A 10-Step Double-Dip Survival Guide for Entrepreneurs and Directors to be Successful....
Colin Thompson
Managing Partner Cavendish/Author/International Speaker/Mentor/Partner
A 10-Step Double-Dip Survival Guide for Entrepreneurs and Directors to be Successful....
It's what many business owners have feared most: the economy may be headed down without ever really having gone back up from the downturn.
What can you do to make sure your business thrives even if the economy goes down the tubes again? Here are 10 ideas we share with you;
1. Look for opportunities. As weaker players falter, you could see a chance to gain market share. Move into new markets, add new products, or consider acquiring a floundering competitor to gain their customer list and territory.
2. Reconsider your products. Is what you're selling what customers need today? If not, it may be time for a change. Update your products, add new flavours, or bundle them into groups to offer more possible ways to buy at a better perceived value.
3. Revisit your packaging. If you sell physical goods, ask yourself if your packages look appealing and current. If not, it's a good time to refresh your packaging. It gives you an opportunity to promote the product with a new angle.
4. Reconsider your pricing. The ideal is not to cut prices, but to find ways to strengthen your offering at the current price. For instance, could you offer a bonus product or service to make the product more irresistible?
5. Seek new alliances. Harris has a great tip here: Ask your attorney, accountant and other business professionals you use to refer you business. Tell them you'll do the same for them. Promise them a commission for referring you clients. Do the same with your current clients. Let them know you offer a referral bonus.
6. Ramp up your marketing. Others will pull back, so you'll get more visibility for your advertising dollar. Take advantage of free social-media marketing tools and learn how to get the most out of them.
7. Improve your cash flow cycle. Could you trim inventory? Get better terms from vendors? See what you can do to manage your cash and keep it in your account longer.
8. Expand your network. Networking is key when times get tougher. Set a goal of attending two in-person networking events every week -- and not ones focused on your industry. Mix it up and get to know new people in other sectors who might be customers, or refer you business. BE CAREFULLY WHICH YOU CHOOSE!
9. Refinance. If you have business debt that's in more than one lump -- an equipment lease here, a credit line there, a backed business credit card -- now's a great time to explore whether you could reorganize and get better terms with a single loan or credit line. Even reorganizing onto one card that's offering a zero-interest balance transfer could help cut expenses. For loans and credit lines, interest rates will probably never be lower.
10. Do not burn out. We recommend taking one full day a week off, no matter what.
How are you preparing for a second round of recession? Take on board the powerful publication - `Recession - Busting Solutions` from Amazon. click on the connection. https://www.amazon.co.uk/Recession-Busting-Solutions-ebook/dp/B0057XV9R8
And
`Business Turnaround`
Pushing Your Boundaries
https://www.amazon.co.uk/dp/B087ZPSZLG
"Two little words that can make the difference: START NOW."
Now go and be more successful
Fresh thinking requires a vision to see beyond the conventional. When you combine excellent quality with outstanding value for money you will begin to realise the full potential of creative and well presented business solutions. Together, the sky`s the limit. Have passion to learn and let the knowledge help you to be successful in life.
What are your plans?
Also, to help you become more successful please take on board these powerful publications that show you the way to be successful in business and in life as follows:
To help you succeed in your journey for success please take on board the comprehensive publications:
`Accelerate with Impact` - ISBN: 978-1-84549-289-2
https://www.amazon.co.uk/dp/B07XKVCTJ4
https://www.amazon.co.uk/Accelerate-Impact-business-personal-growth/dp/1845492897
https://www.amazon.com/author/colinthompson
and
`Create Your Own Success Story` ISBN 978-1-84549-260-1
https://www.amazon.co.uk/dp/B07XP62XYC
https://www.amazon.co.uk/Create-Your-Own-Success-Story/dp/1845492609
https://www.amazon.com/author/colinthompson
Plus, others to bring success for you - see below;
`The Key to Success Strategies`
https://www.amazon.com/Key-Success-Strategies-Colin-Thompson-ebook/dp/B0057ODU92
`Formula For Success`
https://www.amazon.co.uk/Formula-Success-Colin-Thompson-ebook/dp/B0058J0BEI
`The Guide to a Successful Interview`
https://www.amazon.co.uk/Guide-Successful-Interview-Colin-Thompson-ebook/dp/B0057ODQFA
`The Hidden Overhead`
https://www.amazon.co.uk/The-Hidden-Overhead-Colin-Thompson-ebook/dp/B0057PO018
`Recession - Busting Solutions`
https://www.amazon.co.uk/Recession-Busting-Solutions-Colin-Thompson-ebook/dp/B0057XV9R8
`Growth Blueprint for the Business and Individual`
https://www.amazon.co.uk/Growth-Blueprint-Business-Individual-Thompson-ebook/dp/B0066RKQUK
`How to Grow Your Business - The Reality`
https://www.amazon.co.uk/How-To-Grow-Your-Business-ebook/dp/B0057Y6094
To building strong relationships, this is your future for success...
Makes all the difference......Enjoy Your Journey...
Have fun, learn heaps, and remember life is all about commitment, have the right attitude to make `your` own success in life with others!
May all your success be fun and may all your fun be successful!
Make 2020 AND BEYOND to `Manage your Goals for Success`...
Now go and be successful and appreciated.
Are you programmed for success?
How are you developing your character for Success and Happiness?
Now go and be more successful.
Sharing information from many sources for your success
About the Author Colin Thompson
Colin is a former successful Managing Director of Transactional/Document Manufacturing Plants, Document Management/Workflow Solutions companies and other organisations, former Group Chairman of the Academy for Chief Executives, Non-Executive Director, Mentor - RFU Leadership Academy, Mentor - Coventry University, Mentor - The Chartered Institute of Personnel and Development, Business Advisor NHS Deanery, author/writer Business Advice Section for IPEX, Graphic Display World, News USA, Graphic Start, plus many others globally, helping companies raise their `bottom-line` and `increase cash flow`. Plus, helping individuals to be successful in business and life in general. Author of several publications, research reports, guides, presentations, business and educational models on CD-ROM/Software/PDF and over 4000 articles/reports and 35 books published on business and educational subjects worldwide. Plus, International Speaker/Visiting University Professor.
Strategist | Mentor | Speaker | Author
DDL: + 44 (0) 121 247 4589
Skype:colin.thompson384
ETHOS
INTEGRITY is non-negotiable
EXCEED expectations
CHALLENGE conventional wisdom
RESPECT for all
Human behaviour driving economics #playright #peakperformance #behavioural-hacks
4 年Pure brilliance. And like truly brilliant writing, so simple. Thank you.