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Business slow down – what should be done?

Date: 08/02/2006 | Category: Business | Author: Claire Reid

Like law of nature, every business has its own rainy and sunshine days. When the sun shines on your head, everything looks positive and brighter. Tomorrow always seems to be better than today. Confidence level is high, so is motivation to achieve bigger and better. And it all just goes about happening on its own. Output is proportionately better than efforts input. 

Not true when the business and economy hit the trough. Motivation is low, confidence is still lower and there doesn’t simply exist any ray of hope. This is the bad patch that must be overcome. Two major strategies are required to survive this period – control of mind and customer retention. 

Take a break, cool yourself under a shed and come to work in a relaxed manner. Cut your small business overheads and ensure all cost cutting measured in place. It is time not to look for new customers, but to maintain existing customers. This principle is true in any case for all the time phases of business – ups and downs. This is especially true when the business is on a low. Cost of retaining a customer is far lower than attracting a new one.

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