The laws of yin and yang state that there is an opposite for everything. So while many have been preoccupied with the doom and gloom of failing economies, other business-owners are quickly realising that there IS light at the end of the tunnel . . . if one is prepared to be optimistic.
An economic downturn can provide a smaller company to capitalise on that optimism by gaining market share and moving into a position of strength for the future. Just be sure you:
- Focus on the details.
- Make sure that you are charging for each and every part of the business. Increase prices if you are undercharging — difficult but certainly doable.
- Reassess the profitability of your customers.
- Go for the low-hanging fruit — your existing customer base; it’s less expensive and unpredictable than going after new customers.
For more ideas on how to be profitable in a slow economy, sign up to my free newsletterCommuniqué for Success.
Source: Business XL, October 2008, pg38
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