There has been much talk of the need for those in the finance sector to diversify, if they are to survive in the current economic climate. For those who embrace the changes, opportunities may arise to move ahead of their competitors. Savvy business owners will be looking for ways to strengthen their position, and emerge from the recession ahead of the game…
1. It is not enough for owners to know how their own businesses will be affected by the market downturn… they need to look around and see how their rivals are coping under the strain. Maybe competitors have found a niche that’s not been cornered? Maybe they’re floundering? Either way, broad market knowledge is invaluable and could potentially be used to improve your own prospects.
2. For small businesses, this may be a time when they are considering taking out bridging loans to weather gaps between payments. However, there may be other options. Selling off non-core assets is one way of raising capital; unfortunately at the moment that may be easier said than done. Nevertheless there are buyers out there, itching to pick up a bargain.
3. Alternatively if you are one of the fortunate few with pennies to spare, then now is an excellent time to accumulate assets. With the credit crunch biting mighty chunks out of property prices, those who are in the position to buy are spoilt for choice.
4. Build up your business by increasing your work force. Many companies are laying off staff to cut costs, so there may be an influx of talent to the business pool, ready to be snapped up to add a new angle to your company.
Whatever your way of coping, natural selection is a part of business. With the recession snapping at our ankles, it is vital that everyone utilises every opportunity that they are presented with. Otherwise they will run the risk of being picked off, as the stronger ones charge ahead of the pack.
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