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Economic Upswing Advice

August 31, 2009

Some experts say the economy is showing some signs of an upswing. A woman entrepreneur asked me if this was true what she should be doing righ tnow to move forward successfully.  If this is true, what should entrepreneurs be doing to move forward successfully.

In my opinion, whenever there is a major change in the marketplace, I think it makes sense to conduct competitive research to see what has occurred in your specific industry and with your major competitors so you can position or reposition your business. An entrepreneur can investigate if the economic slowdown has affected other companies offerings, pricing, market strategy, and positioning. One might discover other enterprises have implemented creative plans to stay solvent including pricing changes, new marketing angles and innovative services. Some might have closed. Entrepreneurs need to understand whose is still left, what they have done to survive and where they stand in the mix.

A business owner might find they should continue operating the way they have always done business to be successful or they might need to make alterations based on their research. It’s hard to know where you stand unless you do some examination. After you have, you can adjust your business plan and move forward confidently and successfully.  Don’t leave yourself guessing, do the research and know for sure.

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