Hi, Just because one person is running a successful Hotel / BPO / Transport / Real Estate business does not mean that you too can be one like them. During a boom-time everyone venturing in the flavor-of-the-day business might make money by riding along the wave.
When is the time for market correction, only those who provide a unique product -or- service will be able to survive.
Another major risk that has not been covered in the article is the risk from lack of Innovation and New Ideas in your business.
A recession brings the best in business survival and people do things out of the need for survivability.This may vary from managing your costs more effectively, introducing new products or features in your product or offer mix or venture into new lines of business.
If you do nothing in hard times, chances are things will get harder for you.Following tips are advised to small businesses to avoid being left in the race for innovation.
1.)Understand the key trends that affect your business and profitability.
2.) Read, search or analyze what the pundits are predicting about the direction of the industry you are heading.
3.) Gather your thoughts around what new ideas can be brought around.Rank them in order of highest benefits and implement the highest benefit ideas.
4.) Customers have changed circumstances during recessionary spells.It really helps to discuss and understand your customer's needs and how best to take the relationship forward.This could mean longer credit periods, reduced pricing, frequent promotions and improved offering.
Have property investers made pots of money in HISTORIC property boom ? Has price of PHARMACEUTICALS, PAINKILLERS GONE DOWN ?? Do 1% richest people in the country have more wealth and say/ power / influence than 90% of the poorest people Only sector doing well - insurance, printing & media because always breaking news ?? Has number, instances of suicides and depression become common ?? Have Banks agreed to reduce rate of interest ? Do you feel u r earning for the bank ? and ur pockets are always empty ? ........... money ille , not there ! has government taken any action to significantly reduce ROI and check if bankers are passing on the reduction in rate of interests to thier OLD CLIENTS Has porography, pervertness and kinkyism, frustration increased , become very common ? more stress ? anger, violence in today's youth ? Are more woman out on the streets to ESCORT/ compromise, to earn a living because of loosing jobs and proper means of livelihood ? Has Government put deaf ear towards unemployment ? R v happy today watching full day - saas bahu or reality shows which are far from reality - has money been splurged on a particular sport even when we are saying there is recession in the country ? The Wealthy politicias and netas have scr*wed up the economy and the share market. Specially the share market has been badly manipulated by the Congress to its advantage. Does the common man feel this way or no ?
