Survival Strategy is not just about physically surviving a holocaust. It is also about saving money in the event of a market crash or similar economic disaster. There are some businesses that may automatically survive and others that must may not make it.
Expert financial gurus have a couple of ways of defining this strategy so that you can tough out the times. Here are a few of the preventative solutions that they suggest for riding out any tough times.
First off you need to take a look at your business plan and make sure that it has the type of flexibility needed built into it so you can deftly and quickly handle any change. Taking time to look at the over all picture can definitely help you strategize what you will do if you need to somehow insulate your company from the effects of a terrible disaster.
Strategy number one should be the ability to access cash. In an economic disaster your bank drafts, checks and other forms of virtual money may be worthless. Cash is what is going to matter and that is what is going to matter if you need to buy anything from a supplier so your business canstay open.Financial experts also advise that you quickly start selling off surplus inventory to boost cash revenues the minute that you think a disaster may be in the offing. In other words, liquidate, liquidate liquidate!
Yet another tactic is to diversify your infrastructure so that you can sell products that are not ever affected by market fluctuations. A good example of this that is always used by marketing gurus is when, during Prohibition in the thiries in the States, the Anheuser-Bush beer company could not sell beer anymore. Instead they were flexible and creative and sold malt syrup and a malt drink that was non-alcoholic. This ensured the company’s survival until it could begin producing beer gain in 1933.
Another way to ward off financial disaster is to be aggressive now. There are predictions everywhere that things are only get worse so now is the time to really supercharge your marketing efforts or introduce a new indispensible product to the world.
One way you can beat out your competition is to offer supreme customer service. This is especially true if you cannot beat your competiton in price. It may also encourage your customer’s to buy from you when resources are scarce just simply because you will have a reptutation to be easier to deal with than others. This can be a real attribute in a catastrophe.