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Monday, October 27, 2008

Doing Business in a Down Economy

Why are these ladies smiling? The economy is tough, people are curtailing their spending, and businesses are cutting costs to survive. Yet Kerry Hewitt, owner of The Crown Pub in Southampton (that's in England, southwest of London, according to my google map), is doing quite well, thank you. Other pubs are struggling, as are businesses all over the world, but The Crown Pub is thriving. How do they do it, and what can you learn from them?

Bars and pubs are businesses just like any other, and have to be run well to survive and thrive. So how do you survive and thrive in these tough economic times?

The real question is, should you run your business differently during tough times? One of the keys to The Crown Pubs success is retaining customers. Do you only want to be aggressive at retaining customers during the tough periods? Of course not! If you want your business to thrive and grow in the best of times, as well as the bad times, you have to keep your customers loyal to you. And you do that by providing your customers with the best products and services, at a reasonable price. Meet and exceed your customer's expectations.

Ensure your products are produced in the most efficient and cost effective manner possible. Make sure they meet specifications. The same for services you provide. The process for providing your services must be efficient and effective.

These are basics of business whether the times are tough or the economy is growing and people are spending freely. Too many businesses allow waste to creep in when they think they can afford to waste a little. It's hard to drive that waste back out, so it's better to not let it in in the first place.

Effective and efficient business operations, which includes superior customer service, will not only get you through the lean times, it will allow you to thrive while others are falling by the wayside.

So head on down to the nearest pub and contemplate your operations over a pint of finely crafted ale. Better yet, head on over to The Crown Pub and see how business should be run.


Anonymous said...

Nice information about doing Business in a Down Economy. You can also get information about Currency rates.

Steve said...

Thanks for reading the blog and thanks for the comment. I don't see conversion between U.S. Dollars and Vietnamese Dong. Can you handle that transaction?