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Hard times aren’t bad times

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Often hard times lead to negative outlooks, where people blame all of their problems on the economy, a down turn, etc. It is true that economic recessions, and hard times can adversely effect business, and can lead to many small businesses, and even big businesses closing their doors. However, hard times aren’t necessarily bad times. Consider the following:

Industry can be inspired by adversity- Sometimes a turn for the worse in the economy sparks innovation in industry. In order to stay relevant, to maintain profits, and to continue in business, businesses have to come up with things that inspire and excite customers that have less money, or are holding their money tighter.

Forces creativity and risk taking- One of the biggest benefits of a hard time is that it forces you to get creative. If you have no money to spend on traditional marketing, you have to find a way to get your business out there without the funds. This means creative thinking, bold moves, and risks. Often this type of situation is what leads to the biggest breakthroughs in industry. An industry soon follows if they see someone succeeding while defying tradition. If you do not have what is needed to do it the traditional way, you have to get creative, or fail.

Innovation and expansion- Hard times are the perfect times for innovation and expansion. If what you have to offer is no longer cutting it, then it is time to use some capital to expand, develop a new, more exciting, and more versatile product. It is time to get innovative, and give people a reason to become customers of your company over someone else’s.

Reconsider and rethink operation- Hard times are extremely beneficial when it comes to trimming the fat. Most companies waste time, resources, and even money doing things that are unnecessary, but often think they are necessary. When budgets are cuts, resources are limited, and you are struggling to stay afloat, you are often forced to reconsider and rethink operations, and make changes that will keep your business open. The personnel you thought you couldn’t live without, the expensive memberships, the marketing campaign that costs a ton, etc. all are reconsidered, and only those things that are important make the cut.

Deliver more for less- When times get hard people want more, and they want to pay less. This is an opportunity for your business to step up and give customers what they are looking for, better value for their money. You can deliver more without spending more, this can be done through better customer service, for example. The idea is to look at hard times as an opportunity for growth, and for rethinking the way you view your business, and the relationship you have to customers as well as employees.

Hard times aren’t bad times unless you use them as an excuse to give up, or refuse to think outside the box, and push yourself to greater heights.

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Posted by DK
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