The so-called ‘economic climate’ has certainly changed the business environment in the few years.
So what does this mean for business…? -
The key thing to remember is that for every adversity there is opportunity.
Some tips for business include:-
Delinquent Payers - Now is the time to tighten up your accounts receivable.
Give Yourself a Financial Buffer - If you haven’t already got something in place, then now is the time to make sure you have access to plenty of working capital.
Opportunities Abound - Now the important part… The current situation is providing some unique opportunities. Open your mind and be ready for when they appear.
Look to Alternative Markets – Can increase your Income help if one market falls over
Invest MORE in Sales & Marketing - Be wary of reducing your sales and marketing spend during these times.
Recruitment Becomes An Employer’s Market - Low unemployment in recent years has meant that the pool of good quality candidates has been very scarce. Now is the time to raise the bar with your current team
Recruiting Your ‘A’ Team - There are some fantastic candidates around in the market at the moment.
Build Your Market Share - With many Businesses struggling, the market will open up for good quality operators with value for money products and services – Businesses like yours.
Buying Competitors’ Businesses - Gaining a competitor’s database and then marketing to it is a tried and true strategy to grow your business.
Look for a time to lock in interest rates - Interest rates have risen recently.
1. Stay positive
2. Don’t get caught up in the negative sentiment
3. Keep an open mind for opportunities