If you run a business, you’ll know how tough it is to compete against other companies. Volatile trading conditions test even the most resilient of firms these days. Even though the global economic crisis was in the last decade, we’re all still feeling the effects of it.
Running an enterprise is 2015 is no easy job. Plenty of startup businesses end up going bust before their first year of trading. But, it seems the news isn’t all doom and gloom. That’s because many firms are doing a good job of combatting the economic storm!
So, what is their secret, you might be asking. Well, it turns out they’ve got a few tricks up their sleeves for running a smarter business.
Outsourcing
One of the best ways to cut down on costs is to not hire so many people in your organization. There is a growing trend of businesses outsourcing various functions to other companies. And, it seems you can outsource almost any business function!
I’ve seen people offer “virtual” PA services – often from the other side of the world! There are even firms that will manage your IT systems using a software solution off-site. One firm I visited last week outsources their entire graphic design department to freelancers.
There’s no denying that outsourcing is a lucrative enterprise. But, for their clients, the services such companies offer is a godsend.
Automation
Another way firms are bucking the trend of volatile trading conditions is with automation. There are many things that businesses do each day that are repetitive. It makes sense for those firms to invest in machines to automate those tasks.
The result? They don’t have to hire so many people in their workforce. And lower costs means higher profits!
Business loans
Most companies have the potential to grow and expand their operations. The sad truth is that many don’t because of poor cash flow. One alternative is to borrow the money needed to invest in expansion plans.
There’s no stigma attached to business lending. It’s an important aspect of company growth, and a method accessible to most people. Imperial Advance say that some firms don’t need to borrow five-figure sums to expand. But, because of the low amounts needed, their banks won’t help them out!
Still, it’s a good thing that there are plenty of finance options available to companies. Otherwise, the failure rate of small businesses might be higher!
The Internet
There’s no denying that the World Wide Web makes it easy to reach a global marketplace. Today’s firms have no excuse not to expand their empires beyond land and sea borders these days.
One can set up an ecommerce website in minutes thanks to the myriad of choices out there. It’s also easy to market your wares to an international audience. Pay-per-click advertising is one way to drive traffic to an online store. Another is through the use of social media, believe it or not.
As you can see, savvy firms have plenty of ways to stay afloat in today’s storm trading conditions.
