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Business Tips in Difficult Financial Times

1 February 2013 5 Comments

owner of a small business store showing her tasty cakesWhile running a business when you are younger is not on everyone’s plate it does affect several people in their 20s. Knowing what to do when times are tough is important. Running things when a business is thriving is one thing, trying to do so when it is struggling is an entire different affair. Even if you are not in business or never plan to be, knowing some of these points can even help you in your own “business” so to speak, meaning your day to day life managing your own interaction with events and people.

If a business is entering or is currently in a downturn it will for sure cause stress and knowing how to deal with this can make the difference in your business pulling ahead or lagging behind.

Don’t give up, if things are tough. Hitting a snag in business will happen along the line sometime when this happens you must keep things rolling along. You must show your customers or potential customers that you are still open and ready. If you are in distress and you show to people that you are so, such as not conducting yourself and your company you normally would, you are telling people that you are pretty much packing up shop. People will lose their confidence in your company which will likely perpetuate the situation. An example would be if your store front business is suffering and you stop cleaning it and keeping it looking nice, it tells people you don’t really care and customer will tend to stop coming.

Do something that can put a little shock back into your company. This could be along the lines of reaching out in social media, having a press release for a new product, service, a contest or consider a form of advertising you may not be doing. Do something to make your business stand out again and draw eyes back to it. While this may cost a little money and in times like this spending is not on your top of the list, you may just have to spend a little wisely in order to bring attention to and save your company. Another thing you may want to consider is since you know your business better than most others, you could offer free tutorials and other educational products to show your skill to the world, or community or whatever it may be. Think of the skills you possess and how you can express them to potential clients.

A landscaping company I know was having trouble during the housing crisis and decided to do something about it. Their storage yard was in a fairly high trafficked area. They put up a sign along the lines of -Learn how the homeowner can put value back into their home with landscaping. Then they provided a time to showcase their expertise to the community at their yard one Saturday. While many showed up for the free info, others came to the conclusion that they should just have the experts do it. It not only created attention it created more business, but made it more personable as the owner and a few of the employees where running it. Yes, they had to step out from their comfort and spend a little in doing this but they found it to be very valuable.

Is the way you conduct business outdated and perhaps causing some of the issues? Everyone knows time is money and there could be something’s that are slowing you down. A office supply company I know didn’t realize how much time they had been wasting fixing computer bugs and dealing with old programs until they upgraded their online payroll software including a mobile payroll option and an advanced invoicing system. There can often be little things like this behind the scene that are really causing a lot of extra time to be used.

Is everything all rosy after you make such an attempt to better you business in a time of a crisis? No, unfortunately sometimes hard times still persist and not ever business comes out on top. You may even find yourself doing this often. But, if you do not try to pull yourself out of hardship to start, you might as well never have even gone into business.

 

 

5 Comments »

  • KC @ genxfinance said:

    It's not easy but when you started a business, you should have that mindset that you are going to persevere no matter how tough it gets.

  • Donald S Lawsuit said:

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  • Andy said:

    Sound and very handy tips for doing business on difficult financial times and through reading out this post I’ve come to know how to handle a business during critical finance time. Thanks