Tuesday, 26 June 2012

Owners must make bold decisions

In tough times business owners must be pro-active to reverse any downward trends and they must initiate a plan immediately!

They cannot be complacent and just hope for the best.  They must consider bold or even painful moves such as drastically cutting expenses and staff, adding new product lines or services, hiring a marketing consultant or even acquiring another company.  But sitting back and not taking immediate action is not an option!

We all know of the tough economic times the world has faced, and more specifically Southwestern Ontario.  Image the struggles business owners face, seeing top-line sales shrink, and watching bottom-line profit almost vanish. They are responsible for the well-being of the families that work for them.

And while they share in similar challenges, the way they are able to survive and flourish are often times very similar.  Business owners who are doing well are…

1.    Finding new revenue streams.  They didn’t change their strengths, they found new customers and clients, and they are growing they’re customer base. 

2.    Marketing and advertising.  Perhaps more critically important during tough times than boom times.  They see this as an opportunity to get a step ahead of the competition.

3.    Staying diversified.  Businesses are finding ways to broaden the scope of suppliers, distributors, and customers. They are turning over new rocks.

4.    Rewarding their key employees.  Making a business less about the owner and more about the key employees ensures a highly motivated and successful team.

5.    Planning.  Not only for the next month, but the next year and the next 5 years.  They are a couple of moves ahead of the competition.

Do you have small business questions you would like answered about this article or others?  Please visit www.VRWindsor.com or call 519-903-7807. 
William Sivell is a sales representative of VR Windsor Inc., Business Brokerage; his blog appears every Tuesday.

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