With more bad economic news every day, it is tempting to be like a turtle, pull yourself into your shell, and wait for things to calm down. However, as a business owner, you can not afford to do that.
Times of economic upheaval are not only times of crisis, they present great opportunities, too. But if you are deep in your shell you will not see them.
The fact is that if you can help people get what they want, they will find a way to pay you in any economy. People are still spending money, but they are making different choices than they have in the past.
Keep in mind that “downsizing” spending can mean greater opportunities for some businesses. For example, fewer people are splurging on expensive restaurant meals these days. However, some grocers have reported that they are selling more of their expensive cuts of meat, such as quality steaks. People who want a good steak may choose to cook one at home rather than going out to a fine dining restaurant. Bad news for the restaurant means good news for the grocer.
How can you find new opportunities for your business?
Listen to your customers. In some businesses, you may find that the help your customers need today is different from what they wanted from you in the past. How can you adjust to help them realize their dreams?
Solve new problems. The saying is that if you keep doing what you have always done, you will get the results you have always gotten. The idea is that you have to try new things in order to move forward. However, today you may find that if you do what you have always done you will start moving backwards. Old solutions to old problems will not work. Help customers with the needs they have now.
Find a way you can provide a substitute for a more expensive option. For example, if companies are cutting their travel and training budgets, could you provide lower-cost training options such as webinars and teleseminars? Can you help companies get more for less in any area, from telecommunications to advertising to shipping, supplies and other expenses? The same idea works for consumers, too. Can you offer an option that helps them make more money or spend less?
Get outside of your shell and look for the new opportunities that exist. They are everywhere, just waiting for you to find them.
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