A question I am being asked regularly by small business owners is ‘Ailsa is the global economic crisis hitting businesses?’. I reply how have your sales been? Many business operators say that business is going well for them. We all like a one size fits all approach and my favourite mantra is one size fits nobody. The same can be said with the impact of the economic downturn. What is going on in the rest of the world creates ripples but it doesn’t have to be Armaggedon for small business. Or more importantly, your business! The biggest threat facing businesses right now is their mindset. Businesses with an optimistic outlook do well. A can do always gets more sales than a can’t do. There are opportunities everywhere.
Some things to be positive about
- There are bargains to be had for your business – everyone’s gone nuts and are discounting make the most of it to save money for your business.
- Even if there is a 10% unemployment rate – there are still 90% of people in employment.
- There are always many businesses that thrive in tough economic times.
- Find opportunity in your customer base
When there is a downturn somewhere there is an upturn. Look for those opportunities in your client base e.g. low dollar equals greater export opportunities, consumer spending down government spending up, unemployment up employment agencies boom
- Stay focussed on good business practises
Keep advertising, marketing, having appropriate levels of stock and staff. The same principles of sales still work in a recession. If there is no-one to serve, people will not buy, if there is no stock they cannot buy, if you are not open they will not buy from you.
- Use any spare time productively
Attend business training, organise your business systems for greater efficiency, conduct staff training in sales, revamp your website, continue strategic business planning, seek out new suppliers.
- Don’t stare at the sky and wait for it to fall – you’ll get cataracts!
- This global recession it too will pass and you need to be ready when it does.
- The past few years have been good hay sowing years.
- You can’t control the global economic crisis but you can control your reaction to it!