3 Tactics for Building a Successful Business in a Bad Economy
Posted by | September 19, 2011
It’s the biggest question in our “New Normal” economy—how do you build a successful business during a global recession?
Despite the lack of any discernable boost from the economy, some companies that have managed to succeed, proving a strong business model focused on long-term goals can drive growth in any economic climate.
The key is to develop strategic growth drivers, as keeping focus on long term strategy and core strengths enables you to stay ahead of the competition. But nothing remains constant in the world of business. Periodically reevaluating goals helps you make the necessary adaptations you need in order to continually stay ahead.
There are three pieces of advice that Safeguard gives to our partner companies to weather all of the uncertainty in the market. These golden rules were featured in an article I contributed to in VentureBeat’s Entrepreneur Corner. I discussed the top three tips that business should follow in order to build a successful business, no matter the economic climate. The highlights?
- Preserve Your Cash
- Use Aggressive Sales and Marketing Campaigns
- Seek Opportunistic Mergers & Acquisitions
The article also features my most important advice to executives of growing companies. And that is it’s critical to remember that on the road to success, there will always be setbacks. Remaining flexible will keep your business moving forward during these tough times.
