It’s not just small businesses that are struggling to recover from the economic recession– some major companies are still trying to fight their way through. It’s becoming obvious that while many believe that the horrid recession is officially over, its lingering effects are still prevalent.
Take Borders bookstores for example, which recently filed for bankruptcy. The chain plans to close about 200 of its stores across the country. The announcement by the 40-year-old company is bad news for them, but great news to competitor Barnes & Noble.
Now is the time for businesses to take a moment for self-examination. During difficult times, it becomes vital to be able to rely on the core principals of your business. Do you have your key messages nailed down? Is your branding strong enough to survive the competition? As for your audience/clientele, it’s necessary to realize that as time goes on, your target market can and will change. You have to find ways to keep up with them while staying ahead of the competition.
So…what’s your success strategy?