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How Can A Business Really Grow in A Bad Economy

 
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TopBizHelp

posts: 5

Apr 04, 2009 8:36 PM ET    Quote  Report Abuse
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One can do well in bad times, though one must go with the trends.
 
If possible, lower your prices on slow selling items and services. This will appeal to those with limited funds.
 
Special offers, deals, free items will help you beat your competitors.
 
My service will help you offer more, increase sales without getting hurt,
passion09

posts: 18

Apr 07, 2009 2:50 AM ET    Quote  Report Abuse
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HI,
 
A business need not slow down, when economy slows down. A business can grow at any and every point of time, even in this Bad Economy, but at a slower pace. The followings are a must for any business to grow -
 
a) Improving client loyalty
b) Loyalty and Satisfaction: Different Standard…. Different Results
c) Measuring loyality
d) Getting good but slow profit and getting rid of bad profit
e) Implement the change
f) Believe in it

by following these, your competitors are automatically taken care of and eventhough slow, but you can make steady growth in the business.

All the best.
passion094/7/2009 3:15 AM


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Rebelpreneur
ChrisBenjamin

posts: 45

Apr 07, 2009 7:25 PM ET    Quote  Report Abuse
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Its tougher lately, but at the end of the day if I put in the time and effort, the business is out there.  Great time to be creative and cavalier. 


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Rogue CFO
Virtual CFO helping launch startups.
RogueCFO.com
Rogue CFO On Twitter
CraigL

posts: 9051

Apr 07, 2009 10:38 PM ET    Quote  Report Abuse
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I recently read that consumer spending accounts for 70% of the economy! That`s a frightening statistic (Bloomberg.com). That means that if regular people are nervous about spending money, everything goes down the drain.

I think byrneof01 is right that it`s like a forest fire, where we`re burning off a lot of dead wood. One option is to sell what people need, rather than what they want. Another is to be a vendor to other businesses, where those businesses focus on necessary rather than luxury items.


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Craig Landes
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Defining the undefinable. "There are 10 kinds of people in the world---those who understand binary numbers and those who don`t." - Unknown

International Society of Curmudgeons
BizOptimizer

posts: 63

Apr 14, 2009 5:39 PM ET    Quote  Report Abuse
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I often hear business owners suggesting "more opportunity" in another business.  While there is some truth to that, opportunity is not something fixed and lying there for you to pick up.  There was no "opportunity" in pet rocks - no "opportunity" in making a box that changed moving.
 
Similarly, I would suggest opportunity is not a constant in good/bad times.  Having studied the WalMart story quite a bit, it is hard to imagine him having trouble getting loans from a bank - hard to imagine him losing his lease and having to start over in another town.  But he did.
 
Think winners fight to find the small pieces of opportunity under every business rock - marketing, sales, operations, etc.  The marketing, operations, and delivery systems can always be sharpened.  The fact that someone created a hugely successful pitch for a rock in a box and sold millions suggests creativity can be used with ANY product/service in ANY time.
 
I suggest opportunity is MOST dependent on you and your team.
BizOptimizer4/14/2009 5:52 PM


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Ed
Business Optimization - www.businessoptimization.biz
CraigL

posts: 9051

Apr 15, 2009 12:46 AM ET    Quote  Report Abuse
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Ed, that`s a terrific argument---the one about the pet rock, and moving pods! Really excellent point!

What we`ve done, here in modern history, is to remove meaning from words. In the process, we`ve almost completely confused cause and effect.

For example, a "Christmas in July" sale. The observation is that many people spend money during Christmas. Therefore, the word "Christmas" causes people to spend money. If we use the word in July, then it will cause people to spend money in July.

Likewise, modern-day business gurus talk about how a problem is really a challenge or an opportunity. They talk about how "opportunity" is lying around, as if the word is a noun.

"Opportunity" is an adjective.

An opportunity is a description of an empty hole. That hole is what a lot of people want to have but can`t find. It`s a Zen-like concept, describing what isn`t there.


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Craig Landes
---
Defining the undefinable. "There are 10 kinds of people in the world---those who understand binary numbers and those who don`t." - Unknown

International Society of Curmudgeons
Apr 16, 2009 3:21 PM ET    Quote  Report Abuse
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I believe it can but it depends on many factors, all of which boil down to how well you meet the needs and expectations of your customers, and the overall demand for your products and services.  There are many small businesses struggling right now as we are all aware.  It`s your response to this recession that will determine is you can sustain AND grow your business operations.  Business strategies like eliminating non value added activities through the application of Lean and other process improvement techniques can help.
 
Andrew
Blenderhouse

posts: 7

Apr 20, 2009 11:08 PM ET    Quote  Report Abuse
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This is a time that when people can get rich. You just have to work a little harder and be smart about what market you enter/what business you start. I just designed a website for a business that takes abandoned homes that have been foreclosed on, where the owner was forced out by the bank, and gets them ready to sell. They dispose of the trash and belongings left behind, fixing what needs fixed. There was a need for this type of business, he took advantage and now he is making a lot of money.



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Scott Thornton . Web. Print. Identity : BlenderhouseCreative.com
JenniferKim

posts: 8

Apr 29, 2009 7:03 PM ET    Quote  Report Abuse
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I`ve actually started my business in the middle of this whole thing.  We`re not exactly exploding, but there are a few benefits in this kind of climate.  For example, the costs of entry are lower now than they normally would be.  I`m getting some great deals on the essential things I need to make my dating service go like crm software and reduced rates on venues to hold mixers.

The most important benefit, however, is that I`m forced to think cheap, meaning that every dollar spent is only spent on the absolutely essential.  Cutting out the fat is not only good for my figure but my business as well =)
JenniferKim2009-4-29 19:3:59


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Jennifer Kim
Founder and CEO
Sweet and Single LLC
"The Premiere Dating Service for Asian American Professionals"
stevens

posts: 53

Apr 29, 2009 7:28 PM ET    Quote  Report Abuse
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Jennifer,

Good luck on your business! I think your profile said you live in Pasadena. I live in Pasadena too. Small world, huh?

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