As rough times are here people are losing jobs, economic effects of Corona virus is certainly devastating, big companies are at unrest and the governments are requesting people to use their national goods in order to support the manufacturers as they play an important role in keeping the economical condition of any country afloat.
There is a fear of recession in US and many other first-world countries and the scenario looks like it is a global recession. The economical condition of the world is as bad as the World War 2 or even worse. People are asking the financial mentors that is recession coming ? Either you own a business, want to start a business or are a working professional this blog-post will help you to get familiar with the weapons and strategies that you are going to need to fight this great economic war like the Hercules. Before we start discussing the key-points to grow the businesses when people are fearing recession globally I just want you to know that- its okay ! this is temporary and you are going to get through this like a winner. Remember chaos creates opportunities just identify your opportunity work on them and be a savvy business owner.
When you think about any industry during recession when majority of the players are suffering there is a smaller percentage that is actually growing, HOW DID THEY DO IT ? WHAT DID THEY DO DIFFERENTLY and how do you apply what they have done so your business actually expands while everyone is contracting ?
Initially you have to think about the mindset that you bring to your work everyday .i.e. when there is so much fear out there, where should be your focus on ? - obviously on how to use this chaos as opportunity and not fearing it, research and strategically defined plans are what you must be focusing on. Lets just understand this state of mind first - people who make money in the stock market are the ones who buy low and sell high. When the stock market starts to plunge people who know how to deal with it- on average if you look at the last seventy years or so it takes around an year and a half or two for the stock market to grow from its lowest to its highest no matter what the calamity is. So its the same thing that applies to any business. You think about when the whole business starts going down, not just your business but the whole industry starts going down, how long will it take for the whole industry to revive ? around 500-550 days and when the businesses grow through the economic slowdown like this they come up much bigger and with stronger roots.
So what happens during the economic slowdown or the recession- people are getting fired, being laid off and companies cutting down their expenses and just trying to anyhow survive, basically the companies try to be defensive, whereas in any sport we must understand that no player or team wins over a crisis by just defending, you have to attack in order to overcome. Same is with the businesses, running a business is like playing a sport and recession is the time when you are required not to be defensive,the only way to win in situations like this is to go on the offense to win. Here is what it means in the practical scenario-
MARKETING & ADVERTISING CAMPAIGNS
Most of the businesses regardless of what industry you are in, they will be cutting on the expenses and one major expense that they are going to cut which will be suicidal for the business is cutting down the marketing and advertising of their businesses which will eventually decrease the brand awareness. This is the time when you can connect with your audience through emotional and more human angle. There must be more aggressive as well as planned marketing and advertising campaigns in order to build a strong brand during the recession.
LEARN THE ART OF LETTING GO
We must understand that during the time of crisis its important to be aggressive and also to look every aspect of the business analytically even your customers or consumers. We all have clients or customers who are difficult to deal with - slow to pay - or require unjustifiable amount of time with respect to the profits they generate, economic slowdown is the time to blur these consumers and shift the focus to those who you know are better profit generators. You need to work-out with the numbers in order to understand what percentage of customers are worth your time and efforts and can generate good profits for you.
RELATION WITH THE CUSTOMERS
Improve your relations with customers and provide them a much better post-sales experience. Also pay attention to your operations and make them more efficient.
When you will improve relations with your customers, try connecting with them at more personal and emotional level, and provide them better sales experience you will be making a loyal customer base. Also you need to pay attention to the operations of your venture, chuck out the 'not that important' parts of your operations, keep the following department simple and efficient, save money from this process but ensure a proper functioning.
MAKE NEW CUSTOMERS & CATER THEM
After you have looked through all the operations of your business, cut down the extra expenditure, you will likely save a noticeable chunk of capital which could be used to make stronger and personal bonds with your new customers, as this would help in mouth to mouth advertising of your business and resulting in more new customers.
FIRE THE BURDEN
You must understand that business which generates good profits require a lot of hard plus smart work. There are times when you have to take some serious steps for the benefit of your brand, your employees which you think are burden i.e. either they do not connect or haven't being performing up to the mark, their graph of inputs aren't satisfactory you will have to let them go. And others who you think have been putting real efforts in hitting the set targets collectively or individually must be motivated and communicated with the message that you can pull this off with collective 100 per cent efforts. They must be communicated with the fact they should not worry, just focus on the work and are real gems to the brand. Winning the employees' confidence in such hard times and motivating them to work for the target can yield extraordinary results.
CONCLUSION
Economic slowdown is an opportunity to test your skills and re-study your complete business model. It helps in identifying the loop-holes perhaps making the brand much more stronger. When you make personal and emotional connect with your customers during a crisis, like an economic slowdown, you are actually making the brand stronger. Mentioning that you must maintain the quality of your product no matter what is naive as that is the most important and foremost thing no matter what, never compromise with what you are offering your consumers, stay humble and open to all sorts of reviews, analyze the reviews and try to figure out how to make your brand desirable by your consumers. If you follow these steps you will grow your business during recession 2020 with an ease.
Feel free to ask any queries related to your business I will try my best to clear your doubts.
Also in the comment section let me know how do you cope up with negativity during this crisis ?
I hope the article is beneficial for the readers, do share the article if you like it.
THANK YOU READING !
There is a fear of recession in US and many other first-world countries and the scenario looks like it is a global recession. The economical condition of the world is as bad as the World War 2 or even worse. People are asking the financial mentors that is recession coming ? Either you own a business, want to start a business or are a working professional this blog-post will help you to get familiar with the weapons and strategies that you are going to need to fight this great economic war like the Hercules. Before we start discussing the key-points to grow the businesses when people are fearing recession globally I just want you to know that- its okay ! this is temporary and you are going to get through this like a winner. Remember chaos creates opportunities just identify your opportunity work on them and be a savvy business owner.
When you think about any industry during recession when majority of the players are suffering there is a smaller percentage that is actually growing, HOW DID THEY DO IT ? WHAT DID THEY DO DIFFERENTLY and how do you apply what they have done so your business actually expands while everyone is contracting ?
Initially you have to think about the mindset that you bring to your work everyday .i.e. when there is so much fear out there, where should be your focus on ? - obviously on how to use this chaos as opportunity and not fearing it, research and strategically defined plans are what you must be focusing on. Lets just understand this state of mind first - people who make money in the stock market are the ones who buy low and sell high. When the stock market starts to plunge people who know how to deal with it- on average if you look at the last seventy years or so it takes around an year and a half or two for the stock market to grow from its lowest to its highest no matter what the calamity is. So its the same thing that applies to any business. You think about when the whole business starts going down, not just your business but the whole industry starts going down, how long will it take for the whole industry to revive ? around 500-550 days and when the businesses grow through the economic slowdown like this they come up much bigger and with stronger roots.
So what happens during the economic slowdown or the recession- people are getting fired, being laid off and companies cutting down their expenses and just trying to anyhow survive, basically the companies try to be defensive, whereas in any sport we must understand that no player or team wins over a crisis by just defending, you have to attack in order to overcome. Same is with the businesses, running a business is like playing a sport and recession is the time when you are required not to be defensive,the only way to win in situations like this is to go on the offense to win. Here is what it means in the practical scenario-
MARKETING & ADVERTISING CAMPAIGNS
Most of the businesses regardless of what industry you are in, they will be cutting on the expenses and one major expense that they are going to cut which will be suicidal for the business is cutting down the marketing and advertising of their businesses which will eventually decrease the brand awareness. This is the time when you can connect with your audience through emotional and more human angle. There must be more aggressive as well as planned marketing and advertising campaigns in order to build a strong brand during the recession.
LEARN THE ART OF LETTING GO
We must understand that during the time of crisis its important to be aggressive and also to look every aspect of the business analytically even your customers or consumers. We all have clients or customers who are difficult to deal with - slow to pay - or require unjustifiable amount of time with respect to the profits they generate, economic slowdown is the time to blur these consumers and shift the focus to those who you know are better profit generators. You need to work-out with the numbers in order to understand what percentage of customers are worth your time and efforts and can generate good profits for you.
RELATION WITH THE CUSTOMERS
Improve your relations with customers and provide them a much better post-sales experience. Also pay attention to your operations and make them more efficient.
When you will improve relations with your customers, try connecting with them at more personal and emotional level, and provide them better sales experience you will be making a loyal customer base. Also you need to pay attention to the operations of your venture, chuck out the 'not that important' parts of your operations, keep the following department simple and efficient, save money from this process but ensure a proper functioning.
MAKE NEW CUSTOMERS & CATER THEM
After you have looked through all the operations of your business, cut down the extra expenditure, you will likely save a noticeable chunk of capital which could be used to make stronger and personal bonds with your new customers, as this would help in mouth to mouth advertising of your business and resulting in more new customers.
FIRE THE BURDEN
You must understand that business which generates good profits require a lot of hard plus smart work. There are times when you have to take some serious steps for the benefit of your brand, your employees which you think are burden i.e. either they do not connect or haven't being performing up to the mark, their graph of inputs aren't satisfactory you will have to let them go. And others who you think have been putting real efforts in hitting the set targets collectively or individually must be motivated and communicated with the message that you can pull this off with collective 100 per cent efforts. They must be communicated with the fact they should not worry, just focus on the work and are real gems to the brand. Winning the employees' confidence in such hard times and motivating them to work for the target can yield extraordinary results.
CONCLUSION
Feel free to ask any queries related to your business I will try my best to clear your doubts.
Also in the comment section let me know how do you cope up with negativity during this crisis ?
I hope the article is beneficial for the readers, do share the article if you like it.
THANK YOU READING !
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