Business survival strategy in tough economic times

Financial crisis debt management

During periods of financial turmoil, smaller businesses face a unique set of challenges.  By employing certain strategies, many of which is good business practice regardless of market conditions, can see your business thrive during these tough times.

The South African economy has taken several hard knocks since the 2010 Soccer World Cup reflected in the latest business and consumer confidence index.  Throw in the shock of Britain’s exit from the EU and the resignation of prime minister David Cameron, it will be a long slide before the bottom is reached, several years, before we see an economic upturn again.

We are confronting change, and change is an opportunity for advances. Now you have the choice to take advantage of the opportunities presented by change or allow yourself to be buried by it.  As you review your business you may see many areas that require change. Now is the time to start taking action to implement those changes.

Although it is not possible to cover the many strategies you could use in your business in our July 2016 issue of the BAN Bulletin, as usually these strategies are driven by the relative size of your company and the nature of your industry, there are however some pronounced multi-tactic measures that you should use in your approach.  The most common combination among smaller businesses that have not only thrived, but grown, despite a distressed economy pursued an attempt to differentiate themselves from their competitors through innovation, kept financially astute in their business plus produced some type of service or product customization plan.

A change of mind-set in the midst of economic turmoil can play a surprisingly large role in mitigating the negative effects and making the best of a bad situation.

Click here to read the full article – Business Survivial Strategies for Tough Economic Times