s one of the last things you should sacrifice. Your business depends on income; your income depends on customers. You get new customers by marketing. If you increase your marketing efforts while your competitors are cutting back you will be able to increase your share of the market.