You might wonder whether you can survive in the midst of recent economic chaos.
You might think that starting or operating a business at this time will be impossible.
Well, maybe it is time to change the way you are thinking about business and follow some simple steps to ensure that your business strives in these tough times.
- A Change of Mindset
Have you ever tried to think that everybody might have similar thoughts as you? Like there is no chance to start up a business in such doom? Well, they might! And what you have to do at this stage is to change your mind-set. You will have fewer competitors, and there is a possibility that you could buy assets / supplies / rent at a much lower price since everybody is struggling and there is less competition. This is a time of great opportunity!
- Observe! Then, Learn
Look carefully what changes during recession. What sectors are in decline and which are growing? What sectors are profitable? Don’t just jump right on when you decide to start a business. Learning the reason of why the recession occurs and what opportunities emerge become the key points in starting a successful business or steering your existing business through a recession.
- Be Picky!
When some great ideas might appear out of this situation, you should choose carefully. Start to weigh up the risks and do your SWOT analysis. Stick to what you know best and where your strengths are.
- Focus on your core competencies
Don’t rush things! In the change of recession, some might make drastic changes to their business by including diversification as one part of the strategy. Just the addition of other products or services will get you nowhere; and worse, it can damage your core business. It may potentially damage your brand or reputation and end up costing you more money. Focus on what you do best.
- Watch your competitors, and be the king of kings!
The old strategy is to always do research on your competition and see what you can offer to draw their customers to your business. After all, there is a saying that the customer is the king. And what you should do is to be the king of the kings, by knowing and providing what the customer wants. Do group discussion or consumer research if it’s possible, and try to get new insights on what your customers really need.