4 Tips To Help Your Business Thrive In Any Market Condition
Be careful what you wish for…
When business is slow, we wish for our phones to ring. But what happens when things turn around too quickly and you don’t have enough resources to take care of the new demand? Business is turned away, put on hold or simply goes somewhere else. It is very difficult, if not impossible to get those lost sales back, and your reputation may be irrevocably tarnished. In a volatile market — like the home building/real estate market where I’ve spent most of my career — things can change quickly and drastically. It is just as important to be prepared for the upturns as it is for the downturns.
Here are four important insights to help you thrive in any market.
1. RESIST THE TEMPTATION TO SLASH MARKETING BUDGETS WHEN THE MARKET IS SLOW.
Cut back very thoughtfully, maintain a strong presence in the marketplace, and be prepared to gear back up quickly. When buyers are looking, you want them to find you first!
2. SMOOTH OUT BUSINESS CYCLES BY ALWAYS TAKING CARE OF YOUR CORE CUSTOMERS FIRST & BY ADDING NEW CUSTOMERS THAT FIT YOUR BUSINESS MODEL.
Don’t be afraid to let go of difficult customers who suck up resources and don’t make you any money. Focus on the customers that appreciate what you do and give them amazing service. You will be much more likely to have enough business to carry you through the slow times.
3. MAINTAIN BEST BUSINESS PRACTICES IN A GOOD ECONOMY.
When you are very busy it may be tempting to let some processes and procedures go, but that sloppiness could cost you later.
4. BRING IN HELP TO MAXIMIZE YOUR BUSINESS WHILE YOU HAVE THE MONEY.
Doing so can help you avoid costly mistakes when the inevitable market slowdown happens. If you’re not prepared, you will need the help when you can least afford it.
So go ahead and make your wish list for business success, but also figure out what you will do when those wishes actually happen.