Tips for keeping your business afloat in this economy
In today’s economy, we are facing undeniably one of the worst recessions in history. In health care, we are challenged with embracing the medical device tax, accountable care organizations and meaningful use. What are you proposing to your management team to remain profitable and viable for next year?
Some of us fight to keep things unchanged namely the recent efforts to repeal the medical device tax, http://www.medicaldevices.org/node/1039, while others employ the wait and see approach in fear of the potential impact to stakeholders. While I’m not suggesting in this newsletter that you make a decision one way or another, what I’d like to do is propose strategies for you to consider employing in order to stay afloat:
- Increase communication with customers
- Begin brainstorming and planning sessions
- Differentiate and diversify
When we are faced with competitive threats like the onset of new product entries or pricing wars, we tend to under-communicate. This is the time for you take off the jacket and speak honestly with your customers. Your customers are people who face similar challenges. You’ve earned their business; now reinforce their trust in you. Be sure to not share trade secrets or proprietary information that could be damaging to your business. My point is that you need to reel your customers in closer when you need them the most.
The second suggestion is for you to begin thinking about where your company and its products are positioned in the market. What customer groups haven’t you considered or maximized? Where are you losing traction? Take some time to brainstorm with your management team. This will enable you to begin focusing on the right strategic initiatives for next year.
The last point is to find ways to be different without breaking the bank. Find out what your competition is doing or better yet, not doing. Are there opportunities for licensing your product, or in-licensing another product that may fit into your current client base? Often we get so caught up in the daily activities that we lose sight of the big picture. The goal here is to remain profitable and viable for the long term. Are you ready to take the next step?
For more information on ways to further develop your business or grow your revenue contact us at firstname.lastname@example.org or visit us at www.grifcostrategy.com