This is a very tough recession. So many businesses across the board have had to close their doors, it has left whole shopping centers shuttered and dark. For many companies, the financial picture has become one of many issues and concerns, not the least of which is keeping employees and selling the merchandise or services crucial to keeping the business open.
It is time for a long hard look at every aspect of your business if you find yourself teetering on the brink of disaster. If this means calling in someone else who is an expert in your business to advise you, this would be an excellent time to do so. Short of that, it is going to take a bit of creativity and financial belt-tightening to make it through, perhaps, but there are steps you can take to weather the storm.
There are businesses out there that are doing fine. The phone keeps ringing, the customers come like they always have, and no employees have been let go. This, of cou rse, is not in every corner of business, but in many.
Some business owners do not know how to change, and will blame the economy for their failure. This is not always the case, and it is people's nature to always want to do what is familiar and comfortable. Keeping the same business policies, prices and structure while your business may be taking a beating is not smart management. While changing doesn't guarantee success, staying with the tried and true when it is obviously not working, is probably not going to help.
Below are some suggestions to learning how businesses similar to yours are thriving in this economy, and how you can use what you learn to help your own business.
Become a customer for a week or two, visiting similar, healthy businesses. Ask yourself what they are doing that you are not. Be objective. Stay alert to what seems to appeal to or be popular with customers in the store. If there is no store per se, then try to talk with users of someone else's service to find out why they buy from someone other than you.
Make some anonymous phone calls to businesses similar to yours. Find out information over the phone that can help you understand how they conduct business differently than you. Ask specific questions in areas that you are having difficulty, without stepping outside the "customer" role.
Look for visual appeal if it is a store or restaurant. Ask yourself why people might want to go there. See what appeals to you, objectively as you can.
Do some information gathering about your particular business in terms of who is doing well. Look at their prices (most of them), their location, their management practices, their overhead and customer service. Talk to some of their customers if you can, and find out why they are loyal to this company. Be a detective.
Determine how much of a shop's business is due to location, and how much is due to the store itself. Try to separate store quality from "default" business that is only due to convenience or foot traffic or street traffic. Look at building accessibility. Examine outward appearance if it is a walk-in business. Is the inside user friendly, or is it confusing and noisy? How would you feel if you were a customer in your store?
Take someone with you if you feel that you cannot be objective, or send someone in your place if you think you might be recognized.
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