By Joseph Palumbo III
So you have been a Queens small business owner for many years, but you are worried about becoming a statistic. In speaking with many Queens business owners, a valid concern is how healthy their businesses are. Many are asking how much longer they can endure this economic downturn. Thousands of businesses go down the road of failure every year, but pitfalls can be avoided.
Be realistic about your competition and what your potential setbacks may be. If a valid competitor in your industry is charging less, you have to do the same. You will not be married to charging that price for life, but to compete effectively you will have to for the time being.
Many times business owners get accustomed to a certain way of life and common practices. You may have to forego some perks the business has given you and tighten your belt. Save on supplies or downsize the holiday party. Do not look at this as a negative because the business as a whole is productive to all at the end of the day.
Adapt to changing your business model in some cases. Maybe it is time to start cold calling again or perhaps you, the owner, must go back out and land new accounts to beef up productivity.
So How’s Business regarding small business owners surviving through rough economic times? Be proactive. Do not get caught off-guard and realize you are in trouble when it is too late. Open up alternative streams of revenue. More businesses than not have alternative markets they could pursue that could open doors for other monies. Just because one facet of your business has been successful for many years does not mean opening another will be bad. It may require rolling up your sleeves and getting back in the trenches, but the recession will not last forever. In the end, you will have created a better business and lasted out the tough economic winter.
Contact Joe Palumbo at 516-297-4034 or jp@c21amhomes.com.
