Developing a good business image

Economic crisis is not the cause of business collapse

Many businesses today have been brought down not only by the global recession but also by mismanagement. It is not in order to assume that the global economic crisis should only be working against your business. Many managers who are failing today are blaming the bad economic conditions for their poor performance. A good business manager should be able to look for effective ways of handling a bad situation and getting the best out of it.

One of the most deceiving business ideas is that by putting your eggs indifferent baskets, you are going to be successful. Most of the managerial trainings include what is commonly called ‘portfolio management’. This theory supports the idea of investment diversification. This is why managers think that during bad financial moments for the business, they need to diversify their investments in order to reduce the risk of losses. This may not be a solution if the management style is wrong. A poor manager will still fail even in a diversified portfolio.

Many are left wondering about what they should do if diversification is not working. The truth is that diversification should only be left for those who are not sure of making it in one line. Instead of diversifying your investments, you should be thinking of specialization.

You should be looking for the best business strategies that can make you a king in your line of operation. Unfortunately, many business managers view success as only retaining some profits for the business. Very few people are endeavoring to be the most outstanding businessmen.

Tuesday, August 25, 2009

Developing a good business image

Consumers are generally obsessed with company image. They tend to buy more from the companies with the best reputation. They love shopping from malls that carry a good name and will stop over to see what the latest designs on stock are. However, a good business name only comes through a rigorous campaign for your business. In contrast, many company managers see such campaigns differently. In fact most businesses are not particularly concerned about their business image. They see it as a tertiary need: something to just make the owner to feel good and has no financial gains. This is probably why such kind of attitude makes them struggle to inject more on other marketing strategies.

It is time that businessmen and women change their perceptions of public image. You need to understand is that the way people’s perception could leave a lasting impression on their minds. It takes a very short time for a client to form an opinion of a business and it is primarily based on how he/she perceives it. This goes a long way to dictate whether they will prefer your goods or services or those of your competitors.

Of course, you cannot show up in a marketing session carelessly dressed and expect to win a client’s attention. It will only make them ask ‘if he/she does care enough to make a good first impression, how good can the products he/she is offering be? You could have products that may not be up to standards but if your business has a good image, you may end up making unexpected sales.