Grow Your Business In Hard Times

We are all aware dark economic clouds are gathering and potentially building into the perfect storm. Many small businesses are either in denial of the new coming business realities or hunkering down to weather the storm. For most the changing economics can mean trouble. For a small minority this can be an opportunity to gain market share and grow your business.

It is often said that 10 percent of the fisherman catch 90 percent of the fish. What kind of fisherman are you? Most people make excuses to justify hard ecomomic times for their own short comings, failures and inability to move forward. Often these self inflected wounds are caused by the way you see and understand reality. Everything in the world that you are aware of is interpreted in your brain, and those thoughts determine the way you perceive reality. With self awarness of the way you think, honest deep thought and planning you can become one of those 10 percent fishermen and actually take advantage and thrive in difficult waters.

If you own a business or work for yourself in a small or medium size business, you and you alone are responsible for the success or failure of that business. There are always negative outside influences. You need to take control and make necessary course changes to acheive your goals. You take the hits and deserve the rewards for the way you pilot your ship. It is ultimately your decision-making process that determines the kind of business you have.

Now may be the perfect time to step out of the forest and see the trees. You should consider your product, your service, and who buys it. Will hard economic times affect your customer base? You might want to consider the possibilities of expanding your customer base. Think about marketing your product or service to a market group that may not be as deeply affected by economic slow down such as government employees or health care providers. There is always fish out there for the good fisherman.

It is incumbent on you as a entrepreneur to find creative ways to stay ahead of the competition. Opportunities are all around you if you refuse to accept the obvious way things are and make a serious effort to change the playing field. Many of your competitors will not see the opportunities and will fail which can open up more opportunities for you. Sure, you may have to make some very hard decisions such as changing products, adjusting prices to reflect your rising costs and spending some money in marketing and promotion. If you are a smaller company, you may have an advantage over your larger competitors who are slow to move and change their corporate cultures.

Direct mail can be a very effective way to get your message out. If well done, it can create very high ROI’s (return on investment). One of the reasons it works so well is that it is passive. A well targeted potential customer takes no effort in seeing your offer. Unlike email campaigns and internet ads, pop-ups and pay per click which all require the receiver to take an action to see your message, direct mail gets seen at a greater rate. It may be time to consider a direct mail campaign.

The key to all of this is doing your homework. Contemplation and study are the success makers. Simple quick fixes are just that. They will not produce the long term desired results.

It may be time for a brain adjustment or mental tune-up to take advantage for your impending success.
Think about new ways to reach your market. The entrepreneurs that succeed are the ones that do lots of due diligence and are not afraid to take well researched risks.

If you can see your way to take advantage of difficult times and dig down to reevaluate how you define your business, you can thrive and come out a winner in tough economic times.

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