The big issue today is the economy. Revenue is down for most of you. For most of us. Here are four ways you can seize the opportunity in this downturn.
- Improve your business. During slow times you have more time on your hands. Ditto for your employees. You’re also concerned about the future. So, change the game. There’s never been a better time. Take the gift of added free time and devise ways to improve your business. Maybe for you it’s a cost reduction effort such as a way to lower the cost of your raw materials. Maybe it’s to improve your product or service or create new breakthrough products and services. Maybe it’s just a cleanup of your building and facilities or to finally overhaul your website.
- Locate and hire a key player or two. A poor economy means layoffs. But take heart, some of these unemployed workers could do wonders for your business. When times were good, stealing top talent was difficult, time-consuming and expensive. Not today. The future of your business rests in getting smart, educated, experienced and motivated people to join in. Just one good hire could make a big difference. Now’s the time.
- Make that capital investment. Talented vendors such as software developers and creative agencies are also experiencing the slowdown. As a result, today you can secure them for a much lower price. In addition, you probably have more time to conduct the search, obtain bids and oversee the project. Sure, spending money today might be hard to justify, but keep in mind — now’s the time to get more for less.
- Negotiate and lock in low long-term rates. Whether it’s the rental of a facility, network support or an advertising program, consider negotiating a long-term contract at substantially reduced rates. Keep in mind that now’s not the time to cut back on advertising. Studies show companies that continue to invest during economic downturns enjoy future growth rates that exceed those that pull back on advertising and marketing.
Rest assured, this recession — like all others — will soon pass. Heed our advice and you’ll be a better company — larger and more profitable — when the good times return.
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This article originally appeared in The Business Owner Journal, the periodical of choice for owners of small and midsize private businesses. All rights reserved, D.L. Perkins LLC. © 2012.
This publication is intended to provide general information on the subject matters covered. It is sold and distributed with the understanding that neither the publisher nor any distributor or advertiser is engaged in providing legal, tax, insurance, investment or other professional advice. The advice of a qualified professional should be sought before any reader applies a concept presented herein to his or her particular situation or business.
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