In tough
times business owners must be pro-active to reverse any downward trends and
they must initiate a plan immediately!
They cannot
be complacent and just hope for the best.
They must consider bold or even painful moves such as drastically
cutting expenses and staff, adding new product lines or services, hiring a
marketing consultant or even acquiring another company. But sitting back and not taking immediate
action is not an option!
We all know
of the tough economic times the world has faced, and more specifically
Southwestern Ontario. Image the
struggles business owners face, seeing top-line sales shrink, and watching
bottom-line profit almost vanish. They are responsible for the well-being of the
families that work for them.
And while
they share in similar challenges, the way they are able to survive and flourish
are often times very similar. Business
owners who are doing well are…
1.
Finding new revenue streams. They didn’t change their strengths, they found
new customers and clients, and they are growing they’re customer base.
2.
Marketing and advertising. Perhaps more critically important during
tough times than boom times. They see
this as an opportunity to get a step ahead of the competition.
3.
Staying diversified. Businesses are finding ways to broaden the
scope of suppliers, distributors, and customers. They are turning over new
rocks.
4.
Rewarding their key employees. Making a business less about the owner and
more about the key employees ensures a highly motivated and successful team.
5.
Planning. Not only for the next month, but the next
year and the next 5 years. They are a
couple of moves ahead of the competition.
Do you have small
business questions you would like answered about this article or others? Please visit www.VRWindsor.com
or call 519-903-7807.
William Sivell is a
sales representative of VR Windsor Inc., Business Brokerage; his blog appears
every Tuesday.
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