The recent gyrations in the stock market brought to mind the repercussions suffered during the end of the last bull market in 2007. All good things must come to an end including long-running bull markets. Is your business ready for an economic downturn?
Economists are usually behind the curve on calling recessions. Their call is about as reliable as a psychic. Putting your faith in their predictions doesn’t sound like a good idea.
Expanding your revenue streams keeps your business ahead of the game and the economists. There are several ways to do this beyond just raising prices or offering discounts.
Consider offering related products. Your business should never stand still. Talk with your customers. Maybe they’d gobble up pink frosted donuts for Valentine’s Day or happy birthday shaped pretzels.
Expand your service offers. Window washing and gutter cleaning complement each other. Selling vacuums is good but servicing them is better, and not just the models you sell.
Business is up and cash flow excellent so open new locations. Your business is a well-oiled machine so that you can execute in more spaces. Expanding your business provides a sterling revenue bump.
Form strategic partnerships with related businesses to expand your customer base with referrals. Gain customers who trust you and your partners. Those customers stick around.
Incorporate new technology into your business to streamline operations. Technology can also fuel your expansion into new markets or new products. Juice up your marketing with it.
An adaptable business introducing new products or services and alert for new opportunities can be one of the best buffers to economic eccentricities.