10 Tips To Successfully Surf The Economic Waves
“Life is a cycle, there will be ups and downs” can never be more accurate for the economy. There are good times, there are bad times and when things get rough, you should know what to do to hold on and build your empire. Here’s Top10’s tips on how to deal with the less “glamorous” economic times.
- Avoid coffee shop negative talks – Hanging out in the coffee shops dwelling on politics, economy and propaganda during challenging times would only flood your thoughts with negativity, and that’s not what you need right now. Use that time to focus on making money instead.
- Look on the bright side – Yes, the economy may be down; oil prices and other commodities are falling, so is the currency; but how do these affect you and your business? At least 80% of businesses are SMEs (small & medium enterprises) and very much shielded. In fact we should find means to take advantage of falling oil prices and attract more business from overseas.
- Lower your prices – Consider revising your product pricing in case people are complaining. Also, reduce on value-added services (which may burden the consumers unnecessarily). Adopt a no frills, simple and straightforward policy.
- Get into a profitable partnership or JV – When the economy drops, you should keep in mind that you’re not alone. Find some allies; form joint ventures and partnerships and these can even be found internally or internationally. How about outsourcing part of your operations to your trusted friend?
- Go global, go online, go advertise – We now have the internet to tap into. Thanks to the internet, businesses can benefit from the global reach. Start using social media platforms to promote your business and go e-commerce which cuts cost significantly. Talk to the right person, any business can go e-commerce. Don’t stinge on advertising.
- Offer niche services – You must find your niche to survive the volatile market. If you’re looking to start a new business, stand out and be unique and if you’re already in one, find ways to stand out from your competition. Make sure people love your products and services.
- Take advantage of employee layoffs – Yes, it is war; corporate war in fact. There would be a lot of layoffs by bigger companies and there would be exemplary ex-staffs that need jobs. Enlist the good ones and team up with them to form a fearsome corporate army.
- Get your staff and suppliers to be on your side – Your staff, suppliers and customers are stuck just as much as you. Talk to your staff and tell them what’s going on while requesting for their loyalty, support and determination. Reach out to your suppliers too and discuss about lowering prices so the both of you can survive. All these in fact will reduce the pressure at your end.
- Motivate yourself, motivate others – During such situations, it is good to spend about 1-2% of your income for staff and community welfare (through CSR activities and events). Staff motivation is important as they are the ones helping you move towards your dreams. CSR-oriented businesses also garner more support from the consumers.
- No better time than now – The economic downturn brings one more good news; it is the best time to invest. Investments such as on penny stocks, property or even on other businesses would surely multiply once the economy gets stable, so, if you have the money to spend, invest!