We at T&T’s Entrepreneurs team love to work to music. It just makes the work flow faster and more enjoyable. Everyone needs to find fun in everything they do, just don’t let your clients catch you serenading the assistant or dancing on the ceiling!
Remember back in the day our son of the soil, Billy Ocean sang the song, “When the going gets tough, the tough gets going”?! Well it’s no secret our country (and many parts of the world) are now in a recession. Tough economic times require tough economic measures.
Finance professional Deon Grandison says there are lots of strategies entrepreneurs can use to treat with the situation. These are just a few:
- Stay abreast of macro-economic developments. These include consumer spending, unemployment, inflation, savings, investment and international trade. This will determine how we balance our expenditure, investments, what we need to creatively economize on and so on.
- Scenario planning. If this happens, then the course of action will be…
- Be flexible always. This will allow you to quickly adapt and shift focus if necessary.
- Identify niche markets where customers feel that your offering is mandatory or essential. Not everyone is our ideal customer, yet if we differentiate ourselves from the competition and spend time researching your ideal client, we would always have business when times get tough.
- Keep most of your costs variable rather than fixed. E.g. Sub-contracting vs full time employees or virtual office vs office rent.
- Offer value added services. People are more conscious about spending, so your selling point is value. Once they know they are getting that little something extra or lagniappe as we say in trinbago, they would be more inclined to buy from you rather than the competition.
Hope you find this blog post useful. As usual, please shoot us a comment and share if you do!
Until next time…
T&T’s Entrepreneurs Team