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Old 25th March 2010, 11:47 AM   #1
PTF
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Default Can You Grow Your Business In A Recession?

it seems like the whole world is in a recession right now - and despite all the optimism, we're not coming out of it just yet (and when we do, there'll be no free rides!).

So what does the recession mean for your business?

My answer? Nothing!

That may seem flippant, but it's not meant to be. Here's the deal... In a recession, nobody stops spending money. but everybody's more careful where they spend it. We all still need food, clothes, housing... we need our cars repaired, we need our TVs working, we need gas, electricity and water.

Being in a recession just means you need to work harder to educate your customers and prospects to the benefits of spending their hard-earned money with you, and not your competitors.

The pie may be shrinking, but you just need to make sure you cut yourself a bigger slice.

I have one client who supplies curtains and blinds - luxury items that people could easily stop purchasing during tight times. However, by ramping up his marketing and going out in search of everyone who's still open to buy, he's grown his business from a 140k turnover last year to an average of 30k per month in the last 6 months! Even if he doesn't grow any more, that'll be 360k turnover - two and a half times what he was doing last year!

So, instead of battening down the hatches and waiting for the storm to pass, put on your rain hat and boots, and get out there!

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Old 26th March 2010, 03:45 PM   #2
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Thanks PTF, keep it coming. I agree, but reading your story I think one of the hard things to do is for your friend to maintain that growth. That becomes a factor as the economy is retracting versus expanding. As an individual, I don't even think it is all about just working harder. New markets and thus opportunities happen with change. The opportunity is there for any person.

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Old 26th March 2010, 05:06 PM   #3
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The real issue is keeping your eyes open and don't bury your head in the sand.

Look for opportunities and grab them, don't sit on them.

ALWAYS be willing to diversify.

CUSTOMER SERVICE is KEY.

IMO

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Old 26th March 2010, 08:25 PM   #4
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Your right PFT, just because the economy is sour does mean that it has stopped. There are still trillions of dollars spent every year. You just need to figure out how to adjust.

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Old 5th April 2010, 02:40 AM   #5
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Quote:
Originally Posted by Pack Secure View Post
The real issue is keeping your eyes open and don't bury your head in the sand.

Look for opportunities and grab them, don't sit on them.

ALWAYS be willing to diversify.

CUSTOMER SERVICE is KEY.

IMO
Exactly i would agree with your talk that Customer satisfaction is the job of Business owners...
Customer satisfaction comes first..

Regards

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Old 6th April 2010, 08:25 AM   #6
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As my Dad always says, "the customer may not always be right, but the customer is always the customer".

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Old 7th April 2010, 02:32 AM   #7
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And what everyone forget to say is this:

Once the economy will be out of recession you will have some increasing sales because of the bigger market that you would have captured by continuing your advertising effort.

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Old 7th April 2010, 03:27 AM   #8
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I think this is the time you have to be very creative to finf the solution to survive. Also wise management of your business has a great importance at this time.

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Old 8th April 2010, 04:42 AM   #9
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the recession is very hard time for any type of business. In such time to keep our business stable is very hard. Your worthy suggestion can make it possible. Really a useful content for businessmen.

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Old 13th April 2010, 09:15 PM   #10
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Good stuff guys.

I'm moved all my businesses to the service sector. Hopefully, that will help.

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