How to Grow your Small Business in spite of Economic Slowdown
Indian economy is in the slowdown phase and the GDP has drastically fallen to 5 percent. The reasons for decline in GDP are mainly the agriculture and automobile sectors and this leads to decline in employment opportunities. Many Indians have taken to self employment in this phase as according to a survey, about 83% Indians said they would like to have their own business.
India in recent years has been a nation of new-age entrepreneurs coming up with new innovative ideas. The number of small businesses especially run by women has also increased due to Government schemes like ‘Standup India’. The rural women have also joined the club of small businesses by starting micro, small or medium enterprises (MSME) with help of the Government funding schemes as well as many social sector organizations working at grassroot level.
Starting a small business is a way to be independent and be innovative but during this economic slowdown it is difficult for these small business owners to accomplish set-goals and sustain their business as well. But there are ways to tackle this issue, and here is how you can grow your small business during this period of economic slowdown :-
Carefully analyze the market
To survive in the market, small businesses must constantly adapt to the market needs and trends. Being on social media is another way by which it will help your customers to be aware of your brand as well as to become more aware of the trends in the market.
Better the feedback more loyal the customers
Your relationship with your customers is important in order to have a healthy business. Customers should not lose the trust and interests in the business. Take online feedback of happy customers so that it will increase sales as they will feel valued and will encourage more customers to help your business.
Stay Clear and Focused
Be clear about the target and work towards it without stopping. Understand what steps must be accomplished to achieve the target and know when and how to say no. Do not try to keep every supplier and client happy at the cost of your goal.
Make it a Success
Create a foolproof well-planned strategy, stick to it as long as it benefits you. Not every strategy will go according to plan so change strategy according to situation and be flexible.
Try as many ways as you can to increase business but do not quit.
The success and survival of a small business depends on your ability of making decisions, making correct connections and networks by analysing the market will only grow the business by boosting your sales.