How is your business prospering in this economy?

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CORONAVIRUS IMPACT

Riding the ups and downs of the economy it is an adventurous journey that may not always come to a great end. Small businesses have the advantage of being able to thrive in any economy and not be caught up in macro-economy rotations. Here are some suggestions to consider:

1. Do not give in to the daily business and market news, that always scare with unexpected ups and downs. Get caught up in the hysteria of the massive swings builds frustrations. Turning off the daily negative media hype could keep you clear minded.

2. Many markets across the world are often measured in trillions, and every business owner can find another million dollars worth of customer sales to help grow their company. The slow economy or the financial crisis is not an excuse for not building a profitable business. The fundamentals of satisfying customers’ needs that have worked for your business in the past should still work, especially if you see it from the technology-driven perspective.

3. Cash id King! Cash coming inflows tend to slow down in a resilient economy. Make sure that customers are still paying bills within terms. Make a special note of any changes in an individual customer’s payment behavior. Watch inventory levels so they do not grow more than sales. Negotiate more flexible payment terms with vendors to preserve more of your cash assets longer.

4. When things go wrong, the knee-jerk reaction is to broaden your company’s solutions to gain more customers. This is not necessarily the right approach. Instead, focus on the areas where customers have difficulties and where your company solutions can profitably solve them right now.

5. The first reaction in an unsteady economy is to cut costs and stop “overhead expenses” like marketing and sales. This is absolutely the opposite of what every company needs to do. Results show that companies that market through recession, depressions etc. are more profitable when the consumer spending increases again. Before all, developing a company is about building long term trustful relationships with customers, opportunities and influencers. None of this gets accomplished if your business just stops marketing to find customers that can be helped by your products.

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