If there is one thing you can be absolutely certain off as a small business owner is that sooner or later you will face adversity.
Whether it is in the form of a new government regulation
Changes in the marketplace
Change in consumer buying behaviour
A new and aggressive competitor stepping into the fold
Or your business being stagnated
Quite recently we have noticed what the introduction of the new legal regulations have done to the legal industry. Many law firms folded because of their lack of preparation to cope with the new legal regulations.
Since the financial crisis forced government regulation of the accounting industry, many accounting firms have ceased to exist or forced to merge with bigger firms.
The entire US government is currently on a lockdown because special interest groups view the new healthcare regulations as a hindrance to their way of doing business.
Like it or not there are going to be changes in circumstances that will change the way you are currently conducting business.
When that happens, what would you do?
Firstly, what you should not do is hold your hands up and say I have been had.
Instead of throwing in the towel saying I have been had, the best response will be to find the opportunity in the adversity.
A company that sold industrial adhesive discovered that its staff were stealing the adhesive, bottling it and selling it to consumers. Instead of getting rid of those employees as most small business owners will do, the founders of the business thought to themselves, if people will buy it from them, they will surely buy from us.
So they expanded their operations to include selling directly to consumers. From the adversity, they spotted an opportunity.
In respond the new legal and accounting regulations, many law and accounting firms are either closing shop or merging.
If you own a law or accounting firm and you are considering closing shop as a result of the new regulation or economic crisis, think about this question?
How can you turn the current adversity into opportunity for your firm?
The same question goes to any small business owner who might be struggling to navigate the new economic reality.
How can you turn the current economic crisis into opportunity?
There’s a silver lining to every cloud
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NOTE: In today’s fiercely competitive business landscape, your business cannot survive without effective marketing and business growth strategies. If your business is stagnated or you want to take your business to the next level through effective marketing, please call 44 (0)78 6504 9508 or email: firstname.lastname@example.org
Meanwhile, please click on the below link to download your free business growth blueprint: www.theprofitexperts.co.uk/Small_Business_Marketing_Report.pdf