Thursday, February 16, 2012

Things Are Tough Out There In Business! What To Do?

I think we'd all agree that things seem pretty tough out there in the business world today.
However, as a business owner, you have choices available to you that will influence the outcomes that your business will provide you. These are simply:
1.    Do nothing and hope that the good times will return
2.    Try something different
Now there is a old saying that if you keep doing the same thing you'll continue to get the same results! So, continuing to do the same as before may not provide you with the results you are looking for.
It is possible that we are in the process of an evolution in how we conduct business. The things we did in the past may no longer be effective or relevant to achieve success in the future. We live in a brave new world where we will need to continue to listen to customers and markets - in general look outside our business for strategies that will differentiate our business from the past and our competitors.
Of course, some of these strategies may fail so there is an element of risk involved! However, profit comes from risk and identifying winning strategies involves testing - in other words, not betting the house on one option.
So, what are you doing to be innovative?
Recently, I brought to you the developing tool for marketing - the use of QR Codes. 
What have you implemented using QR codes? Or are you still waiting for the good times to return?
Speaking about resistance to change - we strongly recommend the book "Who Moved My Cheese". This is a short, easy to read book about how change can sneak up on you and leave you exposed. For those who don't like reading, click on this link to view a short video:
The future is entirely in the hands of the person who looks in the mirror at you each morning!

2 comments: said...

Bank Financing: Loans or lines of credit are fixed and require additional collateral and/or substantial documentation to increase the limit;
invoice factoring : Your ability to grow your access to cash is based upon your accounts receivable;
if you take on a large new client with good credit, the accounts receivable generated are available to meet your cash needs

Chris Foster said...

Thanks for your comments. Ensuring proper credit policies and adherence to these policies is a positive step in minimizing receivables. After that, debtors finance is a viable option