Not a long post today but it’s about a topic that I’ve discussed a lot of over the past six months so I decided today to put pen to paper on it just in case it can help any small to medium sized business owners out there.
Recession or any kind of slack economy is, in my opinion, a real chance for clever businesses to really lever themselves into an industry leading position. This is of course as long as they can keep cash flowing themselves!
The main reason I believe this, is that many of your competitors are cost cutting, thinking that’s the answer to the dreaded ‘R’ word. So while they are less prominent, you need to step up and take advantage. You’ll almost certainly be able to get better deals on marketing opportunities at these times too so make use of them. Get your name out there more than they are, and get ready to clean up on the business that is still looking for your products/services.
Another reason it’s a great time to ramp everything up is because some of your competitors will almost certainly disappear completely so make sure you’re ready to pick up some customers from those businesses that found things too difficult when they are looking for a new supplier.
A quick word of warning – recessions mean more new start-ups as people who are made redundant take the opportunity to set up new businesses, so just make sure your business is lean and ready to take opposition from younger, hungry companies. Just work out what differentiates you and be ready to tell everyone from the roof tops.
A slow economy is an opportunity for us entrepreneurs – work out how you can take advantage now 🙂