Massive Opportunities To Grow Your Business During The Recession
Most business owners are so frightened of the recession that all they can think about is how to just stay alive and survive till the good old times return. Brother have I got news for you, they are not coming back and the opportunities you have for growing your business during the recession whilst everyone is crying and shivering at the thoughts of just surviving. The smarter entrepreneurs are busy building their empires by doing deals with businesses that don’t know how to thrive and cannot see the hidden opportunities that are right in front of them.
Common Excuses Why Businesses Is Not Growing
The reasons or excuses as we call them are as follows:
- Too much competition in the market
- Competitors have forced my prices down
- Times are Tough
- Don’t you know about the recession
- Can’t afford to hire good staff
- Can’t find good employees
- Wages are crippling my business
- Cheap imports are killing my business
- Bank will not give me a loan or overdraft
- The list goes on and on…..
If you really believe the above then you are defiantly heading down a one way street known as Bankruptcy Street. The above excuses might sound reasonable to a the average business owner who is in a reactive mode but put in his or her place someone who is very pro-active and you see the excuses turn into solutions every time. The simple reason most business owners believe the above to be true is the same reason most businesses fail, do you know what that is? One single common thread that runs through every failed company is LACK OF SALES, yes that is 100% correct. I will challenge anyone who says different. So let’s get back to the hidden gems in your business shall we?
What Are The Hidden Opportunities?
The hidden opportunities can be the client list that you have that you don’t realise the real value and how to capitalise on it. This could be the relationships with suppliers or clients that you have that other entrepreneurs would gladly pay over the adds to have that relationship or a formal introduction. Could be underutilised assets that are just sat dormant or only being used well below capacity, you could have started and invested in a project and just left it on the shelf with capital tied up in the project and so on….. the list can go on and on….
How To Explore Your Hidden Assets In Your Business?
No the assets I am talking about will not appear on your balance sheet, these are assets you and your accountants don’t recognise as valuable at all. So now you have to learn to play detective first hand. Do you have ads that work better than your competitors? Sales pitches or telesales that work like crazy? Customer service policies and procedures that keep your returns and refunds the lowest in your industry? Or any other proprietary techniques or procedures you use in your business that outperform the rest of your industry?
If so, you’re sitting on a potential gold mine. You can license the rights to use any of your specialised techniques or assets to other non-competitive firms. You can do it for a flat fee, a percentage of the profits, on a royalty basis, or any other way that makes sense to you. Or you can conduct seminars to teach your techniques to others and charge whatever the market will bear.
Now that you know how to play detective to find the intangible assets in your business, the next step is to extract these assets in to hard cash that can help grow your business faster than you had ever imagined. If you need a hand in making this work in your business find a good Mastermind Strategist to help you uncover and bank your hidden assets. Make sure you only pay him on a results performance only, i.e. a share of the extra profits he brings in for you that you would not have gotten without him or her.
Good luck detective.
Think Big – Stay Small – >>Move Fast
Latest posts by Moe Nawaz (see all)
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Filed under: Business Growth
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