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How Can A Business Really Grow in A Bad Economy

    • 36 posts
    April 7, 2009 2:25 PM EDT
    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

    • 5 posts
    March 20, 2009 4:15 AM EDT

    I see a lot of advantages for entrepreneurs in a tough market. Here are three of them:

    • Your competitors are focused on cutting costs instead of growing their business
    • It’s easier to adjust a small business and its strategy
    • Advertising costs are typical lower now (I just got 50% discount from a newspaper)

    Personally I’ve got some mixed signals lately. I’m part-owner of an IT reseller/consulting business, and I do have experienced customers asking for the cheapest products in order to limit their expenses.

    But more and more customers are asking for the high end products because they’re seeing their purchase as a long-term investment, where they were more likely to make impulse purchases one year ago. Instead of buying cheap products and through them out when they fails, the customers are buying quality products with longer life cycles because they believe that will give the lowest TCO over time.

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    Carsten Jacobsen
    IT Entrepreneur, living in Denmark
    My Blog: www.ScandinavianMinds.com

    • 15 posts
    April 6, 2009 9:50 PM EDT
    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

    • 32 posts
    November 2, 2008 6:21 AM EST
    Regardless of how bad the economy is, someone is always making money.  You just have to look at where the opportunities are.
     
    I am just launching my slow cooker.  Things might be slow at first but I am optomistic that I will thrive.

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    http://www.slowcookermate.com
    http://www.twitter.com/yslowcook

    • 37 posts
    April 14, 2009 12:39 PM EDT
    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

    • 3 posts
    April 20, 2009 6:08 PM EDT

    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

    • 7 posts
    April 29, 2009 2:03 PM EDT
    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"

    • 66 posts
    October 31, 2008 6:16 AM EDT
    I believe this is the BEST time to launch and grow a business.  If you are interested in my beliefs why, this is a link (since there is way too much to write).
     
    But here`s my question.  I have received many, many emails telling me this is the worst time to grow a business. That we all should "hunker down."  I wanted to get the thoughts of StartupNation.  Why or why not  - is this the best time to be growing / launching an entrepreneurial endeavor?

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    Mike Michalowicz
    Author of The Toilet Paper Entrepreneur

    • 5 posts
    April 4, 2009 4:36 PM EDT
    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,
    • 30 posts
    November 4, 2008 12:52 AM EST
    Craig,

    I think you may be overlooking a product line: Clear Templates.

    If it works well for you it will work well for other folks.

    SilenceDogood11/4/2008 6:56 AM
    • 30 posts
    November 4, 2008 11:31 PM EST
    Oh well... personality flaw of mine... I see opportunity in nearly everything that comes along!



    • 27 posts
    April 29, 2009 2:28 PM EDT
    Jennifer,

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