When we talk about making money, it's pretty simple if your potential customers keep on coming through to you, the economy is exploding and many people are happy. But the real question is what happens when that changes due to a sudden economic recession. We all know that when you built a sandcastle business, it won't last for a long time.

ADVERTISEMENT

From all the entrepreneurs that we know of build their very own empires that could overcome all obstacles and turbulence that can last for years and years. This is basically some of the tips and ideas that they actually had in their mind.

1. Keep your business in a prominent manner


We can all see and hear from the news regarding the failing economy of a country like you can see in Venezuela currently which cause people there to panic and flee. Most of the businesses out there that can sustain and thrive regardless of the situation are those who are more focused on improvising and adapting rather than worrying about what is happening around them.

We all know that focusing on reality matters a lot but we should not stop there and simply give up knowing that your customers will eventually stop buying your products. But, if you focus on the needs and wants of your customers, they'll keep coming in even-though the financial crisis sets in. You must always focus on why you build your company and its purposes.

2. Reconsider the tried and tested

Most of the companies out there that have survived the bitterness of the cruel world are due to being able to adapt to the situation. If the economy is changing so the company needs some changes as well. As the going gets tough, the company will need to analyze every single aspect of the company and make the changes accordingly even if the parts you hold dear the most.

The changes could be anything from a new logistics solution, changing the bonuses of your workers or even changing altogether with the type of products and services that you provide. Change is a must and you will survive and not wither up and die.

3. Snatch away competitors' customers

People will always change from time to time and this also includes their perspective towards a product and services. For instance, after years of trying a particular biscuit, one might simply change to another one simply due to their advertisement shows more crunchiness than other brands.

We should always bear this in mind each day and try to cater to our current customers each day. Or else they simply will switch right away to another shiny product with a glance. If you can see Research and Development(RND) are really crucial for most big firms out there as they are trying to investigate their consumer's behaviors.

We should always learn from Big Companies like Apple and Google and see how they can sustain it until today. By doing this, you will always keep your current customers satisfied as well as pull in new folks who you thought would not abandon your competitors.

4. Market like crazy

The important thing to do when the times are tough is Marketing. Some companies out there think that marketing is considered an extra expense in their budget. This is totally wrong due to:
  • The best entrepreneurs out there all know that a business that spends well in marketing will go further. This is true since marketing is a way for businesses to keep in touch with their customers and find new ones
  • When the economy suddenly fails, the cost of advertising will also drop overnight. The sudden drop in the economy will certainly help businesses to advertise their products more.
When you see that your competitors suddenly cut their marketing budget, you should ramp your up and the tries and errors on the best marketing options available out there. You'll simply fill up the space left by your competitors and easily dominate the market.


5. Move your money around

Despite the economic predictions, you should look at your company and think of where the excessive fats are and try to get rid as much of it. You should always try to keep those workers as you can but sometimes firing them can be an option. More importantly, try to look at things that do not add to your bottom line.

When you look back at your company, you might have great sales across the globe and maybe most of your products and services offer you great money. But what if, you try to revamp the lowest-performing product you have to offer? What if you simply cut them all out and transfer it altogether to improve your current best selling products? How much do you think you would be making?

These are all the questions that you should bear in mind and you should find ways to constantly push your company during good times so that you won't be in trouble during the tough times. You will see that the toughness are not so tough at all.

6. Improve your sales funnel

We all know that in business money talks and we should always try to get more sales and more money.

To make more money you should always have a look at your sales funnel and think of; How do people get started in it? How often do they make it to the end? Where do they fall out of it?

Shore up the breakable spots in your sales funnel and you will easily transform those funnel-hoping folks into returning customers.  

If you want to build up your wealth then you will need to grow your customer base and we all know that this does not happen by accident. It will always happen when you look at your customers' behavior and try to find a way to fulfill their habit.

7. Strengthen and keep up your faith

To have a business that thrives, you will need to ask yourself, Do I love what I do? Can I sell these products? Am I confident enough to run this business? If the answer is Yes, then go for it. 

You will need to believe in yourself and what your company can offer or else you might as well close down your shop. There are plenty of entrepreneurs that are ready to take your spot and know their customers' needs and wants.

ADVERTISEMENT



When you build your business, the first thing that came into mind was that you want to create a money-making machine to meet customers' needs and give you the life that you expect. Always keep these two purposes in mind and you will definitely survive at whatever circumstances the economy will throw at you.

Credit: Bedros Keuilian