Ways to Make Your Business Thrive in Tough Economic Times
I’m always on the hunt for relevant info and I loved this - one of the best articles I’ve seen on this topic for a while. Here are a few paragraphs as a taster...
How can you recession-proof your business? Implementing these practices will help ensure your small business's survival and even allow it to thrive during tough economic times.
??Protect your cash flow.
Cash flow is the lifeblood of your business; to keep your small business healthy, cash needs to continue flowing through. Now no matter how tough times get, having cash flow out of your business will never be a problem.
??Review your inventory management practices.
See what can be done to reduce inventory costs without sacrificing the quality of goods or inconveniencing customers. Are you ordering too many of particular items? Can an item be sourced somewhere else at a better price? Is there a drop-shipping alternative that will work for you, eliminating shipping and warehousing costs?
??Focus on your core competencies.
Just adding other products or services to your offerings is not diversification. At best, it's a waste of time and money. Worse, it can damage your core business by taking your time and money away from what you do best and/or damaging your brand and reputation.
Drop the extras and focus on what you do best that is most profitable to recession-proof your business.
Pretty valuable stuff, I’m sure you’ll agree! Why not check out the whole article here and share your thoughts with me afterwards: call (0413) 616-538 or email me at [email protected].
Thanks,
Dan