Business Going Down The Tubes?

If you want your business to survive then you will need to understand the 5 important things you may have to do something about.

These are:

  1. Understand your model.
  2. Use your competitive advantage.
  3. Put in good management.
  4. Have sufficient capital.
  5. Don’t panic and don’t quit

1. Understand your model

You must be clear about what your business does and what your products can do for present and potential customers. You must know what advantage you have over your competitors. This advantage may be your product or your service or your cost, or the uniqueness of your method of delivery, or simply that you have located into an area where supply of your products or services has not been available before.

2. Use your competitive advantage
You need to look at why customers should come and buy off you rather than your competitors. What is your competitive advantage? Check out your market and if necessary, realign how you position yourself in that market. If you have competitive advantage then take steps to implement them.

It may be price, it may be the specialty of you...

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