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Dealing With Business Slowdowns
When times are slow for your home-based business, chances are you won't have the luxury of waiting and seeing if things improve. You'll need to take steps quickly to get back on track.
These suggestions will help you get business back to...
Does Your Leadership Development Secure Results?
Leadership, leadership development and leadership training are “Hot” issues in today’s business world. A recent Internet search uncovered over 44 million hits on leadership, over 20 million hits on leadership development and 15.7 million on...
Internet Business: Great Tips To Start Your Own Profitable Internet Business
INTERNET BUSINESS START-UP
You might think that it is hard to start an internet home business. But in fact it is pretty easy to do business on the internet. Of course you need some knowledge to begin your internet business enterprise.
But you...
Positive Mental Attitude (PMA)
Tips on maintaining a positive attitude
“For myself I am an optimist - it does not seem to be much use being anything else.” (Sir Winston Churchill)
Some people are born with a constantly positive outlook on life, but most of us need...
The Key to High Productivity is Energy Management
One of the issues most often raised by my clients is better time management. People have tried prioritizing tasks, blocking out parts of their day for certain tasks, implementing new systems and getting better at delegation. While all of those...
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Don't Go For Broke
In the last six months of 2001 many businesses took a direct hit that rocked the foundation of their financial business security. Different mentalities have emerged in reaction to the shift in economy from "go for broke" to "just give up." Rather than dig the hole deeper or give up the years of hard work you have put into your business change the paradigm in thinking. Review your current business strategy and consider what actions need to take place to stabilize your business again. Once you have stabilized the foundation of your business you can begin to grow again. Consider the following strategies to regain control.
Act…Don't React The strangest things happen to people when they get scared, but the worst is the reaction of business people that think their hard won business is going down hill and they begin to react. Reaction cause calamities such as the loss of additional much needed funds as we throw money at any marketing ploy that looks like it might work. During a time of uncertainly, hold tight to your funds and take extra measures to research advertising before making an investment. Learn to take a deep breath and be pro-active, not reactive to the situation at hand.
Reign In Expenses Most businesses expend money is areas that are not needed during difficult times. Although these expenses might bolster a business image they are not needed for strict survival or stabilization of the business. If you have luxuries in your business that are not absolutely necessary now is the time to cut them out. Items like cable Internet services, high rate cell phone services, (option for the lower plan), etc. Strengthen Your Networking Now is the time to make all those phone calls to business friends you haven't had time for in the past. Reconnect and start nurturing the networking process again. Do not, I repeat, do not advertise your business hardships. Maintain your positive attitude. Let your business friends know about your plans and offer them a commission for any business they send your way. Make it
worth their time and they will be worth your time.
Make A Six Month Survival Plan Give yourself some peace of mind by making a six-month survival plan. Once you know exactly what you will need to stay on top, your anxiety will lesson and your creativity will increase. This is a perfect example of being pro-active instead of reactive.
Understand The Ebb and Flow of Your Business Keep exact records of sales week-to-week and month-to-month every single year. By doing this you will begin to understand the busy times and slow times of your business. In turn this will allow you to plan financially for the slow times. Every business has a slow period during the year, it's important that you know what yours is in order to plan for the success of your business.
Diversify Your Marketing Techniques Do not depend on one marketing avenue to get you through tough times. Perhaps this one marketing technique has worked for you in the past, but obviously something has changed, and now so must you. Make a list of possible marketing avenues and begin researching which methods are most cost effective in relation to results.
Get Professional Help If You Need It Smart business people understand when they need outside help. Do you? If your business is doing more sinking than swimming it's time to seek a professional to help you put your business on stable ground. Many, many businesses have filed bankruptcy when it wasn't necessary. Professional financial mediators can help you with creditors and get your business moving in the right direction again.
A downward shift in the economy can cause heart-stopping reactions where your business is concerned, but once you learn how to work through the situation you soon realize you and your business can weather any storm.
About the Author
Peter Robben is a professional business mediator who helps business owners find solutions to debt, creditor problems, and financial insolvency. If your business is struggling, contact him today by first visiting www.WeSolveDebt.com
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