It's funny how people are more afraid to venture into businesses when the economy is having a slight downturn. It is risky, very true. But unlike staying in the office doing your day-to-day job, you can use all of your time and energy to generate more income for you and your family. When the economy is starting to look bad, prices will definitely hike up but your paycheck, of course, will definitely not. You and your family will appreciate every extra cent that is being put on the table.
Managing your business in this situation is not an easy task. During the good times, you have room for mistakes every now and then. But at times when stock values fall and people are afraid t spend their money, every little decision will be crucial. Do not make hasty moves and think about every possibility very carefully.
Here are some tips on how to survive a bad economy!
1) Trim Unnecessary Expenses
When times are good, business owners do not really pay attention to how much goes out as long as a lot keeps coming in. You would be surprised that there are lot of things that can be ruled as unnecessary expenses. You could also ask for discounts from your suppliers. If you do not try, you would not know if they could give them to you or not.
2) Be More Flexible
Be prepared to adjust your products or services according to your customers' needs. Find out what they want, how they want it and draft out a different price for them. Customers will feel happy that you are going out of your way to meet their needs and will keep on coming to you with other opportunities.
3) Advertise, advertise and advertise
If you do not advertise, your business might die. You need the public to know what you are doing. Even though you have a good number of regulars, it is always better to have more. If you are on a tight budget, try the social networks or blogging online, where advertising can be free!
4) Be Different
You cannot escape from having other companies to offer the same products as you do. But you have the choice to be different. Whether it is the design, price or color. Be creative and make your products or services stand out from the rest. Humans are very curious, as long as it is within their budget, they will want to try something different. If they like it, they will keep on being your customers.
5) Offer Something Extra
A gift, an experience or a smile. Offer something extra that will make your customers feel appreciated and come back for more. Even traditional information on the product or the benefits that it brings will make customers feel that you care enough to go through the hassle to tell them what they are getting.
So, even when things are bleak, just stay with your business, or if you have not started one, why not do it now?
~credit to Majalah PUM Selangor Bil. 35~
Managing your business in this situation is not an easy task. During the good times, you have room for mistakes every now and then. But at times when stock values fall and people are afraid t spend their money, every little decision will be crucial. Do not make hasty moves and think about every possibility very carefully.
Here are some tips on how to survive a bad economy!
1) Trim Unnecessary Expenses
When times are good, business owners do not really pay attention to how much goes out as long as a lot keeps coming in. You would be surprised that there are lot of things that can be ruled as unnecessary expenses. You could also ask for discounts from your suppliers. If you do not try, you would not know if they could give them to you or not.
2) Be More Flexible
Be prepared to adjust your products or services according to your customers' needs. Find out what they want, how they want it and draft out a different price for them. Customers will feel happy that you are going out of your way to meet their needs and will keep on coming to you with other opportunities.
3) Advertise, advertise and advertise
If you do not advertise, your business might die. You need the public to know what you are doing. Even though you have a good number of regulars, it is always better to have more. If you are on a tight budget, try the social networks or blogging online, where advertising can be free!
4) Be Different
You cannot escape from having other companies to offer the same products as you do. But you have the choice to be different. Whether it is the design, price or color. Be creative and make your products or services stand out from the rest. Humans are very curious, as long as it is within their budget, they will want to try something different. If they like it, they will keep on being your customers.
5) Offer Something Extra
A gift, an experience or a smile. Offer something extra that will make your customers feel appreciated and come back for more. Even traditional information on the product or the benefits that it brings will make customers feel that you care enough to go through the hassle to tell them what they are getting.
So, even when things are bleak, just stay with your business, or if you have not started one, why not do it now?
~credit to Majalah PUM Selangor Bil. 35~
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