3 Keys to Business Resilience and Thriving in Difficult Times

May 15, 2012 by Paulfs93

You have probably heard the statistics that at any time, only about 4 percent of businesses survive beyond their first ten years of being started.

Suffice it to say that in these tumultuous times, the statistics for business survival are worsening and probably less than two or three out of a hundred is likely to make it through the next a decade’s.

However, despite the challenging landscape for businesses, more millionaires have reportedly been made out of business activities within the last 5 years than in the last fifty. So the good news is which you could buck the trend and not only survive the current economic depression but your business may actually thrive and blossom.

The following principles will not only make your business more resilient in difficult times but their consistent app will position it to grow in the midst of a recession and emerge stronger when the economic upturn comes.

Improve your value to clients:

One of the mistakes that many small businesses proprietors make during tough times is always to slash their prices so as to retain their customers. Sometimes it is not the best solution since it sends a wrong signal to your client i. e. perhaps you’re overcharging before.

Instead, think creatively about adding more value for your customer. Think carefully about the product or service you currently provide to your client and ask, what else does my client require on her behalf business to succeed and ways to help her obtain that? Then offer solutions that meet these needs. Therefore, the mantra is ADD MASSIVE VALUE for your clients.

For example, if you’re a tax accountant, it usually is clear to you that your client needs help with sales and marketing, so help them find a competent sales expert from your own network who can certainly help.

Your client will be glad of your assistance, seeing that you are keen for her business to succeed, and not just dedicated to collecting your accounting fees. This enables you to take one step closer to developing that client for a raving fan. And having raving fans is an important key to thriving in an economic downturn.

Lower or Eliminate Waste:

Exploring the example above a bit further, suppose it will be your own business that necessitates help? As a small business owner, you may probably find that you are brilliant in sales and marketing nevertheless, you lack any coherent system for managing the funds that are flowing through your business.

The result is that you really spend more money than you have to spend on various aspects of your business. For case, you know that using a functional website is non-negotiable if you are to be taken seriously for a business owner in this 21st Century, but did you know that you don’t necessarily ought to spend $5, 000 or $10, 000 to purchase a good website done?

Cheaper than $1, 000 you can usually get a really good website that generates great leads and contributes significantly to growing your business.

So, why don’t you invest some time and money with a capable business strategist who will allow you to evaluate your business and identify areas in which you’ll reduce or eliminate waste products?

Particularly before you make costly purchase, speak to ones strategist, she may actually be capable of show you how to get the same products or services for half the purchase price or less.

By reducing the waste of your resources, you enhance your dollars flow. As you deploy your funds more effectively towards growing your company, this improves your company resilience.

Utilize Organize Alliances:

Survival in the present economy is about which you can’t do that alone.

Big businesses like Nokia and Microsoft are accepting strategic alliances and many small business owners such as internet marketers trace their exponential growth to strategic alliances, or better known as joint ventures.

Someone you may already know and maybe even don’t know yet has something you have to maximise your productivity but it takes strong leadership to be humble enough to acknowledge you don’t have all the answers.

Therefore, seek out joint venture partners with whom you may enter into mutually beneficial arrangements that can accelerate the success to your business.

If you employ these three keys regularly, you significantly increase the chances of your business thriving in all types of economic climate and continue to….

Soar as an Eagle .

Jessie Cuzco can be described as proud entrepreneur of leadership development uk