New business opportunities in crisis
Translated from the ancient Greek crisis – means a solution, a turning point. Each difficult economic situation provides many new opportunities, the main thing is to notice and react in time.
The threat of crisis scares all people, because they do not know what the crisis will hit and who it will affect. “What to do before the onset and what to do during the crisis?” Are issues that concern all entrepreneurs.
Rule 1
New business opportunities in times of crisis are sought in exactly the same ways as usual. Only because of the upcoming panic, entrepreneurs forget about it.
It is difficult for people, including entrepreneurs, to change anything, the fear of losing profit – makes businessmen stand in one place. Therefore, the first rule of behavior during a crisis is to change first of all oneself and continue to act.
Rule 2
The second rule, psychological – to set yourself up correctly. You should not give in to panic once again, since by creating emergency situations you can make far from the right decision, as a result of which you will not only miss the chance, but also lose what you have.
Rule 3
First, analyze the situation, find different solutions and then imagine what each of the planned decisions will lead to.
Use all internal and external resources, and then proceed.
Where to get money to start your own business? It is this problem that 95% of beginning entrepreneurs face! In the article “Where to get money for a business” we revealed the most relevant ways to get start-up capital for an entrepreneur. We also recommend that you carefully study the results of our experiment in exchange earnings: “see the results of the experiment”
Where to looking for:
Opportunities for new markets.
Entering new markets is an attractive strategy. For its implementation, it is necessary to study the market, to understand what is missing, what the market will react positively to.
Existing Markets
Less costly and more realistic strategy. Here an analysis of the problems is carried out and what is not yet solved is solved.
Existing customers
Try to keep your customers, come up with and implement new ideas, positively surprise them and make them come back to you by all means.
What to search:
New market
Many businessmen want to diversify their goods and services. Of course, on the one hand, it is very tempting to find a chance and not miss it. The other side is big risks and big costs. And in times when it is necessary to include the economy mode – it is almost impossible to do this.
Staff reduction
In the event that the crisis has nevertheless affected the business, the question arises of minimizing costs and, above all, it affects employees. When reducing, try to part with employees gently. Since, perhaps, after the crisis has receded, you will again need experienced and trusted specialists. The practice of the 2008 crisis showed new possibilities for retaining staff: alternating vacations without maintenance, transfer to remote work, combination of posts, transfer to piece-rate wages.
Work on marketing.
Most companies in times of crisis significantly reduce their marketing costs. But as practice shows, just in times of crisis, companies can defend their existence thanks to the marketing department. It is this department that will study the market received during the crisis and helps to find a way out and adapt in it.
Customer loyalty.
To pay off their new costs, companies often inflate prices. Try to restrain pricing as much as possible, look for solutions to save customers. For example: discounts, installments, leasing on favorable terms and more.
Whatever business strategy you choose, you need to weigh all the pros and cons of each of your decisions. To avoid panic, to be able to think rationally and make quick decisions, perhaps, all the necessary qualities of a leader who can defend a business in difficult times.
