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Wealth

What to do in Difficult Economic Times?

Everyone looking for an answer to this question – What should be done to ensure their business survival and thrives in current difficult economic times. Of course, if you ask some experts, all of their responses would be varying, underlying the fact there’s no single recipe for all types of businesses.

All business owners need to carve out a separate recipe and implement the elements which would be optimistic for the business. So let’s discuss these elemental mixes that could help in a difficult environment.

  • Continuously Research: Continous research would help in understanding the following –

a. Change of client needs in the market environment.
b. Impact of technology advances.
c. Competitors’ research of the clients.

All these points can help in updating the products and services offered by the clients.

  • Stay focused on marketing: It’s very crucial to keep an eye on market expense whether to keep it at the same level or increase in challenging times like this. Decreasing expense is a traditional wisdom step mostly taken by most business owners.However, if a business decides to spend its market expenses at the same level then the chances of exposure to your business won’t get affected but their competitors will as per their marketing budget. However, it is very important to keep an eye on how competitors are doing and then use every opportunity to promote the business brand, products, or services.
  • Income and Cost Considerations: Income can be increased if we diversify

a. Exposure of clients – Not to be only dependent on a few large clients only.
b. Access of Market – If there’s any chance of business expansion in the market?
c. Distribution – Have you given a thought of turning your business online or business distribution capability?

  • Cost Cutting: Cost can be cut down by

a. optimization of operations
b. Chances of negotiating more discounts from suppliers as they are also in need of some good-paying clients.
c. Considering 4 days working for the staff, not laying staff off completely.

  • Service delivery differentiations: If handled precisely then service delivery can act as a business differentiator from other businesses. Given below are few considerations

a. Run “Specials” – We are not asking to go in a price war with competitors, but to keep your business in the mind of your target market.
b. Follow all regulations related to the Health and Safety act to make it easy for clients to do business with you.
c. Build better relations with clients, not just transactional associations.

  • Treat Employees as real assets of any business: People always praised each other when they are valued and respected. Here’ are again few consideration :

a. Pay them fairly
b. Employee recognition and appraisal ( Monetary or non- monetary)
c. Be a support to your employees on a personal level.
d. Value Your Employee’s opinions and views.
e. Flexi-timing facility availability

We all think about what to do in difficult times. But all these can be done even in times like COVID-19 to enable the success of your business.

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