But, while we can't
forecast exactly what the economy is going to bring next month, much
less next year, what we can do is give you some tried-and-true tips for
keeping your business going strong regardless of what's going on around
you. Here are five industrial-strength tips for getting back up in a
drag-you-down economy:
1. Look past the front-page news.
Don't assume that business has to be bad just because they said so on
the nightly news. While the economy as a whole might not exactly be on
fire, that doesn't mean that certain industries, areas, and even
businesses aren't doing better than ever.
Rather
than simply assuming things are in the tank, take a careful inventory
of your recent sales, along with conversations you've had with important
buyers. You might just find that the parts of the economy that actually
affect you and your company aren't nearly as bad as you might think.
2. Get back to basics.
Assuming you are facing tough economic conditions, one of the smartest
things you can do is to get back to proven strategies and offers.
Although a lot of business owners and managers panic when things get
tough and try a "kitchen sink" approach to sales and marketing, it's
sometimes better to do the opposite.
That
doesn't mean you should stop looking for new business, of course, but
that you should emphasize the campaigns, products, and pricing
structures that have worked for you in the past.
3. Provide your customers with something essential or irresistible.
There are all kinds of things that people will keep buying in any
economy, simply because they either need them, or represent too good of a
value to pass up. What can you give buyers that they can't ignore, or
couldn't buy somewhere else?
When you have the
answer to that question, you know what you can offer to the public
reliably during a tough economy and have them keep coming back for more.
4. Make smarter investments.
Granted, you should be careful about the money you spend for your
business in any economic climate. But, when things are slow and future
revenue is uncertain, be very wary of luxury items, unnecessary
investments, and business purchases with long financing terms.
You
can and should certainly keep pouring a percentage of your profits back
into your business, but try to keep a little extra cash reserve, and
financial flexibility, in case you need to ride out some short-term
bumps.
5. Don't give up. Although this
is the last and simplest tip, it's also arguably the most important. The
economy may or may not be affecting your business directly, but either
way, you can come through without too much trouble if you're willing to
outwork your competitors. In fact, a tough economy can actually be a
great thing for some businesses, since they take the opportunity to get
aggressive and attract customers while their competitors are sitting back
and waiting for the sky to fall.
When it comes
down to it, most businesses suffer from a lack of confidence and
creativity more than they do the actual effects of an economic downturn.
In other words, they "know" that the economy is bad, and so they stop
trying and take it for granted that revenue and profits are going to be
down.
Don't make the same mistake. Things might be a little tougher lately, but that doesn't mean your business has to take a hit.
As published in Apartment News.
As published in Apartment News.
