What is your advice for surviving the economic crisis?
We will survice, because we need the business!
Truthfully, when we have coffee, their is no economic crisis, I choose to ignore any economy crashes, any crisis, because I choose to not allow it to affect my environment. Coffee is certainly a recession proof Business, people will rarely give up their coffee and besides our Coffee Pays, so noone really needs to complain about a lack of Opportunity.
Well as I said earlier, sometimes its not down to the business owner, sometimes in an economic downturn, certain goods and services just don't sell no matter what the business owner does.
However, the main advise is keeping a close eye on costs daily/weekly/monthly costs - they all add up at the end of the year, no matter how small.
The other main factor is cash flow - it is of the utmost importance - keeping a close eye on cash flow and especially money coming in.
We are constantly seeking advice from people who have been there and done that. We are always willing to listen and seek help. I think if entrepreneurs sometimes get too pigeon holed on their thinking and vision that it hurts them in the long run.
You can't control everything. In fact you can really only control your own actions and reactions.
One person's economic crisis is another person's comfort level. It's all about personal acceptance and lifestyle.
Focus on the four basics of business. It is not about the sector you are in - that's just an excuse - the businesses I see thriving - and there are many are focussing back on the basics.
In these harsh economic times, you need to work even harder to stay afloat and continue to be there for your customers. We have never let the recession affect our customers negatively and have never had to let a member of staff go because we couldn't afford to keep them on. It has been a case of being proactive and looking for more opportunities, rather than waiting for them to come to us.
Don't wait till the dollar to become worthless start collecting and buying golds and silvers because the price on that will never change so you never know you might have a nice little gold necklace that you got for 2,000 and ten years from there it become 30,000. Some food for thoughts.
Don't overspend. Put yourself out there in front of your clients and don't expect them to remember you without a little work on your part. Communication is very important - be there for your clients and create the loyalty. Most likely, many of us will not be making as much of a profit as we were before the crisis, but if you stick with what you believe in and remain loyal while delivering quality work, I believe that the end will have been worth the means.
I believe if you do what you love, the money will follow. You might have to get a part time job to pay the bills, but the more you enjoy your work, the more you will throw yourself into it and it won't seem like work. You'll find new and exciting ways to build relationships and money will naturally begin to flow to you.
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