This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Think and Do Differently!
However, these suggestions will only give you a half chance to survival as it completely meets only the physical and tangible needs. These are practical steps put into practice. So what is this other half? - It’s your mind! Surprised? Well, you have to be surprised because it will make you rethink and reassess the entire crisis situation. This is why a small business firm can still stand on their ground while the big guns fail. After all, you started off with nothing, didn’t you? So why not go back to your roots now? If you feel that you have to make some changes, then go ahead. But remember to follow some guidelines which will cause a shake but not loss of trust, from your creditors, manpower and stakeholders who make up your real assets.
ROOT STEPS:
Showing posts with label economic crisis. Show all posts
Showing posts with label economic crisis. Show all posts
Thursday, August 13, 2009
Small Business Firms
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Small Business Firms
For small business firms, this is a great opportunity. See, the big firms are big because their investments are big, their stakeholders are big, their manpower is big, their commitments are big, their dues are big, their profit expectations are big and the risks they take are big. Their whole business model is a big cycle. That is why they are called big business firms. So a dip in their profits will definitely cause a big impact on them. This affects their dues, their commitments, their manpower, their stakeholders and the result is too costly for them to depend on their investment which is why they have so much to lose in this period of uncertainty. Hence they have some major changes to make in their strategies.
Small Firms- Big Hopes
Small business firms have got small investment. The risk is lower here. Yes, the problems you face are similar in nature to those of the big firms. But the cost of recovery and costs to be incurred in making changes are considerably very much lower as compared to your big brothers. You can start by minimising your profit forecast, cut down the price of your product and provide discounts, devise different effective ‘Need of the Hour’ marketing strategies; reduce your distribution channels, apply resource management techniques and simplify the transportation routes to yield minimum costs, strictly adhere at minimising administration costs, and there is in fact so much more you can do if you just sit, calculate your ledger books and analyse the whole thing from a new and different perspective.
Small Business Firms
For small business firms, this is a great opportunity. See, the big firms are big because their investments are big, their stakeholders are big, their manpower is big, their commitments are big, their dues are big, their profit expectations are big and the risks they take are big. Their whole business model is a big cycle. That is why they are called big business firms. So a dip in their profits will definitely cause a big impact on them. This affects their dues, their commitments, their manpower, their stakeholders and the result is too costly for them to depend on their investment which is why they have so much to lose in this period of uncertainty. Hence they have some major changes to make in their strategies.
Small Firms- Big Hopes
Small business firms have got small investment. The risk is lower here. Yes, the problems you face are similar in nature to those of the big firms. But the cost of recovery and costs to be incurred in making changes are considerably very much lower as compared to your big brothers. You can start by minimising your profit forecast, cut down the price of your product and provide discounts, devise different effective ‘Need of the Hour’ marketing strategies; reduce your distribution channels, apply resource management techniques and simplify the transportation routes to yield minimum costs, strictly adhere at minimising administration costs, and there is in fact so much more you can do if you just sit, calculate your ledger books and analyse the whole thing from a new and different perspective.
Current Economic Downturn
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Current Economic Downturn
The current economic downturn is not a permanent one. It’s only one of the many falling leaves flying in the wind and on to our face. Just reach out your hand and brush it away because this period is what I would call a situation where Strategists, Analysts and Managers can come back to where they started from.
True, we are now terribly involved in a hit and run economic scenario. But picture this; we have also passed early moments in history where economic depression was its worst at that point of time. And leaders worldwide feared that hope was far away. But this is year 2008 and the world market is 1000 times stronger than what it was when we were really in lack of resources to counter attack those early hits. So now, this is also just one of those times where we have to face the sudden drops and wipe it away with what we have got.
Current Economic Downturn
The current economic downturn is not a permanent one. It’s only one of the many falling leaves flying in the wind and on to our face. Just reach out your hand and brush it away because this period is what I would call a situation where Strategists, Analysts and Managers can come back to where they started from.
True, we are now terribly involved in a hit and run economic scenario. But picture this; we have also passed early moments in history where economic depression was its worst at that point of time. And leaders worldwide feared that hope was far away. But this is year 2008 and the world market is 1000 times stronger than what it was when we were really in lack of resources to counter attack those early hits. So now, this is also just one of those times where we have to face the sudden drops and wipe it away with what we have got.
Data and Sales Analysis
This is part of a series of posts I wrote in October 2008 concerning the arrival of the Global Recession...
Data and Sales Analysis
The Crisis Scenario
What times are we businessmen living in right now? Are we happy with the stock market reports? Are our financial institutions lending a helping hand? What are the returns we are now getting? Just what are we going to do about all this?
Data and Sales Analysis
I’m working as a Data Analyst in a media company, one of the world’s largest online stock photography companies. Though I am responsible for the reporting and sales forecasting with data analysis, I have also conducted a personal analysis on the current economic crisis that has hit our planet and has been a bit of a bother for a pretty long time now. I also heard about a man in USA who shot his whole family before taking his own life, all because he lost his entire savings in the stock market crash and was declared bankrupt.
What is happening here? Is there nothing left for the common man? Is this the kind of fear that is in us right now? Well, take a look around you. If you are a person like me, then let me tell you that this is the beginning of something wonderful for a new entrepreneur and especially for small business firms.
Data and Sales Analysis
The Crisis Scenario
What times are we businessmen living in right now? Are we happy with the stock market reports? Are our financial institutions lending a helping hand? What are the returns we are now getting? Just what are we going to do about all this?
Data and Sales Analysis
I’m working as a Data Analyst in a media company, one of the world’s largest online stock photography companies. Though I am responsible for the reporting and sales forecasting with data analysis, I have also conducted a personal analysis on the current economic crisis that has hit our planet and has been a bit of a bother for a pretty long time now. I also heard about a man in USA who shot his whole family before taking his own life, all because he lost his entire savings in the stock market crash and was declared bankrupt.
What is happening here? Is there nothing left for the common man? Is this the kind of fear that is in us right now? Well, take a look around you. If you are a person like me, then let me tell you that this is the beginning of something wonderful for a new entrepreneur and especially for small business firms.
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