Will Your Business Thrive This Second Half Of 2017? 4 Proven Tips To Help Your Business Stand Tall This 2017
Let’s face it; Early 2017 has been rough for most businesses. While more companies are folding up every day, others are struggling to survive the harsh economy. With the alarming upturn in stock exchange rates, tragic fall in the value of Naira and chronic inflation, chances are organizations might find it harder to bloom in the coming year especially when the right strategies are not in place.
It doesn’t matter how bad the economy turns out to be; your business can be one of those defying the hopeless norm of economic recession and making it through. The truth is, some enterprises are waxing stronger despite the financial situation of the nation. So, whether you will be thriving or struggling is up to you. With these 4 ideas, your business can weather any storm and strike gold in this “Survival of the fittest” business economy.
4 Proven Tips To Help Your Business STand Tall This 2017
1. Add More Sources of Income
Most businesses make money via one channel. This time around, you need to think outside the box and find creative ways to generate more income. While doing this, ensure you go for ideas that are related to your line of business. For instance, a company into custom packaging can add other services like design and printing to diversify cash flow. Likewise, an E-commerce company can leverage on essential consumer goods to increase revenue.
2. Spend More Money on Adverts and SMM
This is the perfect time to focus on advertising your product to the masses online and offline. Advertising your business on platforms like Facebook, Twitter, Instagram and LinkedIn are excellent choices which will improve your business sales, leads, and conversions. If done right, your advert moves will bring in more patronage, and more support translates into more income for your company. This is how large companies’ like Procter and Gamble pull through hard times.
3. Source Capital from Investors
It doesn’t matter if you’re just starting out or you’ve been around for some time; your business can break even in the midst of this economic brouhaha. One of the things you might need to do to keep it up and running is to source capital from investors. If your business niche is promising, getting one shouldn’t be hard. The objective of this according to “Entrepreneur” is to solicit enough funds to unleash the full potential of your business to hit it big in the market.
4. Invest In Personal And Business Development.
Sitting for seminars and conferences, reading books, talking to mentors and other development plans will translate to growth in your business. They will grant you insights into ideas that will turn your business around and even give you the mental and emotional stamina you need to hang on and persevere through the tough times. My favorite authors are Brian Tracy and John Maxwell. Their books and resources have a way of enhancing your personal and business growth in ways you never imagined possible.