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Business advice from Ahmad Hosseini, continued ...
2. Find
out exactly what your customers want and provide them with the best
possible service. Remember that during an economic downturn, costumers
look for deals, competition is fierce and global, and customers are
very selective.
3. Now is a good time to find, purchase and
set-up new, up-to-date equipment. Vendors of costly equipment are
particularly vulnerable to economic slumps and will eagerly welcome
your purchase with conspicuous discounts and attractive credit. Build
into the deal an arrangement for after-sale training and services.
4.
Develop your employees’ skills and knowledge. Allow your employees to
attend seminars, degree or certification programs on various aspects of
your area of business and their specific task areas.
5. Help
your employees cope with the stress of the current economic condition.
Hold on to your best and loyal employees. Consider sharing the
decision-making and rewards of success with them.
6. Get
involved with the local community, chamber of commerce and trade
associations. Contribute to the well-being of the people who are your
neighbors.
7. Engage with your suppliers and distributors in
long-term, mutually beneficial partnerships. Helping your partners
during a downturn will only help you in the long run.
8. Develop
a board of advisors that you will listen to. Accountants, bankers,
attorneys, entrepreneurs and business school professors can all help
you keep a balance between the long- and short-term.
Business advice from Ahmad Hosseini, continued ...
2. Find out exactly what your customers want and provide them with the best possible service. Remember that during an economic downturn, costumers look for deals, competition is fierce and global, and customers are very selective.
3. Now is a good time to find, purchase and set-up new, up-to-date equipment. Vendors of costly equipment are particularly vulnerable to economic slumps and will eagerly welcome your purchase with conspicuous discounts and attractive credit. Build into the deal an arrangement for after-sale training and services.
4. Develop your employees’ skills and knowledge. Allow your employees to attend seminars, degree or certification programs on various aspects of your area of business and their specific task areas.
5. Help your employees cope with the stress of the current economic condition. Hold on to your best and loyal employees. Consider sharing the decision-making and rewards of success with them.
6. Get involved with the local community, chamber of commerce and trade associations. Contribute to the well-being of the people who are your neighbors.
7. Engage with your suppliers and distributors in long-term, mutually beneficial partnerships. Helping your partners during a downturn will only help you in the long run.
8. Develop a board of advisors that you will listen to. Accountants, bankers, attorneys, entrepreneurs and business school professors can all help you keep a balance between the long- and short-term.
