5 Things to Do in an Economic Downturn
| Published: 13th October 2008 13:48 |
Are you self-employed? If so here are 5 things to do, right now, to pump yourself up for this particular economic climate.
Firstly, recognise that the greatest battle you will have in the next 12 months is not with the economy, it's not even with your customers or clients. It is with your mindset. Don't take on board the doom and gloom mindset of the media. If you need to keep up with the news, just check the headlines on the internet. Businesses do, and will grow during the current economic climate, but the businesses who grow will be the ones who don't buy into the negativity.
Secondly, increase your expectations. The majority of small business owners and self employed individuals are reading the papers and are paralysed by fear. They will automatically lower their expectations of what they and their business can achieve. These people will not be pro-active in speaking to their customers/clients and potential clients. This means there is a great deal of work and business to be won.
Thirdly, increase your marketing - marketing, when properly tested and measured - is an investment and fee generator.
Fourthly, despite the incredible advantage of technology, people still enjoy doing business with people. Get out and about. Sign up for networking groups, be pro-active in setting up joint ventures with other businesses. Not only will you be increasing your chances of meeting new clients and finding new work but also it will provide you with valuable knowledge.
Fifthly, position yourself as a leader and authority on what you do. People's confidence has been shaken by the collapse of banks and the uncertain times. If you know what you are selling can greatly benefit, don't undersell it - be confident, be the authority of whatever it is your business sells.
Russell Smith, Accountant
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