One mistake all failing business make during bad times
Market conditions are changing every second day. Customer buying behavior is getting more and more unpredictable. When technology or pricing differentiation is fast eroding then businesses need to learn to reposition their products and services to keep on finding right customers.
Recession is tough time, the whole economy shifts to saving mode from spending mode. Customer tend to postpone buying decisions, business struggle to meet the cash flows and employees become paralyzed with fear and uncertainty.
Businesses which constantly focus on adding cost-effective solutions emerge as true winner during recession but all failing business instead of empowering employees with innovative trainings and better exposure to promote sales and newer competency they fuels negativity by cutting cost, clamping innovation efforts to reach more customers – even to the extent of restricting their day to day operations. These inactions further breeds fear among employees and lose trust in the organizational leadership, and then the worst of all things happens – the good employees leave the company and join the competitors.
For some companies, where the leadership team fail to give quality engagement to its employees and leave them unprotected from outside negativity only deteriorate atmosphere within company and stretches recession.
No matter what, the sales engine should always fire if company wishes to remain in business and hence all the employees even during tough times should be positively charged to tap new customers. It is golden opportunity to make your business expansion more visible during recession when others curtailing their efforts to zero and waiting endlessly for improving in market conditions. Businesses that don’t wait to turn negative market to become positive but make sure to always keep positive work force see no recession.