|
|
Create a account
|
|
Making stock and economic news easier to read, bookmark and use! |
|
|
|
|
10-Step Double-Dip Recession Survival Guide for Entrepreneurs |
A 10-Step Double-Dip Recession Survival Guide for Entrepreneurs
It's what many business owners have feared most: the economy may be headed down without ever really having gone back up from the 2008 downturn. The dreaded double-dip recession!
source - Double Dip Recession
What can you do to make sure your business thrives even if the economy goes down the tubes again? Here are 10 ideas we share with you;
Recession Survival Guide
1. Look for opportunities. As weaker players falter, you could see a chance to gain market share. Move into new markets, add new products, or consider acquiring a floundering competitor to gain their customer list and territory.
2. Reconsider your products. Is what you're selling what customers need today? If not, it may be time for a change. Update your products, add new flavours, or bundle them into groups to offer more possible ways to buy at a better perceived value.
3. Revisit your packaging. If you sell physical goods, ask yourself if your packages look appealing and current. If not, it's a good time to refresh your packaging. It gives you an opportunity to promote the product with a new angle.
4. Reconsider your pricing. The ideal is not to cut prices, but to find ways to strengthen your offering at the current price. For instance, could you offer a bonus product or service to make the product more irresistible?
5. Seek new alliances. Harris has a great tip here: Ask your attorney, accountant and other business professionals you use to refer you business. Tell them you'll do the same for them. Promise them a commission for referring you clients. Do the same with your current clients. Let them know you offer a referral bonus.
6. Ramp up your marketing. Others will pull back, so you'll get more visibility for your advertising dollar. Take advantage of free social-media marketing tools and learn how to get the most out of them.
7. Improve your cash flow cycle. Could you trim inventory? Get better terms from vendors? See what you can do to manage your cash and keep it in your account longer.
8. Expand your network. Networking is key when times get tougher. Set a goal of attending two in-person networking events every week -- and not ones focused on your industry. Mix it up and get to know new people in other sectors who might be customers, or refer you business. BE CAREFULLY WHICH YOU CHOOSE!
9. Refinance. If you have business debt that's in more than one lump -- an equipment lease here, a credit line there, a backed business credit card -- now's a great time to explore whether you could reorganize and get better terms with a single loan or credit line. Even reorganizing onto one card that's offering a zero-interest balance transfer could help cut expenses. For loans and credit lines, interest rates will probably never be lower.
10. Do not burn out. We recommend taking one full day a week off, no matter what.
How are you preparing for a second round of recession? Take on board the powerful publication - `Recession - Busting Solutions` from Amazon. click on the connection. http://www.amazon.co.uk/Recession-Busting-Solutions-ebook/dp/B0057XV9R8
--- --- ---
More Economics and Business Inspiration:
`Accelerate with Impact` -
by Colin Thompson ISBN: 978-1-84549-289-2
Accreditation: UK Registered Learning Provider:10025755
ENDS
Note: About the Author Colin Thompson
Colin is a former successful Managing Director of Transactional/Print Manufacturing Plants, Print Management/Workflow Solutions companies and other organisations, former Group Chairman of the Academy for Chief Executives and Non-Executive Director, helping companies raise their `bottom-line` and `increase cash flow`. Plus, helping individuals to be successful in business and life in general. Author of several publications, research reports, guides, business and educational models on CD-ROM's/Software and over 400 articles published on business and educational subjects worldwide. International Speaker and Visiting University Professor.
Read more newly added articles, which you can add to, on NewsUSA-MyFeedPortal: http://newsusa.myfeedportal.com/i/libor-scandal <--- The Largest Scandal The World has Ever Seen - The LIBOR Scandal.
Colin Thompson
DDL: + 44 (0) 121 244 0306
Mobile: 07831 588310
Main T: + 44 (0) 121 244 1802
email: colin@cavendish-mr.org.uk
Skype: colin.thompson384
http://www.cavendish-mr.org.uk
http://www.colinthompson.org.uk
Recession Survival Guide!
|
|
Rating: -1 (-1 today)
-
Visits: 531 (6 today)
|
 
|
|
Read the full article
|
Bookmark this article(to my MFP account)
|
Comments on this item:
Nobody posted a comment yet
|
|
|
|
© 2006 - 2013 Help/FAQ | Privacy Policy | Terms & Conditions | About us | Contact | Your feed on this site?
|
Home
Create my own Portal
Submitted Articles 
Feed of the Month