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How to Survive in Times of Crisis

The small companies have to go through many things, the first challenge is the economic recessions that occur quite frequently, though not as severely as the deceleration of the economy the US and the rest of the world’s economies that are facing today. However, it is difficult to run a small business that is costing more for your business than you earn. Here are some key pointers to help you keep your head above the water and survive in times of crisis.How to Survive in Times of Crisis

Sell ​​services instead of goods, if possible. Businesses that sell services rather than goods are more likely to survive in tough economies. It has to be a service that people need, and the price must be low enough that people can and want to buy it.

Do not confuse income with earnings.
Income is the total amount of money you bring into your business, and profit is the money that is left after all expenses are paid. These expenses can include taxes, employee payments, car payments, equity investments, production fees (if you run a business that sells the goods) and so on. In order to successfully run a business, your income must be more than what you are spending to operate the business.

Enjoy the economics of selling a good or service that people want to buy.
For example, people don’t have much money to go out and so you sell a cheap presentation service to attract customers. If you make any goods, you can cut costs substantially and sell cheaper than your competition.

Balance your standard of living versus your quality of life. Your standard of living can seriously improve more with the money your business creates, but if the quality of life is poor from being too absorbed in your business, your family life and social life will suffer, in turn. your business will suffer. This is a delicate yet dangerous balance that is important to maintain.

Recognize stakeholder needs and respond appropriately. Stakeholders include individuals such as its suppliers, manufacturers, equity investors, customers and consumers, and employees. Each group has different needs and wants, monetary or otherwise, that they must meet in order to continue their business and support.

Focus on your factors of production. Land, work, capital, entrepreneurship and knowledge contribute to the success of your business, although it has been shown that knowledge and entrepreneurship are the two most important ingredients in the success of the small business stew. Maintain a healthy balance between the five, but focus on the most important ones.