if a company s actual results for revenues This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you 5 Ideas to Grow Your Business During a Recession(Covid19). Following along are instructions in the video below:
“This video. I m going to answer the nquestion of how to grow your business business as you re going through difficult times nchallenging times recessions. What to do when business is slow. There are really a few things that you have to keep in mind and focus nyour efforts on to grow your business.
When you think just about any nindustry. When majority of the players majority of the businesses are really nslowing down contracting firing their employees losing revenues lose money nthere is a smaller percentage. That is actually growing how did they do it what did they do differently and how do you apply what they have done so your nbusiness actually expands while everyone else is contracting first and nforemost thing is that you have to think about the mindset that you bring to your nwork every day. That is when there is so much fear out there do you focus on nfear or do you focus on the opportunity.
Because there is a bound opportunity in nevery downward market let me explain people who make market in the stock nmarket are the ones who buy low and sell high. When the stock market begins to nplunge people who know how to deal with that know that on average. If you look at nthe last 70 years or so. It takes.
The stock market like s. P. 500. 538 days to go nfrom this back to this little less than a year and a half to recover on average nsometimes.
It s longer sometimes shorter but on average. It s 538 days no matter nwhat type of calamity is here over the 70 year period. It s a long period to nthink about so it s the same thing that applies to any business. You think about nwhen.
The whole business starts going down. Not just your business your whole nindustry starts going down how long will it take for the whole industry to nrecover to the previous level could be a year and a half could be two years could nbe a year could be less than a year. But what do those companies that actually nkeep on gaining traction keep on gaining momentum through recession and come out. Nat.
The tail end of it much bigger much stronger much more profitable. What they ndo differently aside from mindset when they look at their competition when nthey look at their industry..
They see that everyone is contracting. They re ntrying to cut their expenses. They re firing employees or laying off employees nthey re taking a defensive position and the one thing that winners. Know is that nwhen you play in any kind of sport and business is a contact sport.
When you nplay in any sport. You cannot win by taking a defensive position you can lose nthe game by taking a defensive position. But you cannot win the only way to win nin business is to go on the offense. Yes.
You have to have strong defense. But you nalso have to go on the offense to win here s what that means in practical nterms. Most of your industry. Regardless of what the industry.
You are in are going nto do the following they re going to think about what expenses they re going to cut nand one major expense that they cut that leads to recession of their own making nis. They cut marketing and advertising think about that marketing and nadvertising when done right deliver more business to your company when you cut it off when you turn off or turn down your marketing and advertising. You nget what you get less of it you contract. And that contraction is nof your own making the winners.
The companies that actually grow nthrough difficult times and thrive at the tail end of the recession. They do nwhat they do the opposite they expand their marketing and advertising efforts nthe best rule to apply here is the 10x rule. The 10x rule means or states. The nfollowing that it will take 10 times.
The. Effort 10 times the. Time 10 times the. Nresources to achieve your objectives whatever you have been doing in the past nto.
Attract new customers think of how to increase those efforts 10 times and nwhat will inevitably happen as your competition shrinks their efforts and nyou expand them your business will expand with that expansion because just nas your competitors will fuel their demise. You will fuel your growth..
But nagain this takes a certain mindset not contractionary not defensive mindset. Not nfearful mindset. It takes courage and it takes nexpansionary mindset. So this is the number one strategy that we recommend to nall of our clients and we do it ourselves especially when we face things nhappen when there is another recession like we re going through right now in nthe middle of march of 2020 major recession is hitting everyone everyone nis fearful we don t just think how to expand.
We have already created a plan nwith 10 points in it how and what we re going to do to expand our business nthrough. This and we have already started implementing. Some of the things on that nbullet point list to keep on growing to make sure that we get more clients as nour competition is shrinking. We will not let the fear destroy or demise.
Our nbusiness. We will work off of other people s fear and work on expanding our nbusiness. So that s the number one strategy. Number two strategy and this nagain may seem counterproductive fire your bottom 20.
Customers. Here s what i mean if you re in the service business. And you have recurring business with nyour customers look at the list of your customers. And ask your frontline people npeople.
Who are actually working with your customers. Ask them who are the nworst customers based on this this this criteria slow to pay their bills ngive. You a hard time required a disproportional amount of effort to serve them if you have customers and every service business does that hit nthese 3 criteria or even two out of these 3 criteria fire them this nsounds insane to let go of some of the revenue in this environment. But you nought to do it and here s why as you expand your marketing and advertising nefforts.
You will get more business to serve that more business. You will need people to deliver the services. What you want to do is you want to free up that ncapacity to deliver the service without increasing your payroll. One of the ways nto do it is to let go of your worst customers.
It s highly recommended there are major corporations that have done that in the past nand thrive because of that strategy. Number three first strategy is expand nyour marketing and advertising strategy..
Number two is cut your bottom 20 of the ncustomers strategy. Number three to keep on growing look at the services that nyou re providing. Today and look for a way to significantly improve the service nthat you deliver to your customers. Why because that will make you even less ndispensable to your customers in the recessionary times.
Some of your clients nmay be looking for a way to save money and if your company delivers a mediocre nservice mediocre results. Why would they be loyal to you instead of that you nactually work on improving your service like brainstorm with your team how do we nimprove our service. If we were our customers. What do we see as the fault of nours and our service delivery.
How do we improve on our service and when we do we will keep retaining or retain rather more of our customers for longer at nthe same time look at your production process and find inefficiencies within nthe production process. Here s what i mean by that if you deliver a service nand. It costs you 40 hours of labor to deliver that service look for a way to nmake your processes more efficient do not cut the number of services that you deliver to your customers. But look for a way to make your process more efficient.
So instead of 40 hours you cut it by 20 by finding certain efficiencies and now nit takes you 32 hours to deliver the same service. What happens when you do nthe following you expand your marketing and advertising. So you attract more ncustomers you get rid of your worst performing customers and you deliver nbetter service to your existing customers. And it now costs you less nto deliver that service.
Now you can service more customers with the same or nfewer resources with the same or even smaller payroll and here s the final npoint final strategy on how to grow and expand for any recessionary time fire nyour worst employees. What i mean by that is look around at nyour company and make a list of the people who you have been thinking about nfiring. But haven t fired them because you needed them for whatever reason nthey re really good salesperson. But everybody else in the company hates them nand they create a toxic atmosphere.
They re really lazy you know that other npeople perform at like 90 of their skills and capacity. And this guy nperforms at 50 and you have warned them time and time and again fire them nnow and at the same time. Let everybody else on the team know that you love them nyou care about them. And you will bleed for them and take a bullet for them and nmake sure that you will keep their jobs here s why it s incredibly important to nassure your employees that you will do everything in your power.
Including nbleeding and what i mean when i say bleeding is you can go in the red nthis is the year and in any recession. You can go in the red..
You can lose money. I hope that you have some reserves and i hope that you have a line of credit to nfall back on because you want to keep your core team you want to nkeep your best people and you want to make sure that they feel secure because nthe opposite is also true if you let go a good person. What that will do to nthe morale of the company. What that will do to the morale of every employee that nyou have is they will think am.
I next and what happens when people think am. I nnext they have fear now they have even more fear when they have even more nfear will they deliver excellent service to your customers probably not will they work at the absolute top level of their skills and ability probably not nwill. They retract will they possibly start looking for other opportunities. Nat other companies.
Absolutely by making sure that you promise your people nguarantee them security and safety show them true love and care for them. They nwill stay with you and they will bleed and work harder for you to deliver those nexcellent level services to your customers. And by the way. What will also nhappen inevitably is as your competition is letting go of their good people they nwill come to you and you want to build a stronger team nbecause as every recession passes.
You want to have a really strong team with the best people in the industry. So you keep on growing and getting even more ncustomers so you keep on getting more revenue and building more profitable and nbetter. Business thank you very much for watching if you have any questions. If nyou want to discuss how to preserve your business.
How to grow your business and nhow to thrive in your business. As you re going through this challenging time nreach out to us you can call the office or you can call me direct or you can nemail. Me my direct number is. 8478777568 again 8478777568 call me text me or.
Email me at sasha comradewebcom. I will personally answer your email. I will personally answer your call. I will ntalk you through whatever challenges you re going through and we will create na plan in writing how to grow through ” .
Thank you for watching all the articles on the topic 5 Ideas to Grow Your Business During a Recession(Covid19). All shares of star-trek-voyager.net are very good. We hope you are satisfied with the article. For any questions, please leave a comment below. Hopefully you guys support our website even more.