Copyright Edward Scoutfield
No one can really tell what life would be like in the near future so no matter how wonderful things are going today, nothing can compare to the idea of acquiring the necessary preparedness to make sure that we will be able to handle the unexpected changes that will come our way in the future especially in the aspect of finances that usually give reasons for people to be bothered from time to time.
The past years were not so ideal for the people in business, the global economy has been in the not-so-ideal status for a long time now, and a person engage in any business may find it really hard to avoid getting affected by all the changes that took place in the economy. However there is no reason to give up and simply surrender to the difficulties that burden the supposedly convenient business venture tremendously, because with the right strategies and the willingness to take on the obstacles that get in the way, nothing can get in between you and the much coveted success.
Here are some of the helpful tips that should make things a lot easier for the businessmen during these trying years:
• Do not focus on a single investment. Look for other profitable investments that can help you earn money even more. This is also the best way to make sure that you will have something to fall back on when things don’t transpire to bring you the best advantage in one of the businesses that you have invested in.
• Give up on the things that have no chance for success. You should be open to the possibility of closing down especially when the business is no longer earning any profit. The cost of maintaining a business plus the taxes that you are obliged to pay will just be the burden that you will need to take on for no reason at all.
• Buy and sell stocks. You should be aware on how the market moves and as much as you are making a gold mine out of the stocks that earn great fortune, you should also know the perfect timing when to dispose the stocks that will just later on prove to be a great waste of your time and money.
Business usually has its ups and downs and no one is spared of it even the people who are considered as the institutions of the industry. When venturing into business, remember that there is no such thing as pure luck, because for sure in one way or another you will need to come up with your coping strategies to be certain that you will survive the stiffest competition that may come your way.
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A prospective businessman also has to do a lot of research on how to cut costs. One growing trend right now is “collaborative consumption”. A businessman may need to explore possibilities of cooperation with other related businesses in their area to split expenses on advertising, to achieve economies of scale in purchasing office supplies, office furniture, and etc. Plus, instead of buying office software, he may need to consider free-web based apps instead.
Hi Dianne,
I’m starting a small business myself and I would like to share to your readers two articles that I think would be useful for prospective business people:
http://smallbusiness.foxbusiness.com/entrepreneurs/2011/04/04/myths-avoid-starting/
http://www.openforum.com/idea-hub/topics/money/article/27-money-saving-tips-from-successful-small-businesses-annie-mueller
I also would like to say that I appreciate your articles about organizational culture and teamwork. As an owner of a small business, every employee contribution is valuable and I cannot afford to hire the wrong person or lose a valuable employee.
Thanks again,
M.P.
I liked the title of this article, “Coping Strategies” but I expected to read something more about how to persevere building up your business. However, I appreciate your second point of having an exit strategy for an unprofitable business or any business you have started that you think does not have a future. To stay in business, a person needs to face reality and be flexible enough to adjust his business plans to the world around him.
Would love to read more about specific “coping strategies” used by successful business people today. Here is a link that may interest and motivate your readers to keep working on their own businesses : http://www.growthink.com/content/7-entrepreneurs-whose-perseverance-will-inspire-you