The worst thing we can do during a business slowdown is to panic. Going on a business starvation diet will only prolong the rough times. A business downturn calls for cool minds, steadfast adherence to sound business systems and structures, and innovative thinking about ways to create opportunities where only difficulties seem to exist.
Here are the essentials that can drive your business upward even when the economic climate is gloomy: 5 Ways To Drive Your Business Up During A Business Downturn -
1. Be thrifty with your expenditures but generous with praise for employees and coworkers. You want to be especially cautious about spending without starving the business. And it is also the perfect time to upgrade the team atmosphere so your entire staff works together in strategizing ways to not only preserve the business but enhance it.
2. Avoid having too great a percentage of your business with one or two customers; diversify and spread your business over a broader customer base. Ideally, you will have been preparing for this ahead of the downward curve, but if you haven’t, challenge your entire marketing and sales team to come up with ways to put more of your sales eggs in other baskets as quickly as possible.
3. A contracting business climate also offers new opportunity. Be flexible and strategize new ways your business model can capitalize on the changing market and come up with new programs to tap this.
4. Bring added value to your customers. Identify new ways you can add service and products vs. cutting corners on value. Study the competition carefully so you can be one step ahead of the curve and their value proposition.
5. Increase your face time with customers. Stay in front of your customers regularly. Find ways to connect with them, check in with them and find out what’s happening in their business. Stay connected and stay in touch. Let them know they are top of mind with you, and you will increase your value with them.
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