The current economic collapse which has affected the economy all over the world is the main cause of financial crisis, unemployment, business failure and market crush. The financial incapability can be from a few months to couple of years. In present times we have to make rational decisions for our business which could actually lead to business down time and in those times we shouldn’t panic and search for the ways to come of it:
Here, I am stipulating some of the tips which can help your business to survive during downtime:
- 1. Request for referrals from satisfied customers:
Your regular and satisfied customers definitely can’t promote your business to other people, but they can provide a few referrals when requested to help. It should not be a clumsy process. Here are few points which you should keep in mind before requesting:
- Engage with your client when the final delivery of your product or services is successfully completed.
- Request for them to refer your business to the people they know. If they agree to do so, give them your business cards to hand out.
- Describe to them your ideal client and what other products and services you can provide.
- Ask them to introduce you as per email, telephone or in person, don’t take names and numbers yourself.
Shop for the best deals:
As the business owners you have to work within business and personal networks and you purchase things from the people you know and trust. It is better practice to ask for a few more quotes from competitive suppliers, in order to get best deal for every purchase.
Get rid of old debt and avoid further debt:
It would be better to get rid of debt as soon as possible, as they can be high risk to your assets. Don’t take out any further loans for spending until you think it is necessary. If you are in need of urgent money, go for short term loans instead of long term loans which can keep you in debt for a longer period. If you need help with paying back any debts, or if you are looking for a Debt Management Plan, then visit the Debt Free Direct website today in order to become completely debt-free.
Motivate yourself to face problems:
Try to personally motivate yourself to face any kind of problem in bad times, after then you can be in the position to motivate your employees to face challenges. You can increase your motivation level by developing a positive attitude towards life and the circumstances you came through; reading motivational books, magazines and biographies of the people who struggled a lot in their life.