According to the Huffington Post, the recession killed 170,000 small businesses between 2008 and 2010. But just three years later, the picture was quite different. A Constant Contact, Inc. survey reports that small businesses had a fiscally strong 2013, with almost 40 percent saying their revenues increased 10 percent or more over 2012.
With such fluctuations, and without a crystal ball, it’s hard to predict what small business owners will report six years from now, but it’s clear that cultivating flexibility is a smart business practice. That way you’re ready to expand your business during economic upturns and retract during the downturns.
Here are a few ways companies are upping their flexibility game.
Changing The Business Model
When your industry faces increased competition, new technologies or a fluctuating economy, you may need to change your business plan. That can be a scary thing, especially if your business is well established. But when the economy twists and turns, making big moves become necessary to stay competitive.
If you decide it is time to change your business model, make a list of your goals and create a plan to mitigate risks. You should also ensure that you have the resources to implement your new model and measure whether your new plan is working. But get creative and think outside the box without compromising all the things that are still working in your current model.
Use Outsourcing Opportunities
Seizing business opportunities in other locations can be crucial to your future success. Many small companies have a presence in multiple locations even though they don’t have physical offices. By enabling small businesses to expand strongly and quickly in far-flung locations, Davinci provides business meeting rooms in full-service professional business centers conveniently located around the globe.
Davinci Meeting and Conference Roomsgives mobile or home-operated businesses the option of renting meeting space with all the perks. You can reserve day offices, conference rooms or boardrooms as you need them; all from the new Davinci Virtual Meeting Room app (found in iTunes and on Google Play). All workspaces and meeting facilities are fully equipped with the latest technologies and business services. Find a meeting room location near or far today.
Michael Labertew, owner of Labertew & Associates, LLC, has used Davinci Meeting and Conference Rooms to expand his small business. “As an attorney with a focus in international business, the majority of my clients are out of state and out of the country. Davinci’s virtual office allows me to service these clients from anywhere in the world, while maintaining a presence in Utah. Their staff’s professionalism, as well as their A+ prime office facilities and locations allow me the flexibility I need without sacrificing quality,” he says.
Davinci Virtual Office Solutions also provides office spaces globally for a low monthly fee and live, specialized receptionists to place, answer, screen and forward your calls, make appointments, place orders, process payments and provide customer care.
Price points are another large consideration for any small business. While companies in some niche markets experience high demand and can raise their prices, others must lower theirs to attract new business. But doing either is a quick way to expand your business when times get tough or when demands for your service are through the roof.
Adapting = Success
There are many aspects of your small business to consider before expanding—or retracting. And, because every business is different, some of these practices will work for you and some of them won’t. By learning what works best for your business you’ll become a savvy, proven small business owner who understands that remaining flexible will always be central to your ability to handle the unexpected twists and turns.