I was discussing with a local retailer of necessities and he was telling me how he was suffering with a drop in consumer traffic, but what can he do to bolster the business.
This is were one really needs to be inventive and creative with a sparring partner in business, to look at feasible ways of improving revenue streams, the same goes for any business in financial difficulty, with the occasional wife going out to work, to help support the biz.
Many will also be advised to call it a day or look for alternative stimulus in products and strategies, it is a time for head banging, discussion and don't forget, investment.
Property price's are dropping big time, so maybe a move could be on the cards, one thing for sure, it's time for control and management issues to be looked at, along with efficiencies in those employed and opportunity cost.
On the microeconomic side one should be looking at economy of scale and diseconomies and adjusting accordingly, where there is a will, there is a way, and survival is the important factor here!
Although dragging one's feet on making the adjustments needed to survive, is also very relevant!
ScoobyDoes says:
depend on the type of industry we're in i suppose...... you could always become a debt collector.
In Singapore with a tin of black paint? No vacancies! Anyplace else in the world no vacancies.
Had my home redecorated last week with black paint, it appears the owner we purchased the
property off, owed a significant amount, it took all of 2 hrs to locate him, turns out he declared bankruptcy long ago and he was in the hands of the CID.
I also heard Dubai is much worse than Singapore, it would be, with vast financial investments in UK wiped out, no one is spared, although the vultures will be out reaping the rewards.
I would say it's a time of offering support to your company, if you want to hang in there and even then it may not be enough.
