With today's economy being what it is, it's important for business owners to be in a position where they can profit no matter what. We see it every day, major companies going out of business. We hear about all the layoffs. These things create a fear within our economy and within local businesses. Because of these fears, it's important for business owners to reassess the products and services they sell and how they sell them.
Let's first start with taking a look at what you've been doing for the last 12 to 24 months. How does your balance sheet look? Did you make a profit? Are you happy with the results you've been getting in your business? are your customers still buying the things they bought just 12 to 24 months ago? In today's economy people just are not spending like they used to. Things that were necessities are now luxury items.
As you look over your business, take a look to see what other things you could be selling and is there an opportunity for a monthly continuity program. A continuity program would allow you to fill a customer each month for products or services that they want to purchase on a monthly basis. This subscription service, or continuity program would consistently bring your customers back to you And allowing you to have a more consistent cash flow.
Take a look at your personal monthly bills. Where have you consistently spent your money? Is it possible for you to turn those monthly expenses into a profit center for your business? according to the National Retail Federation, we are committed to using today's technology. More than 80% of us wouldn't give up Internet access. Almost 2/3 wouldn't cancel a cell phone, and more than 60% would never drop cable or satellite television.
This says a lot about how people spend their money and how we have raised our expectations over the last few years. Can you remember a time when you didn't have a cell phone? what about cable or satellite? what else do you consistently spend your money on that would allow you to build your business during the recession, and continue to profit?
If you're wondering where some of your regular customers have gone, they still like you and your company but they've had their hours or been laid off altogether and are just no longer spending their money like they used to. Others, have bought into the fear that is taking place daily in the news. Business owners today must be prudent about where they spend their money and how they will continue to have a profitable business in the future. For example: People who used to rent limousines to get to the airport are now asking friends to take them instead.
Those who had a sizable nest egg are also concerned as the stock market changes have lowered their savings, so they are more focus about where they spend their money. People who would normally spend $4000 on a vacation are spending $2000. People who would have spent $2500, are spending $1000. People who would normally spend $800, are choosing not to take a vacation - and it could get worse.
In the end, no matter how long this recession shall last you're still going to get to two years from today. The question is Will you be where you are today?, will you be selling the same things? Will you be working harder? Take the extra time you have now and invest that in education, so two years from today you'll be a better business owner. - 16039
Let's first start with taking a look at what you've been doing for the last 12 to 24 months. How does your balance sheet look? Did you make a profit? Are you happy with the results you've been getting in your business? are your customers still buying the things they bought just 12 to 24 months ago? In today's economy people just are not spending like they used to. Things that were necessities are now luxury items.
As you look over your business, take a look to see what other things you could be selling and is there an opportunity for a monthly continuity program. A continuity program would allow you to fill a customer each month for products or services that they want to purchase on a monthly basis. This subscription service, or continuity program would consistently bring your customers back to you And allowing you to have a more consistent cash flow.
Take a look at your personal monthly bills. Where have you consistently spent your money? Is it possible for you to turn those monthly expenses into a profit center for your business? according to the National Retail Federation, we are committed to using today's technology. More than 80% of us wouldn't give up Internet access. Almost 2/3 wouldn't cancel a cell phone, and more than 60% would never drop cable or satellite television.
This says a lot about how people spend their money and how we have raised our expectations over the last few years. Can you remember a time when you didn't have a cell phone? what about cable or satellite? what else do you consistently spend your money on that would allow you to build your business during the recession, and continue to profit?
If you're wondering where some of your regular customers have gone, they still like you and your company but they've had their hours or been laid off altogether and are just no longer spending their money like they used to. Others, have bought into the fear that is taking place daily in the news. Business owners today must be prudent about where they spend their money and how they will continue to have a profitable business in the future. For example: People who used to rent limousines to get to the airport are now asking friends to take them instead.
Those who had a sizable nest egg are also concerned as the stock market changes have lowered their savings, so they are more focus about where they spend their money. People who would normally spend $4000 on a vacation are spending $2000. People who would have spent $2500, are spending $1000. People who would normally spend $800, are choosing not to take a vacation - and it could get worse.
In the end, no matter how long this recession shall last you're still going to get to two years from today. The question is Will you be where you are today?, will you be selling the same things? Will you be working harder? Take the extra time you have now and invest that in education, so two years from today you'll be a better business owner. - 16039
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