The top story of today's news put out by the Confederation of Swedish Entreprise is "Tens of thousands of unnecessary job losses", a headline we are becoming all too familiar with. Not so for everyone. In an interview with Lesley Pennington published last Thursday, the brainchild behind the Bemz business concept and its CEO underlined flexibility as an advantage small businesses have over large. "As a smaller company, [we] have the ability to quickly turn the boat in the direction necessary to get it upright and in position again."
Like many, Bemz was hit by the economic crisis following record sales in 2008. By quickly changing focus, tightening belts and making certain cutbacks, Lesley is confident Bemz will tide the storm. As many of us bloggers run small businesses, I thought her top tips on small businesses surviving the crisis would be helpful:
- Use your size to your advantage: remain flexible, i.e., have plans in place but be ready to act and react to outside influences that impact your business.
- Cut costs and make the most of the opportunities that arise in a recession. Though competition may be down, don't lose focus of the future. Rather than changing your goals, revisit the timeframes you've attached to them and remember to then give it time to see what happens.
- Above all, continue to believe in your business. Then convince your staff and customers to do the same!
Recent Comments