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The following is a guest post on behalf of Mitchell Charlesworth. Enjoy!
How to Grow a Business in Tough Times
What makes some companies so resilient, and what helps them grow during tough times? There are five factors successful businesses possess that allow them to escape the all-too-common effects of recession. Organizations that are experimental, useful, purposeful, boundary-free, and possess value-creative traits tend to soar even during difficult times.
Companies such as Amazon have encouraged value-creativity in their business models. Amazon was once simply an online bookseller, but today, the organization has used value-creativity to spread into a range of different market sectors, from toys and clothing to publishing services. The practice also prompted the online retail giant to acquire businesses such as IMDb and Adebooks. Then of course, there’s the Kindle, which sparked a whole new way to read. By diversifying and finding new ways to create value and revenue, Amazon has created a healthy, strong and growing enterprise.
Businesses that sit on their laurels will never grow and will probably find it very difficult to survive the recession. This is especially true of those companies in the technology or online sectors as they move so quickly.
By experimenting, businesses are able to find out what works for them, to explore new avenues for growth, and further their reach into different sectors. It enables businesses to grow with their competition and even stay ahead of the curve. An organization should never be afraid to experiment.
There is no point in experimenting unless what you are offering will be used by somebody. Another Internet business, eBay, remains strong despite the recession due to its usefulness. eBay is great for buyers, especially at a time when bargain hunting is on the increase. It is also an incredibly simple platform to sell on, which makes it the ideal solution for making a little extra cash without standing in the rain at a car boot or yard sale.
Businesses can also further their usefulness using smart phone applications to make life easier for customers. If you’re looking in to making an app for your brand, make sure it is actually helpful in some way before parting with your cash.
A business without boundaries also has room to grow. Free yourself from physical boundaries on the Internet. Websites and social media pages can help you traverse the geographical boundaries and get seen by more people.
Alternatively, if you’ve pigeon-holed yourself as a provider for commercial clients, think about who else might benefit from your service. This doesn’t just apply to big brands either; for example, you might be a local accountant in Liverpool who has come to know and trust. So, consider opening up your services to a wider area online. Extra business means extra revenue, which keeps your business growing.
Above all else, a business needs to be purposeful. Set your goals at the beginning of the year, quarter, or week and stick to them. This is how you can gauge the successful growth of your business.
How about you all? What traits do you feel that businesses possess which succeed in hard economic times?
Share your experiences by commenting below!
***Photo courtesy of http://www.flickr.com/photos/rmgimages/4882451468/sizes/m/in/photostream/