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The current economic climate has created a difficult environment for many business owners. With so many obstacles, business development seems all but impossible, especially for the smaller businesses in the United States. There are ways you can restructure your company in order to continue to grow, or at least maintain, your business, even during this difficult time.
Start by leveling with your customers. Remember that just as you and your colleges are concerned about how the economy will impact your business, so too are your clients. Set yourself the task of answering some of the anxiety created by the current economic crisis. Follow four steps to help develop a plan that will allow you to remain anxiety free while still addressing the needs of your customers.
- Evaluate: Take a good hard look at what your competition is doing to answer the problems created by the economy. Identify their strengths and their weaknesses and use the information to develop a strategy of your own.
- Renegotiate: During flush times you are unlikely to look at the fine print regarding vendors and financing. Take a close look at pricing structures with all of your vendors. If you work with banks, be sure to work closely with them as well, especially if you are at risk of missing payment.
- Market: You must change they way you market your business. Work towards developing a functional plan that will provide you with greater control and predictable results.
- Choices: As you work through the process, you will be presented with a number of choices – don’t be afraid of them. Business direction, pricing structures, and even product shifts may become necessary.