No-one wanted the downturn but it’s here.
What are some ways you can make sure your business survives and even thrives in this new reality?
Diversify, diversify, diversify. We’ve all heard it, but in a downturn perhaps it’s best to focus. Focus on what your firm does best rather than what it might do.
When times are good it’s easy to experiment and add services and products. Perhaps now is the time to simplify. Focus on the core – where your company makes the most margin and has the most security.
Clarifying your product line makes your life easier. It simplifies the range of decisions you will need to make.
How do you clarify? Answer these three questions:
- What were your customers looking forwhen you started your business?
- A lack of service
- A product
- A price point
- How does your business differ from your competitors?
What is your unique selling point? What do you do differently from your competitors?
Be specific. Everyone says service but is this really true? What specifically about your service is better? What specifically about your manufacturing is better?
- Have a repeatable message
Make sure your customers understand what your business is. This is not only so they spread the good word about you and also keep expectations clear.
Even though it’s a downturn refocusing your company on its core mandate can have a positive long-term impact on profits.