One of the major issues Tanzania currently faces is an Economical downfall. After the enforcement of new laws to streamline the country’s development, the business area is largely impacted thus resulting into losses, companies being shut down and removal of staffs.
To rise above the existing challenges, the following strategies will help you strengthen your business and regain your position in the market.
Value your Customers
Businesses fail when customers aren’t treated well. It’s very crucial to take extra care of your customers so as to maintain a good relationship with them. Customers love to be attended to when they step in. They like to be welcomed with a bright smile, offered tea or coffee, assisted in selecting the product and also showing relative products to match with their needs and requirements. Providing after sale services such as free delivery, points and rewards, or perhaps free maintenance for a year, certainly retains your customers in the long term.
Market your Business
At times like these customers always keep an eye out for the best deals available in the market. Provision of seasonal offers, promotions and discounts will definitely stand out and attract more customers. A market research will help you recognize the patterns and guide you on planning and investing in new or existing marketing strategies. While your competitors are trimming the budget from marketing, it’s a good chance for your business to reach out to the crowd.
Increase the Quality
It’s a mistake for businesses to opt for low quality materials so as to cut down costs. Compromising with quality incurs huge losses to the business as it causes customer dissatisfaction. Instead of risking it, why not increase the quality of goods and services by taking an innovative approach? Analyze your business plan on what needs to be improved and what needs to be introduced. Are you utilizing an efficient system? Is your stock in a good condition? Do you have sufficient resources? Are your products outdated? A quick review will guide you to move one step ahead to develop your business.
During an economic crisis, your staff are the first to worry about their jobs and could easily be demotivated when certain incentives are reduced. Tough times like these needs to be communicated in a calm and respectful manner. You may also need to rearrange the Human Resource plan and train staff to takeover more duties. Build your staff’s morale and let them know how important they are. Involve them in decision making by discussing about the ongoing issues and the possible solutions that will help revive the business.
Financial Advisers, Accountants and Business Consultants are the best people to help your business survive despite the economy downturn. They provide business advises and services such as investment management, business models, financial analysis and market plans. Another supportive approach is through collaboration with other businesses. Networking with other businesses is useful as it makes you aware and understand how they’re coping with the economic challenges. It also directs you to new opportunities, partnership and suppliers at minimum costs.