Being in charge of any organization comes with a sense of pride and self-respect, but at the same time, there is the great burden of responsibility and need for growth. As the leader, you feel proud to be the boss, the ranking makes you feel important, but keeping your business thriving is part of this position and is not as easy as one may think. This is especially true in Canada’s unstable economy, where recession may loom just over the horizon of the next year. It is up to you to find the best possible ways to keep your company growing, even during the economic turbulence. You need to find the best methods to invest in your company’s continuing growth, so let’s look into them.
Reducing Costs
Always list the essentials to your company and their worth. Cut out the non-essentials costs to ensure you are not overspending, which will save you money. Saving money is crucial to ensuring your business has funding even during an economical downturn. Do your studies on what you deem ‘costly’ and see if you can find an alternative to it. For example, the software you are using currently might have a cheaper software version that does the same function. Other methods can be reducing your monthly office rent or cleaning bills.
Be Active in Customer Relationships
It all depends on the field of work your company provides, but the relationship between your common customers is crucial in keeping your business running. Find the best way you can ensure your customers see you as a reliable company that cares for their clients. Build your customer loyalty through promotions and discounts, and always show you are trying to give them exactly what they want from your company, maybe even more. In turn, these customers will return the loyalty by recommending you to a network of people, after seeing you care about their satisfaction. At the same time, you are communicating to the public (non-verbally) on how you are an organized and hard-working company, committed to your customer’s well-being.
Marketing Your Business
The area of marketing revolves around not just your customers, but other potential business partners. This can mean government grants, investors, or even mergers with older and more significant firms relating to your line of work. Some people might not pay much attention to the importance of marketing, seeing it as annoying advertising, but you should always remind yourself that you need to have a public voice. Show the public that you are serious about growing and people will take interest in your company, after seeing how hard working and serious you are. Invest in your marketing strategies to gain the attention of investors and your existing customers to make sure you don’t fall behind in the economy.
Value Your Sales
Reviewing your revenue and sales pricing means you learn which of your products/services is making the most money and how you can decide on the pricing for it or your other items. If one of your products is selling quickly and is popular, focus on promoting that item, even reducing its costs as a way to attract more people; this reduction should be done during a recession in which your customers have been affected as well. While one product is selling fast, focus on the other products/services and areas of income that you feel is not growing. Learning to maintain your presence and balance both your high and low sales can be stressful, but it is all part of your responsibility as the boss to keep your company thriving.
As the boss, there are skills you never stop learning, so try to improve on your skill of keeping your company thriving. Speak to company leaders who have gone through recessions and kept their business growing and learn from how they did it. And always remember, you need your company’s team and the customers to succeed in unstable times. This is where the key skill of communication is required, where you both listen to experienced people and customers alike. And make sure you communicate your own questions and preferences for success to them, to share what you deem is helpful strategies. Do not get tied down to a set of rules you are used to and learn to evolve yourself alongside your company. Review these strategies and keep yourself alert to ensure your business has a bright future ahead.
Babak Eslami | Staff Writer
