Tag Archives: Recession

Is This The Right Time To Start A Business?

Business Success, , , , , , , ,

“I’ve been thinking about starting my own business, but I’m nervous about the current economic climate. Is it advisable to begin a business in the middle of a recession? Are there any industries that might be less vulnerable at this time?”

It’s understandable for people to disbelieve the financial pundits who declare that crises can bring tremendous possibilities for new businesses. Prospective entrepreneurs might think, “Easier said than done,” as they are encouraged to look for business opportunities that have been created by the recession.

With consumers cutting back on spending, large corporations laying off workers and governments facing economic hardships, how can it be feasible for a small operation to navigate these turbulent times and create a solid foundation for success? Continue reading Is This The Right Time To Start A Business? →

Balancing Boomerang Kids

Kids & Money, , , , , , , ,

Twenty-nine-year-old Robert was confident that his MBA in finance would secure him a solid career and a comfortable future. After getting laid off from his enviable position at a top financial institution, he found it difficult to replace his income and had to accept a job with a 50 per cent pay cut.

Unable to afford his rent and faced with mounting unpaid bills, Robert had no choice but to move back home with his mother.

Susan, a 46-year-old divorcee, had very little to fall back on after her husband of 25 years left her. She had not worked for a long time and was desperate without a place to call home. With no children, the only place she could turn to for help was her elderly parents.

Despite her best efforts, Susan has been unsuccessful in obtaining a job and feels frustrated about being dependent on her parents for survival. Continue reading Balancing Boomerang Kids →

How To Maximise Your Marketing

Business Success, , , , , , , , , ,

As the reports of company shutdowns and employee layoffs continue to dominate the financial news worldwide, it would be understandable for small business owners to feel slightly panicked about their future. How can they possibly survive, much less succeed, in the middle of a global recession?

Last week we explained that entrepreneurs can weather the economic storms by adjusting their offerings to meet changing customer needs. In fact, small businesses can be more flexible at creating innovative products or services to take advantage of new opportunities, unlike many large enterprises.

Once your product or service is designed to meet the current needs of your customers, the next step is to maximise your marketing. Many organisations look to cut costs by reducing their marketing budgets, but to outlast the tough times, you actually have to increase your promotional efforts. Continue reading How To Maximise Your Marketing →