8 Ways to Succeed No Matter the State of the Economy

By Usha Krishnan Sliva

No matter the state of the current economy, you will find certain companies continuing to rake in the big bucks and certain individuals continuing to amass their wealth.  It doesn’t matter the kind of business you are in, or if you work part time or full-time. In the end, creating a successful business is built on a number of time-tested principles.

1. Stay in touch with potential clients: Someone may have once mentioned they would be looking for a writer, designer, marketing consultant etc. in the near future. Nothing might have materialized from it, but keep them on your potential clients list and send them annual or bi-annual updates. They are more likely to contact you if you remind them of your existence.

2. Continue to build on existing relationships: Never hesitate to ask a current client if they need additional work. You’ll be surprised at how many do, but have just been busy or sidetracked and have never come to you with a request. If you are too shy to ask, then send them a short reminder email to say that you appreciate their services and list the additional services you/your company offers.

3. Be competitive: You don’t have to go down on your price, but you can offer extras in terms of regular communication and updates, quicker turnaround time and longer revision periods.

4. Expand your services: Having a niche is great. In fact, most people who specialize in a certain area find they can earn far more money doing this. However, keep in mind that you can also expand your niche to include related services.

5. Study and learn: You always need to update your knowledge. Take online courses, join evening classes or just read as many books you can. There’s always something new that can be learnt.

6. Make excellence a cornerstone in your business: How can you exceed your clients expectations? How can you better yourself and your services? Customer service is the key to keeping clients and never slack off on it.

7. Explore underused avenues: Visit job sites and see if you can bid on projects where there’s less competition. You may need to conduct indepth research into this subject  matter, but the returns should far exceed the investment you make.

8. Always have a goal plan in mind: You plans should include short-mid-long term goals. Revisit your plans frequently to see if you are indeed meeting your goals and exceeding them.