When business is slow, entrepreneurs have very unique opportunities for growth. There are ten specific ways they can make money while in a recession. How to Grow When It’s Slow:
1. Increase expenses: Hire another salesperson and give everyone a raise.
2. Fire unprofitable customers: They consume valuable time and resources.
3. Remember that there is always money to be made: Strong companies and rich clients always have money.
4. Eliminate competitors: They are often weaker and more vulnerable during a recession.
5. Steal customers from competitors: They are more susceptible to discounts and bonus offers during a recession.
6. Find hidden sources of money within the company: Rebrand products or services and consider selling off a small equity position in the company.
7. Stay positive: In every recession, some companies still do well.
8. Stay focused: Write down the top five things that need to get done each day and start working down the list.
9. Reinforce existing relationships: Get more business from current clients by building relationships and getting to know their companies.
10. Keep an eye on cash flow: Cut waste, increase credit lines, and delay paying bills as long as possible.
Bad economic times will only make strong companies stronger. Leaders must never lose sight of their Painted Pictures, and they must focus on their companies’ growth rather than the overall economy.
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