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Last Updated on January 19, 2017 by Work In My Pajamas
As a part of an economy, business owners tend to take on much of the stress in society: Unless you’re running for high office, business is undoubtedly the most competitive field in the workforce, and its “feast or famine” thinking can sometimes create unneeded and distracting stress. However, there are ways to keep a business going strong even against the steady currents of competition. Here are just a few ideas to help push your company in the right direction.
In This Post:
Think Win-Win
If a client comes to you with a need that a competitor might better be able to fulfill, try referring them to that competitor. While this might seem like a good way to lose profits, and you might wonder if you’ve gone crazy for turning down money, the truth is that the client will appreciate your honesty (and come to you again when they have a service that you really can provide the best version of), and you’ll turn your competition into teammates rather than rivals. Try making partnerships with companies that have a similar client base, but different specialties. You can recommend your clients to them and they can do the same.
Understand How the Internet is Changing PR
As a form of technology, one of the upshots of Web 2.0 is that most of its services, including Twitter, Facebook product pages, and Google+, are free to use. Employed correctly, these platforms can provide free PR services for your company. Keep a mind towards simple and effective design, and present yourself with good manners, and you’ll reach more clients than ever before. And you won’t spend big bucks on advertising.
If You Want to Get Ahead in the Outside World, Look Inwards First
For business owners, some of the toughest competition comes from who they are renting services from. Fixed expenditures, as unavoidable monthly bills for utilities, phone, internet and delivery are called, tend to be a place where savings can be effectively had by cutting down on unnecessary costs. Is there an up-and-coming part of town with lower rents than the area you’re in now? Try opening an office there. Do you use your office as a part-time storage facility? Try renting a smaller office and keeping supplies in inexpensive rental facilities. Have a high phone bill? Try using companies like Skype, who offer internet phone use for businesses at the fraction of the price of a traditional landline.
Budget your Finances Wisely
Often times, business owners find themselves getting further and further into debt trying to help their company find profits. Although sometimes investing further into the company does allow for more research and growth, sometimes it is not the answer. According to business leader Yoel Wazana, one should never underestimate the importance of financial planning. Budget your money well in advance and don’t stray far from your original budget.
For these reasons, running a business in a difficult economy with a difficult league of competitors does not have to be as stressful as one might think. By acting creatively and with a mind towards making the lives of everyone around you better, you’ll be on the road to greater success and long-term gains.
