I would like to wish all my visitors a very happy and successful New Year.
Starting a new business or growing an existing one is particularly challenging at the moment. In all my years of business I have never seen such an uncertain economic outlook. Yes we have been through a number of past recessions, this is my fifth, but there was always a degree of certainty – albeit not always positive!
However, uncertainty creates opportunities for those who can see past the present negative press reports. In my experience an economic downturn can provide as many opportunities as boom times and sometimes even with less risk. Yes, I did say less risk. In a downturn people take more care and are more alert to risk whereas during an economic boom they can be careless, as we have seen all too clearly in the last couple of years or so. But the key business factors never change:
- Clear and specific business objectives and business plan
- A hungry market with specific needs or wants
- A quality product that delivers exactly what they want at an affordable price yet still produces a profit
- Customer service and reliability that gains trust and a good reputation
- Active and consistent targeted marketing
- Fast response to enquiries and systematic follow-up
- Sound cashflow and financial control
- Minimal borrowings relative to cashflow
- A positive attitude to your market place and your business and a willingness to ‘go the extra mile’ to satisy your customers
So, where do you want to be at the end of this year? How do you propose to get there? Whose needs can you best serve? What can you do for them that will please and delight them and ensure that they will tell all their friends?
Somewhere out there are people who need what you have to offer, all you have to do is find them and tell them what you have and how it will help them, then over deliver to the best of your ability.
Good luck and have a great year.