We must all come to terms that the world will never be the same again after this economic downturn. Nothing is going to be the same again and that includes many of us. It is important that we position ourselves properly so that we can come out of it in good shape.
When business environment changes, we need to respond in ways that will help us to brace up with the market and turn things around. The cuts in many countires are biting hard on many businesses and business people; the contracts are few, the “tools” are costlier, the competition is severe and buyers are looking away.
According to BBC News Channel, The Office for National Statistics states “that the Consumer Price Index (CPI) measure of inflation had risen to 2.9%, up from an annual rate of 1.9% in November and Retail Price Index (RPI), which includes housing costs, rose to 2.4%, its highest level since November 2008” this report was as at Dec. 2010.
With the governments’ cuts come rise in unemployment, increase in personal debts, inability of many people to pay their mortgages and a drop in consumers motivation to buy things.
The years ahead can only be what we make of it.
Businesses need to improve their profile through staff training, networking and strategic planning.
There is need to develop new marketing strategies and hard work. You might need to consider automation and outsource. This will reduce cost and time.
There is need to develop competitive price plans that will make your customers to keep coming. It is an era where every penny (cent) counts and people want the best prices for good quality products.
We can consider collaboration among businesses. This is a way of harnessing the efforts of various companies to act in a structured organized ways, sharing responsibility, resources and partnership, while maintaining their individuality, to solve the present economic problems. For example the companies into research can work with the farmers in combating animal disease with their expertise and in a less expensive way. The farmers in return can offer other companies some rebate in cost.
A positive out look is very important. Research has show “that economic downturns can be a very trying time for small businesses and entrepreneurs but that it presents some opportunity which business persons can take advantages of to develop strategies to grow their businesses.” One of such is opportunities is government incentives to small businesses, downsizing by big firms and price adjustments by manufacturers.
Customer relations are a prime factor in this season of economic difficulties. The customers are the reason for being in business; keeping the customers happy and motivated to come again cannot be compromised. Create incentive for customers and make them see that you care even in these hard times.
Advertisement should not be reduced. It should be creative and convincing. However, it must not be deceptive in anyway. Find new ways to reach out to the public with your products and services.
BBC News Channel
Office of National Statistics (UK)
*I have published this article in some other sites online
- How to Prosper in the Current Economic Downturn (sbaloans-123.com)
- How To Promote Your Small Business On Twitter : The Complete Guide [Download NOW] (thetechnologycafe.com)
- The New Entrepreneurs: Ignoring the Economic Downturn With Small Business Marketing Solutions (prweb.com)