Many business owners at one point or another will find themselves in a storm of unfortunate circumstances. These 5 tips will help keep your business afloat during the storm.
1. When the economy goes low, you go high! Yep, stole that from Mrs. Obama and it applies here as well. How? Well, let me explain. When the economy is depressed, and people are not out spending all their extra dough on services or products they don’t need to survive you have to find another way to sell these goods or services. One key way is to start gearing your business towards delivering services to the city, state or federal government. Yep! The same government that probably helped steer the economy into a slump; now would be an ideal time to answer some of their RFPs and work with them directly. Take the high road and help the government recover the economy.
2. Business owners are known for carrying debt but when times are good pay all your debt down or off, where possible. The fewer loans you have to payout the less you have to worry about during hard times. If and when things take a dip the owner should be able to control expenses by headcount reduction and cutting hours. If the slump is longer than expected the last thing you need is a repossession or lease issue because then you can’t deliver services to keep income flowing.
3. Time for discounted, sales, coupons and blue light specials. Just remember when you own a business you are responsible for all parts of it. Though you may not be good at everything in slower times, it is imperative to step up and do the basics on your own. Avoid out of pocket expenses for consultants when you have enough knowledge to know your demographic and how to reach them. Get out to every local event possible and spread the word on your business.
4. Some business owners fail to adjust services and products to match economic needs. For example, if you have a retail store and starting to suffer significantly due to lack of sales and traffic. Adjust for a period to sell something people in your area needs. For example, local schools will often have uniform policies. Offer to become the neighborhood provider of uniforms. Guess what? You are still selling clothes and just guaranteed some traffic to the store. Work smart, not hard!
5. Just because the US economy is struggling does not mean other countries stopped shopping. If you have a business that can work internationally, during slow times take your product or service into an international market. Promote your business on social media as available to ship anywhere! Negotiate pricing with the international delivery companies. Sell on international sites like Aliexpress.com.
More tips to come #McCoySpeaks #MsMcCoy #McCoytalks