Thriving in Difficult Times - 3 Keys to Business Resilience

You have probably heard the statistics that at any given time, only 4 percent of businesses survive beyond their first ten years of being started. Suffice it to say that in these tumultuous times, the statistics for business survival are worsening and probably less than two or three out of a hundred will make it through the next 10 years.

However, despite the challenging landscape for businesses, more millionaires have reportedly been created in the last 5 years than in the last fifty. So the good news is that you can buck the trend and not only survive the current economic downturn but your business can actually thrive and blossom.

The following keys will make your business more resilient and successful, position it to grow in the midst of a recession and emerge stronger when the economic upturn comes.

Increase your value to clients:

One of the mistakes that many small business owners make during tough times is to slash their prices in order to retain their customers. This is often not the best solution as it sends a wrong signal to your client i.e. perhaps you had been overcharging before. Instead, think creatively about adding more value to your customer.

Think carefully about the products and services you currently provide to your client and ask, what else does my client require for her business to succeed and how can I help her obtain it? Then offer solutions that meet these needs.

For example, if you are a tax accountant, it may be clear to you that your client needs help with sales and marketing, so help them find a competent sales expert from your own network who can assist.

Your client will be glad of your assistance and you would have taken one step closer to developing a raving fan. And having raving fans is an important way to thriving in an economic downturn.

Reduce or Eliminate Waste:

Exploring the example above a bit further, suppose it is your own business that requires help?

As a small business owner, you may probably find that you are brilliant in sales and marketing but you lack any coherent system for managing the funds that are flowing through your business. The result is that you spend more money than you need to on various aspects of your business.

For example, you know that having a functional website is non-negotiable if you are to be successful and taken seriously as a business owner in the 21st Century, but did you know that you don't necessarily have to spend $5,000 or $10,000 to get a good website done? For less than $1,000 you can get a really good website that actually contributes to growing your business.

So, why don't you invest some time and money with a competent business strategist who will help you evaluate your business and identify areas in which you can reduce or eliminate waste? Particularly before you make an expensive purchase, speak to your strategist, she may actually be able to show you how to get the same items for half the price.

Reduce the waste of your resources so that you can deploy what you have more effectively towards growing your enterprise; this will enhance your success.

Utilize Strategic Alliances:

Survival in the present economy is about understanding that you can't do it alone. Big businesses like Nokia and Microsoft are entering into strategic alliances and many small businesses like some internet marketers trace their exponential growth to strategic alliances, or much better known as joint ventures.

Someone you may already know or even don't know yet has something you need, it takes strong leadership to be humble enough to acknowledge that you don't have all the answers. Therefore, seek out joint venture partners with whom you can enter into mutually beneficial arrangements that will accelerate the success of your business.

If you apply these three keys consistently, you significantly increase the chances of your business thriving in all types of economic climate and you can continue to…. Soar as an Eagle

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