The new job numbers that were just released showing zero growth are believed by many to spell the beginning of a new second dip in the economy. Don't panic! This could be a great opportunity for you to grow your business and come out on top.
Surviving Another Economic Downturn
The good news is that you can see it coming and you can prepare. Keep a healthy amount of reserves for striking on hot opportunities and running a marketing blitz as the smoke clears. Those of your competitors who are not ready or who are stretched too thin will fold and be restricted from taking advantage of the situation or being able to adapt.
Make sure that you have a fully scalable business model and systems in place. This way if you need to you can pull back without crippling your enterprise or sacrificing quality. At the same time it positions your enterprise to build up again quickly to assimilate a surge in new orders with minimal effort and without a big investment.
Streamline every area of your business you can now while you have time. Move to cloud computing solutions for data storage and collaboration so that you can easily replace staff with less expensive ones and utilize outsourcing to remain competitive.
Look at opportunities for expanding your service area now to make up for a loss in available market share and business volume. If you are not, should you go nationwide? If you are already national, what foreign countries can you target which are in a healthier financial position and where people still have plenty of disposable income to spend or invest on what you are offering? Can you offer your product in a different language, or if English is fine then are there different keywords and copy you should be using in your marketing and on your website so that they will find you and want to do business with you?
Capitalizing On A Downturn
Anticipate where the gaps in market share will appear and where you can move in and scoop it up. As your competition falls by the wayside marketing will become cheaper and you will see it making a bigger impact. So do not pull back in these times but be ready to surge forward.
Have the manpower, plan and structure in place to launch a social media blitz for fastest delivery and the most cost effective campaigns. Take the time to expand and polish your profiles now and load up with content.
Perhaps most importantly stay agile. Things can change quickly when the economy dips. Government looks for people to blame and new ways to regulate and tighten things up. Where is this likely to happen in your industry and how can you stay a step ahead?
Finally use the opportunity for mass brand awareness that will concrete your organization as the major player in your niche and don't be afraid to go after deals with your competitors strategic partners and vendors as well as to pick up the best talent at great discounts.
Chuck Boyce is known as the Independent Executive. After achieving success quickly in the corporate world he decided to step off of the corporate ladder and make his business work for him. He is now dedicated to helping other entrepreneurs and business owners achieve the Independent Executive Lifestyle by creating business with a purpose, passion and plan. Find out more by visiting his site at http://www.breakingfreeblog.com
By Chuck Boyce
Surviving Another Economic Downturn
The good news is that you can see it coming and you can prepare. Keep a healthy amount of reserves for striking on hot opportunities and running a marketing blitz as the smoke clears. Those of your competitors who are not ready or who are stretched too thin will fold and be restricted from taking advantage of the situation or being able to adapt.
Make sure that you have a fully scalable business model and systems in place. This way if you need to you can pull back without crippling your enterprise or sacrificing quality. At the same time it positions your enterprise to build up again quickly to assimilate a surge in new orders with minimal effort and without a big investment.
Streamline every area of your business you can now while you have time. Move to cloud computing solutions for data storage and collaboration so that you can easily replace staff with less expensive ones and utilize outsourcing to remain competitive.
Look at opportunities for expanding your service area now to make up for a loss in available market share and business volume. If you are not, should you go nationwide? If you are already national, what foreign countries can you target which are in a healthier financial position and where people still have plenty of disposable income to spend or invest on what you are offering? Can you offer your product in a different language, or if English is fine then are there different keywords and copy you should be using in your marketing and on your website so that they will find you and want to do business with you?
Capitalizing On A Downturn
Anticipate where the gaps in market share will appear and where you can move in and scoop it up. As your competition falls by the wayside marketing will become cheaper and you will see it making a bigger impact. So do not pull back in these times but be ready to surge forward.
Have the manpower, plan and structure in place to launch a social media blitz for fastest delivery and the most cost effective campaigns. Take the time to expand and polish your profiles now and load up with content.
Perhaps most importantly stay agile. Things can change quickly when the economy dips. Government looks for people to blame and new ways to regulate and tighten things up. Where is this likely to happen in your industry and how can you stay a step ahead?
Finally use the opportunity for mass brand awareness that will concrete your organization as the major player in your niche and don't be afraid to go after deals with your competitors strategic partners and vendors as well as to pick up the best talent at great discounts.
Chuck Boyce is known as the Independent Executive. After achieving success quickly in the corporate world he decided to step off of the corporate ladder and make his business work for him. He is now dedicated to helping other entrepreneurs and business owners achieve the Independent Executive Lifestyle by creating business with a purpose, passion and plan. Find out more by visiting his site at http://www.breakingfreeblog.com
By Chuck Boyce
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