Business Development

Take a look at our interview at the BBC

Its bad out there yes but its not the end of the world. I know that from my own experience because people are still buying products from me not as much but they are none the less.

I’m a realist. Like everyone else, and of course I am concerned about the state of our economy. And like most of you I tend to blame it on those who irresponsibly pushed world financial markets to the state they are in now But I have learnt to balance those feelings with a practical optimistic outlook. I know that, with the right strategies, my businesses can come out of this even stronger and so can yours

Is My Business Doomed to failure in these hard times? “ Not necessarily and as long as I am making good sound business decisions like cutting back making even better choices then my chances of survival are more than good.

My online retail business has dropped off around 6% in the past four months, a choice I made was to add lower priced items and bring in new types of client and keep existing clients with this tactic too as people are cutting back,

Of course my products will still be in demand to everyone who needs hair care I will move down a tag from expensive items to second best for now so I slow down on the dear and supply the not so dear its worked for me and it will for you plus I gain new clients and have a bigger variety of products when the economy picks up.

Some companies are even reporting growth: My theory is that purchasing decisions, even during rough economic times, come down to buyers searching for value.

So what’s the best way for me to Sustain or maybe Even Grow My Business in This Economic Climate?

Whether your business is your primary livelihood or a means of supplementary income, you want to not only survive this economic stretch, but to emerge stronger.

Expect tough times to last at least one to two years
Save and Avoid Over-Leveraging: Savings can be cash or merchandise inventory.

Be wary of over-leveraging yourself; too much debt could wipe you out if sales revenues slip too far.

If you have some inventory built up, then you can spend less over the next six months working off your existing stock. Overall sales may be lower, but so will your expenses, netting a better cash flow.

Keep hold of cash and keep Inventory at Minimum: Make smaller and more frequent orders from your vendors. I now offer discounted postage on 3 or more items this allows me to keep more cash on hand and hold my inventory to a minimum level.

Focus on No- and Low-Price Points: Stock up on products with low price points. I find that hair care products retailing in the range of £6.00 to £8.00 sell best during tough times.

Keep Marketing and keep trying see What Works Best: We know many will go out of business in the coming year. Survivors will be those that adapted to a new economic climate.

So it is imperative that you be creative and adapt to change – try new stuff its exiting! – And keep refining your marketing to develop new business. Unless you have 100% market share in your region or sector, there’s always new business to grab, including from competitors.

My final advice is to keep trying new marketing strategies. Even if only one or two of your efforts is successful, you will be in good shape to weather the financial downturn