36 Business Development Ideas To Survive In Economic Slowdown. 2

36 Business Development Ideas To Survive In Economic Slowdown.

At one point we business owners realize that there is one thing lacking somewhere in the business. Does that happen to you too? If yes, then let me tell you that you are not alone. This struggle is in the life of every upcoming successful entrepreneur. Where does this struggle end? There are some hidden points or should I frame it differently; there are some things that we don’t try to look at.

Yes, there can be a bunch of those minor collections that you have forgotten but those were the things that you followed regularly at the start of your business. So focus guys because we are going to have a deja vu. You may think at some point while reading this article that you were following this tip so much and you didn’t realize how it fell from your mind.

Not one or two, we are going to give you a list of 36 Business development ideas that are minor but impacts majorly.

36. Ever-Changing Market

The market is never in anyone’s control or there is no fixed rule to control the market. But what can you do? It is to have a plan B. That means take advantage of the market. Situations may not be in your favor but you can find a positive side in every situation.

If the market is low today then invest, the market is high tomorrow then sell. That’s what the general rule says but what if you wait for a long time and then sell to earn more. It is the patience formula. You need to work with the market. 

If the market is demanding on something then are you up for it? Can you identify those demands? Can you change your tech if needed? If yes is your answer then you are ready to grow your business.

35. Motivation

Sometimes we are hoping for an error in the outer environment but what if there is an error in our own environment. Then do you think you can grow? Same way if your employees are not motivated enough then you can’t expect them to achieve targets.

It is better that you motivate your employees, it may be positively or negatively; there are various sources. A push in the work environment can create miracles in history. It is a given solution for successful entrepreneurs.

34 Measure Your Past Contributions

Work on business development ideas

The business works on past trends when you check these trends? At times you are in doubt what can be done in the future then past trends get us some perspective. If you want to grow your business then check your past world.

Analyze the problems, defects, and even best achievements. If you are able to figure out what you are missing today that was extraordinary in your past works; then you may do a great job in the future. Also, you will come to know what were the things that you are missing out on.

33. Promote

A business demands promotion, you can’t stick to the same old rule. By promotion, we mean changing your work life and adapting to the modern lifestyle. The way you work may be a traditional one and that could be the number one barrier for your growth.

If you don’t use high tech equipment or online websites or an interesting work environment then you don’t stand a chance. You should be able to cope up with the demand. If you are not acting quickly by using this high technology then your competitors will easily push you back.

32. Over Deliver

There is one rule in business, I hope you haven’t forgotten that and if you are reading it for the first time then use it forever. Whatever you are asked to do, do something extra every time. Your client will not be satisfied ever until you don’t deliver extra.

If you are asked to maintain a report on the weekend then tell then it will be done by evening 5 pm on the weekend. Why? You need to be on time and exact; that is what means to deliver extra. If you deliver what is asked then business growth is stagnant but over-delivering ensures more clients and more work.

31. Improve Your Skills

Have you stopped thinking about yourself? Do you think I am the boss, why should I learn? If yes then you really needed this article. You need to work on yourself constantly because maybe your work can be delegated but it should not be taken over.

If you are always dependent even for one bit of small matter and you don’t even know about its basics then be ready for others to use your weakness. A business can’t afford these mistakes, improve what you don’t know; start with basics.

30. Start Investing in Marketing

36 Business Development Ideas To Survive In Economic Slowdown. 3

The biggest gift that you can give to your business is to expand your marketing networks. If your growth is stagnant then it is time to use the high tech world and reach everyone. You will expand the network and business is eventually growing.

What do you require here? Do not stick to online modes, even the traditional method such as your business card; plays an important role. It is the identity of your business and like that various other traditional marketing methods.

29. Know Yourself First 

Do you know where you belong now? What you want from your business except for huge profits? Are you able to discover peace in your work? Are you satisfied with what you provide to society? If these questions are unanswered then you should answer them now.

An owner is the heart and brain of the business, if his mental health is not aware of then you can not expect anything good. You should be clear of what you want and be ready to put in hard work for it. 

If you are charged up and ready to work for anything then the business gets its activeness. You will see a new kind of sparkle in your business.

28. Focus When It Is Meant To Be

If you are not aware of the environment of in and out of your business then you are nowhere in your business. You may work from your home but keeping a check on every employee is essential. If you are on a vacation that does not mean you cut off from the world.

The minor mistakes done by each entrepreneur at some point is that they miss out on many opportunities due to their lack of focus. I am not saying you have to get every one of them but you can avoid missing out on many opportunities if you use this advice.

27. Diversify Income Sources

This is my personal favorite as I got to know this advice a little bit later but it eventually worked out. You may be doing business in some sort of sector but if you are planning to grow your business. It means you want more profits and income.

The easiest way is to get multiple sources of income. You can invest, buy assets, and various other options are available. These are those sources that can be done while doing your business. You can put your money on better use.

26. Are You Strict With Your Time Schedule?

A person should always be punctual, you must have heard that “time is money”. And it should be respected. While doing business for more than 2-3 years you get habitual. But if you start ignoring the time boundaries then you are in a big problem brother.

Growing a business demands punctuality, you need to have proper discipline in your life to achieve your goals. If you are leaving your work for tomorrow then you need to change some of the habits. 

25. After-Sale Service

This is the most crucial aspect of the business but after some time it gets overlooked. Why did that happen? There could be a number of reasons such as fewer employees to solve queries or problems in the products. You should get to the problem and find out what is the error.

Once you are improving the after-sale services then you can see the results. This is one such problem that you may or may not have in a business. There is no harm in checking out for those reasons that can grow your business.

24. Know Which Client To Choose

At initial stages of business we just don’t figure out which client or whom to choose, it is just the client and their needs. But at some point, you get to know what is best for your business. It is possible that some clients are not giving enough sales and even getting much more spend.

You need to drop the burdens of these clients and go on with the best possible solutions. It will help your business to grow as a whole. How? You are going to get new and better clients that can contribute well. This way you are losing the liabilities and getting assets.

23. Do What You Love

Business is all about doing what you loved to do most. If you don’t enjoy it you can expect others enjoying your services. As it is well said “you should be your first customer”. What it has to do with growing the business. If you are really a person who enjoys doing business then it’s good.

But after many years of doing the same business, it may happen that one of the reasons for your business not growing is you. You are not enjoying what you do. You need to find that happiness again. Or just start a hobby so that it relieves the stress and you can focus.

22. Fail More to Try More

You may find it discouraging but failing more doesn’t mean that you are doing anything wrong. It only means that you are going for something new that your competitors are not. What if you fail? Every entrepreneur fails thousands of times to achieve wild success.

This is the only method through which you can try your luck and pop into that category where no one has even thought of it. You should not be afraid of failing because being out of your comfort zone is the best thing you can do to grow your business.

21. Identify the Reach of the Business

While growing a business the first question that You must answer is to what extent your business is already flourishing. If you are not reachable to all those customers who are within your market then you have to plan your strategy again.

When you come to know about the reach of your business then you have a better chance of not missing out on the important clients of the business. Sometimes it happens that you forget a minor sector of society which can bring you hi Sales.

20. Work More on Online Promotions

36 Business Development Ideas To Survive In Economic Slowdown. 4

Marketing has been a major part of the business since forever. Even the ancient times has examples of

Marketing. But online modes have totally changed the myths. Now you can reach out to anywhere in the world. Whether it is a recession or a pandemic disaster; online marketing never fails.

Here is the thing; you need to work professionally with your marketing manager now. It is not possible that the manager is supposed to do major work. Now you need to be on top of his head to change the plans according to the market and bring out more relevant.

19. Ask Yourself, Can You Expand?

 A proud stage comes for every business where you seriously think about expanding. It may be nationally or internationally, with a different line of products or a new product and many other ways. It is a common and most founded way of growing a business.

What makes expansion better than anything? It is less risky because you already know where you are stepping. You can handle the pressure. Also now your business can earn high profits. 

18. Invest or Acquire

Every entrepreneur knows that growing a business gives you an option to acquire new business. We want to help you out with that. There are some questions that you need to ask before thinking about acquiring. Do you have enough resources? Can you handle the new venture? Many more like that.

If the answer is No, then don’t get disheartened. Start investing. You can earn high by investing in those ventures that you wanted to acquire. That way you can earn money even without paying a huge amount. 

17. Are You Evaluating the Contributions to Society?

A business protocol asks you to invest in contributions to society. You have a corporate social responsibility but did you ever evaluate returns for your contributions. If yes then it is time to make changes in your process.

You have evaluations for the returns that you get in terms of monetary benefits but the qualitative benefits that you get are often missed. Did you check which clients found your name through a charity event? If not, do it because now you will know where to contribute more. Either at marketing or contributing to society.

16. Try to be Short and Simple

Email marketing is the best way to promote business. But it can’t be done by anyone. Being precise is not a task that has guts to be followed by any ordinary person. You need to have those skills. Email marketing is a good way to reach out to where your business hasn’t.

Being short and simple in your emails is one such sure shot way that I can never forget. It did help majorly. You might not know the returns it could get for you; especially in the era of technology.

15. Check Out Growing Options 

Now as a business there are several options where you can grow your roots. One such option that is on top of my mind is franchising. It really helped a lot of bug enterprises to spread nationwide and even internationally.

How? You can give options to those small startups who are looking to purchase your franchise. This is how they will do the work for you in return for your goodwill. You are growing as a business by using your business name. 

14. Hosting Charity and Social Events

Being in society you get some and you need to return. This is how it works. Also, it is a huge part of the image that you present for your business. There are many plus sides of this activity but the major which I can recall is you get to have fun.

These events are really great. You can easily relax your mind and work with a charged up body. Growing your business is just not possible when you don’t grow together. Learn to grow with society.

13. Know About Your Competitors or Even Make Them Friends

Yes, you heard it right. Your competitors can be your friends. If you don’t know what happens at your competitor’s business then you are not going to them then. Also, it is not necessary that you have to have a great bonding with your competitors.

Just socialize with the market and build good networks. It is really a part of the business. What you may not know is sometimes your competitors can divert clients for you. 

12. Networking

While networking is important but when business achieves a good image, it becomes necessary that you start scrutiny of your networks. We are not suggesting to cut off with anyone who you want to be associated with. 

You need to build larger and stronger networks. Networking is a core part of growing a business. If you are ready to let go of what you don’t need and get those which are best for your business, then it is time to take that step.

11. Evaluate Business Goals

At one point in time, you had goals for your business but now you have come a long way. It may happen that these goals have changed. It is time for a quick check. Do you still want to go for those goals? 

You may just want to achieve a stage where you had good profits but now that’s not enough. Now you need better customers and more sales. Did you start working on it? If not then why are you waiting for? 

Change your goals right now so that you can start working for them. Sooner the better.

10. Innovate

In every other article, you will read this word, why? It is a sure shot solution that could grow your business. But here is a catch that no one will tell you. The process is difficult. Getting innovative needs expertise of the market, identifying and collaboration opportunities.

No need to worry because you may have already passed by some of them. You just need to hold them when they are in front of you.

9. Grab Market Opportunities 

Remember about those times when you were a fish from a lake (startup) and when you moved to a big ocean (large scale business); your brain was popping out with new ideas. You were like a bullet train who wanted to mix this and match that. 

If that is not the case now then ask yourself why? You are stuck at the normal routine and you don’t want to change with the market. If you won’t see the upcoming demand then maybe your competitors will. Not maybe they surely will.

8. Be Unique and Fresh

A long time ago when you were deciding which strategy to use or which name to take or which products are better; there you must be wanting something unique and new. What happened now? 

If you are circling in the same routine, not venturing anything new; then do you think you will survive for long. That is why it becomes really important to just go for new ideas, take your employees on a brainstorming weekend. Ask them about the changes that could be done.

7. Customer Relations

36 Business Development Ideas To Survive In Economic Slowdown. 5

The one and only top priority of every business that may destroy or create you. But do you know which customers should be diverted from your business? There are a bunch of those toxifying clients who waste our time.

What is much better? It is to get rid of them. How do you do that? You can divert them to other sources (maybe tour competitors) or handle them with care. The major problem here is you may not understand which customers are really these types. The simple solution is to ask your employees.

6. Brand Image

We all know how our brand image works. If promoting our brand image would be enough then there will be no additional treatment to clients, employees and various parts of the business. You got to think about the branches of your business.

You want a tree to grow but how can that happen if the branches are not given water. Similarly, you need to work out on your image through treating your employees better in the work area and satisfy your customers by responding to their queries.

5. Are You Investing In Your Own Company?

You are earning well and good, in fact investing to earn great; but are you investing in your own business? Your answer could be yes I am getting the raw material to pay salaries. Dies investment ends there? Of Course not.

We start with a simple example, Google. It gives abundant services to them so as to get maximum efficiency. And that should be the case with your business. Extra services in your business will bring extra profits, maybe not directly but surely through your employees.

There are other ways to invest in your business such as creating extra facilities for storage or maintaining the proper free areas for employees or canteen and much more viable options to create better assets.

4. Delegate Tasks or Maybe Not

While there is a difference in delegating a task and assigning a task. If you are left stress free by holding important work to your employees, waiting for them to complete it for you; it’s not going to happen. Until you are not supervising.

Be on top of them, think what they are thinking; know where they are headed to. You must take care of every task. Even help then if they are in doubt. This is what a boss does not do, right? No that’s not true, you should work as an employee to be the part of the business.

Create a balance between delegation and assigning the task. You may find that employees are using this option for their personal use. It may not happen if you keep a check on them.

3. Are You Looking Even at Minor Opportunities? 

Every other day you may get an invite from various charity events or shows or corporate affairs, you may ignore minor ones. But don’t miss out on the details of these events. Sometimes big networks do follow some minor events and you need to be prepared for these opportunities.

But no one will tell you about these, you have to do your homework. The background story of an idea is different from what you look at. If you are ignoring the data then you are cut off from a large part of the community. You need to identify those opportunities that are ignored by most entrepreneurs.

Have your personal views on each thing that rolls out in the market. This way you are able to work out things in your favor and in the quickest way possible.

2. Solve Your Doubts and Ask for It

Now you are an entrepreneur and you worry about your reputation. How will I look while asking a minor doubt? Don’t be that stubborn, when you were nothing these doubts helped you out to grow as a person. You will not only learn but you may come up with new ways of communicating.

Also, there is one more view of it. You need to ask for big results. If you are afraid that you can achieve them then you were not ready in the first place. You can ask what you want because if you don’t no one will get it for you. 

Well, if you are anyway troubled by asking for doubts or your doubts then you have other ways. Indirectly communicate so that your employees do not get offended and for your doubts, you can anytime ask us.

1. Own Your Business

Well, if you think that by owning you need to behave like you have a business; no that’s not what I meant. What did you forget which you practiced while starting your business? It is learning about the deeper concepts of the main idea on which your business stands. If you are not well aware of that then be ready to fall off.

By the time maybe you haven’t realized it yet but you forgot to start deepening the bugger visions of the business. You need to be through with the goals of the business. It is the one common mistake that became the game-changer for some. 

Conclusion

I hope I reached out well and you did find out some of the big vane changes of the business. Well, these were some top business development ideas that are enough for any business to get back on track or go faster on the track. You must use these wisely, at some point we need advice but how do we use it is in our hands.

If you are really serious to grow your business then here is an extra tip# Let go of all of those failures the past you had your lesson and now you can write new pages of your life.

Did you miss anything? Want us to add on to any topic? Which advice you would want to apply now? Which business development ideas you loved most? Is there anything you couldn’t relate to? 

Share your queries in the comments below.

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