Some tried and tested methods by local businesses.
Following a prolonged recession it is inevitable that businesses suffer and often cease trading. To those that survive, efforts may have depleted and the dawn of uncertainty for the business comes about. However, those that have survived have done so precisely because they’ve been able to withstand the storm. Our approach to the problem is that such businesses still have ample opportunity to grow.
Although every business is different, our clients have tried and tested some of the approaches that we present on this blog, in order to pick up their businesses. We anticipate that some of these will work to push forward your business too.
Some of these approaches are:
- Back to Basics: Enhance and develop basic component parts of a product or service, then offer that product or service in addition to the existing business line.
- Cheap Loss: making investments that are based on an amount of money that a business can afford to lose. This alleviates the uncertainty of something being successful and if unsuccessful then it is not catastrophic for the business.
- Skills focused: getting the hand of key individuals who are already associated with the business as key investors or shareholders and involving them in projects.
- Control: distinguishing between elements of business that are capable of being controlled and those that are not. Effectively focusing on addressing the elements that are within our control.
- Maximise your assets: businesses assess the resources available to them and look to maximise the effect of those resources, rather than setting goals or targets that may be unachievable.
For further enquiries or information about about how to advance your business post recession, our advisors at Douglas Wemyss would be happy hear from you, call (0116) 2999 199