Surviving Bad Economic Times

The economy has been in turmoil, and it seems that all of the news we hear about is bad news.  This daily barrage of “gloom and doom” often masks the viewpoint that survival, and even success, is possible in a down marketplace with the right attitude and a few practical tools.

According to Geoff Ramsey, CEO and co-founder of eMarketer, there are five steps you can take to achieve a balance between acknowledging reality and focusing on hope and opportunity for the future.

  1. Don’t become immobilized by worrying about things you can’t control.  This won’t make things better.  Instead, just focus on the tasks at hand.
  2. Limit your reading of business and economic news to only that which will inspire or instruct you in ways that will enhance your business and keep you in a positive frame of mind.
  3. Explore opportunities amid the obvious problems.  For example, if your marketing budget is cut, ask yourself, “How can I use this as an opportunity to eliminate or reduce programs, vendors, or people?”  This tactic would be more difficult to achieve or justify during better economic times.
  4. Generate more opportunities in your company by relentlessly mining data nuggets that could lead to powerful insights and eventually to successful programs.
  5. Invest in the future!  Plan now for the time when the economy picks up.  It will help you stay positive and you’ll be in a better position to take action when the economic momentum shifts.

Using the five steps above may help your business not only to survive the economic downturn, but to prosper as well!  Learn how we can help you save money with our POS software by visiting our website or by calling (425) 672-4806 for more information.

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