Six Positive, Profit Making Opportunities

14th Apr 2009

1. SIX POSITIVE, PROFIT MAKING OPPORTUNITIES IN RECESSIONARY TIMES

The tabloids have been full of the traditional moves in countering the ravages of recessions…lay off staff, cut back on benefits,”shave” overheads, rationalize advertising campaigns etc.

Let me give you some alternative thoughts on how to search for better ways to do business in recessionary times.

Now is the time to:

• Hire talented employees. Excellent personnel at reasonable salaries can be obtained now…”lock” them into your organisation and its future.

• Negotiate better deals from suppliers. When business is bad , suppliers will do more to keep your business. Negotiate with them for price concessions and better delivery.

• Use the phone more to ask your existing customers for more business. It is just a co-incidence that many of these calls end up with an extra order.

• Borrow money while interest rates are down. I believe rates are nearly at the bottom …perhaps it’s time to lock into a fixed interest rate for the next 3 – 5 years.

• Strengthen relationships . Get all staff involved and concerned for the welfare of that group of people which make it all happen.

• Capitalise on the misfortunes of your fallen competitors. Recession has a cleansing effect on the professionalism of most businesses or industries. Seize opportunities that emerge from your fallen competitors. Approach liquidators or finance companies for wanted equipment, staff members…even phone numbers. A freight company simply tenders for the telephone number of liquidated opposition…in this way he picks up the residue of yellow page advertising and loyal customers.

2. USE LARGE BORDERS ON SMALL ADS.

Large borders keep small ads from disappearing. Frankly, a one column advert with a 12 point border may not win any design prizes, but it will draw readers’ eyes like a magnet.

Don’t scrimp on type size in small ads either. It’s preferable to use fewer words and bigger letters.

BEC Sponsors