If the economy gets any worse can YOU SURVIVE in business in 2009? As we progress into summer, shops closing up doors every other mile or so seems to be the norm. As there are still many uncertainties about our financial times, will you be prepared for the rest of the year or will you be forced to close up too? Business owner's small or large alike need to focus on business goals and keep a positive attitude to guarantee that you will be fine in 2009- this is what will separate you from competitors in your industry.
Surviving hard times takes pure determination and hard work. To help you get by in today's ever changing marketplace, here are 7 Steps that Will Help You Do Fine in 2009.
Maintain a Positive Attitude and Don't Create In-house Fear: Just because you're anxious of what the economy will do next doesn't mean that everyone in company needs to be troubled as well. Staying on track and focusing on business goals will help everyone maintain a positive attitude and make certain that the company stays focused on generating sales and increasing revenue.
Have a Plan: Simply put, a good business plan is designed to position your business to ensure profitability, not only for short-term goals, but also for your company's long-term future goal. A business plan is an important decision making tool to help guarantee you meet your company goals.
Always Keep Customers First: Customers are the fundamental key to your company's success, and without them, your business wouldn't exist anyway. So, whatever you do, don't shrink the quality of service you provide. Offering reward programs or member discounts are great ways to hold onto current customers and clients and a smart way to attract new ones.
Manage Payroll: Controlling and managing payroll is difficult during any economy especially during a turbulent market. The main key is to lower payroll by decreasing the amount of overtime worked and limiting the number of days worked rather than terminating employees. After all, you do have to have employees to keep the wheels on the wagon rolling!
Keep Key Employees Motivated: Business owners need to make sure that all employees are constantly motivated. Daily interaction with staff members will help make sure that the company's moral is up. Another tip is offer incentive programs during tough times, this will reassure employees that they are an important factor in the business and in turn will provided a better working, content, and productive employee.
Find New Business Opportunities: Think outside the box and become aware of your processes. Establishing a consistent marketing program is crucial for finding new business opportunities. Develop innovative and fresh ways for attracting potential clients. Search new markets and industries. In all, do anything your competition isn't doing.
Don't Be Wasteful: If something doesn't work don't continue to spend money on it. Being wasteful only contributes to taking money away from your bottom line.
Remember flat or declining markets don't last forever. The question is will your company prosper in the meantime. For more information on How to Do Fine call the BUSINESS HOUSE, inc.SM today at 770-534-6630 or visit our website at www.theBUSINESSHOUSEinc.com and let our team of Business Brokers, Certified Exit Planners, and Appraisers assist you.