Are tough times one of the best times to grow your business?
The answer is YES. Many major companies have grown in tough economic times. Hard times are an opportunity to expand either through acquisition( by purchasing a business that has potential but needs new direction) or by attracting new clients(through offering a better service/product than they are getting from their current provider)
Acquisition has many benefits including:
- Reduced overheads and increased purchasing power
- Established customer base and loyalties
- Immediate cash flow
- Proven products and services
- Drastic reduction in startup cost
- Experienced and skilled employees
- In place operating systems
Growth through acquisition isn’t just the domain of large companies but also a chance for small and medium ones to achieve rapid expansion. However, the skill of identifying an “acquisition target” isn’t easy and specialist advice from a professional, such as a business mentor, can be an invaluable tool reducing risks. Their evaluation of the prospects and pitfalls might even tell you to walk away when you would have proceeded. Successful entrepreneurs, who have built a company in the same field as yours, have the experience needed to guide you through an acquisition deal
Growth through more customers means giving them a reason to come to you rather than your competitors. Although attracting new customers nowadays means every £ they spend with you needs to work harder and offer more return and better service, that isn’t the be all and end all. People like to deal with people –people they like and trust. It is very important at every stage of business to build a good rapport with clients. Again a business mentor or entrepreneur, who has knowledge of your area of business, can be an invaluable tool in helping you achieve success through an increased client base. Sometimes we are too close to our own companies to come up with new ideas and initiatives but an outsider with experience can see just what we should be doing to boost sales.
Make 2012 the year you become a wealthy entrepreneur through hard work and inspiration from a business mentor
