I recently read a story about the unemployment rate rising again reaching a four year high. I’ve seen stories of businesses throwing in the towel and people struggling to pay for the increase in gas prices. Politicians from both political parties will do what politicians do best – talk and poke around in areas they have no business being in. Feeling depressed about the state of the economy and the prospects of your business future?
Maybe you need to look at the situation differently. While the overall economy may be suffering, there are plenty of businesses out there that are thriving. What are they doing that you aren’t? One of the differences between a business that is thriving in hard economic times versus one that is struggling is this – the thriving company has made themselves recession-proof by focusing on value.
In other words, companies that see their product or service as just a commodity will continue to suffer. Companies that see their product or service as adding value to their customers businesses and lives are thriving. In a weak economy people are spending money on products and services that help them solve a problem, relieve a pain, or add value to their businesses or lives.
What value do you provide your clients and customers? What does your business really do – make sprockets or make products that make people’s lives easier? Making sprockets can always be done cheaper somewhere else. Making someone’s life easier is a value that people will pay good money for, especially in a weak economy.
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[...] being profitable, more time with family, etc. Here’s a couple of paragraphs from the full article I did on this topic: One of the differences between a business that is thriving in hard economic [...]