Bottom Line: During periods of financial turmoil, small and medium-sized firms face a unique set of challenges. By employing certain strategies, not only can smaller companies survive slumping demand and low consumer confidence—they can thrive.
Even in the best of times, small and medium-sized firms struggle to expand. For such companies, spurts of high growth occur rarely and unpredictably, and they are difficult to sustain. So in the worst of times, when demand and sales dip, small businesses face an even steeper climb. Meanwhile, their larger counterparts have the broader access to capital, wider investment options, and heightened bargaining power that enables them to pursue growth strategies despite economic downturns.
However, a new study finds that a crumbling economy doesn’t necessarily mean smaller firms have to get buried in the rubble. In fact, even the smallest companies can grow irrespective of a financial downturn if they employ a multi-pronged approach that places a heavy emphasis on standing out from the floundering competition.
The smallest firms can grow if they employ a multi-pronged approach that emphasizes standing out.
Read the entire article at his business blog. To a large extent, we agree with his philosophy. Though he indirectly competes with us, we are so confident of our strategies, we want our associates to have the best advice, whether it comes from us or another source. because we know you will come back to us when you are serious about starting your own business.
Continue your reading with the next post on business survival rates