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10 Business Opportunities in good or bad times

A couple of weeks ago I wrote about 10 business survival strategies in difficult times.

I received a ton of email telling me that you guys are actually having it good out there!

John from Sydney said that his office design business had never seen it so good! Peta, also from Sydney, said that while she did see ups and downs the sales in her online home-wares business was growing steadily. Anne and Peter told me that their cafe in Adelaide hit a rough patch last year but they seem to be recovering now. From London, Geoff who runs a house-clearance company (Steptoe and Sons?) says that with a little smart management he has maintained his sales while reducing costs.

That’s great!

So I thought this week I’d “balance the books”. Here’s a video about 10 business improvement opportunities that you can take advantage of in good time (or bad – see, I’m hedging my bets).

These are 10 things you really should look to do whatever the economic climate – they just make sense if you want to make your business be more efficient, be more responsive, be more profitable, and grow.

  1. Improve your business position, whether physical (better location), market share or quality products;
  2. Look for opportunities to buy out your competitors or their equipment;
  3. Increase the quality of your employees;
  4. Reorganise your finance facilities;
  5. Renegotiate property leases;
  6. Increase margins (by increasing quality and service);
  7. Eliminate unprofitable business segments or products;
  8. Restructure and reorganise operations for more efficiency or customer-responsiveness;
  9. Reorganise your office – put in more efficient systems to save time and cost;
  10. Review your long term personal goals.

OK people, send me more email about how you’re going! I love getting your ideas and your stories.

Or, if you don’t mind sharing, get over to https://teikoh.com and leave a comment. While you’re there, or click here to subscribe to our newsletter and receive great valuable tips, tools and resources to grow your business.

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