Waterbury Financial Strategies Inc CEO \/ Founder Rahim Thawer post this week “Businesses: Conforming for the Economic Cycle.”<\/p>\n
The world we know today is much contrasting and deviating then what we have come to experience over the last few years, or even last few decades. We are no longer residents of a stagnant environment, so if the world around us is constantly adapting to new activities, why are businesses still executing the same old broken models? Perhaps there is a sense of comfort or maybe even there is a lack of understanding of the new evolved concepts that are applicable in today’s marketplace.<\/p>\n
The economic cycle changes very frequently for most businesses more like seasons in a year and we need to alter our strategies accordingly. It would be satisfying if the formulas we used last year or even decades ago are applicable today and some revenue streams can be replicated and mastered. However, we know that is not the case so we need to constantly shift our focus and re-formulate.<\/p>\n
As many businesses have seen the rise in energy costs in 2008 have directly contributed to loss in profits for many businesses, yet very little has been done and many have simply acknowledged this change and accepted the terms. If we continue to accept these terms that are brought forward by third parties then we are not even fighting this battle and are giving in too early. There are various factors that have played a major role in these businesses, energy being one, frozen credit lines; cost of goods sold has gone up, etc.<\/p>\n
So, what should we do? Control your costs. You will need to take charge of your entity and re-negotiate your contracts from your lease payments to vendors who provide goods or services to your business. Don’t wait till the last moment to make important decisions, a procrastinator does more harm than good in any scenario. If the energy cost is cheaper in the evenings then during peak hours, learn to use less energy during those times.<\/p>\n
During times of economic hardships, people still buy. Their buying habits may change a little and it is you who has to learn what their needs are and to market your product or service to meet their needs. Perhaps even offer new lines of products to your customers and engage them in your products such as sampling, or promotions, etc.<\/p>\n
My Thoughts: Keep Marketing! Evaluate what channels of marketing on effective and efficient, and forego the ones that are not producing returns. One of the biggest mistakes most business do is cut their marketing budget especially in times of financial turmoil. So Keep Selling with a Big Smile. Ear to Ear!<\/p>\n
Rahim Thawer \/ CEO of Waterbury Financial Strategies Inc http:\/\/www.waterburyfs.com<\/a><\/strong><\/p>\n CEO & Founder of Waterbury Financial Strategies Inc.<\/p>\n","protected":false},"excerpt":{"rendered":" Waterbury Financial Strategies Inc CEO \/ Founder Rahim Thawer post this week “Businesses: Conforming for the Economic Cycle.” The world we know today is much contrasting and deviating then what we have come to experience over the last few years, or even last few decades. We are no longer residents of a stagnant environment, so … <\/p>\nAbout the Author<\/h3>\n