It has been a while since I last posted some quality information for you all. I have received a significant number of queries on ‘how a business can keep its head above the current tide’.
There is a generally belief that things are kind of taking gradual turn, even though very slowly, for the better. There is the temptation to disbelieve such positive turns, given that the changes seem to be largely insignificant to the naked eye.
What’s my take on this? I believe economies around the world will bounce back one way or the other. However, the uncertainties need to find a level of settling before it can boldly take the upward turn.
For a small business or an aspiring entrepreneur, what does this mean to you?
If you are an aspiring entrepreneur, get hold of a copy of my book (“THE BUSINESS YOU CAN START – SPOTTING THE GREATEST OPPORTUNITIES IN THE ECONOMIC DOWNTURN”, available via my website, Amazon and eBook edition on Amazon Kindle). This book will adequately open your eyes to great money making business ideas and small business opportunities which you can take advantage of, in the current economic climate.
For the existing business, there is a lot for you in the above-mentioned book in taking advantage of the current economic climate. Some have greatly managed to soar against the current tide, others are managing to survive, and some of you may have been swallowed up by the tide. Whatever your current situation, this is an opportune time to access your condition, make some good decisions and take another leap.
Haven said that, I would like to highlight a few things you should consider in growing your way out of this season. By them, you can save money and make money for your business.
1. Consider the current downturn economic season as an opportune time to test your systems and strategies. In the boom period it is almost impossible to have the time and reason to ever want to test how effective your strategies and systems are performing. However, when you need to tighten up to be able to stick your head above the waters, it is time to sit back, especially as business slows down, to make that object assessment which you have been postponing for some time.
It is a great time to evaluate your marketing, advertising and sales strategies. Strategies should keep changing to reflect changing environment and customer needs. A particular advertising method may not be as effective as it used to be. This is the time to put an end to such expenditure. A better approach might be needed or available to market your goods or services to your potential customers.
For instance, you may want to know how many of your customers, who effectively patronised your service or product was as a result of seeing that advert, be it on a newspaper, bill board, through affiliate programme, etc.
A few other cost cutting ways include:
i. Taking advantage of Voice over IP telephony systems, such as Skype via the internet to handle your local, national and international phone calls, whilst ending your landline phone contract altogether or opting for a far cheaper plan.
ii. Find ways to cut down on variable cost (advertising, stationery, etc) before or rather than fixed cost (equipment, etc). You want to do everything possible to ensure the highest quality output.
iii. Take advantage of emails, electronic invoices, receipts etc to help you cut down on postage and stationery.
iv. Carefully planning your daily routine, business trips, seminars etc can help you cut down drastically on your travel expenses. Using webinars, Skype for video calls etc, can dramatically cut down on the need to travel over distances for business meetings, seminars etc, thus saving precious cost and time.
v. You may have to adjust your purchasing cycle to take advantage of offers from trade shows and seasonal promotional discounts, which most suppliers and businesses have on offer. With a little extra storage capacity, you could buy in larger quantities to take advantage of greater discounts.
3. It is also a great time to enrol yourself for upgrade or new short courses that could help expand your knowledge and equip you with new ways of doing business.
4. It might possibly be the time to look beyond traditional sources of supplies for better options. A little research might end you in a new partnership that can provide you with great value for money. We all tend to rather become dependent on a source just because that is the only source we have been familiar with.
5. You may also think of cross training staff allowing for such things as staff ‘job shadowing’ each other, especially in less busier times. That way, there will always be other staff who can take up roles in case of sickness, family emergencies, absences etc.
6. You could also monitor your receivables to ensure payments are made on time. Adopt strategies and rules that can help recover debts owed your business as quickly as possible. Offering more incentives to buyers to pay more quickly and investing in financial management software’s can greatly help with this.
The above are some essential strategies businesses can consider in the face of the current economic climate. A lot more can be found in my book (“THE BUSINESS YOU CAN START – SPOTTING THE GREATEST OPPORTUNITIES IN THE ECONOMIC DOWNTURN”), available via my website http://www.vikebusinessservices.com/Book.php , www.Amazon.com, www.Amazon.co.uk and the eBook edition on Amazon Kindle. You may also ask your nearest book store to help you order your copies.
You can drop me your comments and visit my website www.vikebusinessservices.com.
Thanks for sharing Saving money and Making money tips. I think its not only important to make money but equally important to save money and invest money.
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