Francoise Christine East Orange NJ Economy

By Frank Ramsey

No matter how rich a person or a country is, there will always be tough times. In these tough times when the economy is in bad shape surviving a bad economy is a must for everybody. This will not only help themselves to adjust to the current situation but this is also one way of contributing to the overall survival. The following strategies no matter how simple they might be can somehow help a person to survive the downscaling economy.

On transportation:

- It is best to carpool more often. Make it a habit between you and a coworker to take turns in carpooling to the office. This is a good way of minimizing both your expenses in gasoline. If there are more than two of you living in your neighborhood much better, the more the merrier.

- Instead of buying new cars, old used ones. In these tough times, new cars are not a necessity. But still, you need a means of transportation. What best way to save up but to buy old cars and save up some money? When you buy used cars, it would costs you a lot cheaper.

- Put together different errands in one trip. Try to get all of the things you need to do in one trip or on your trip home. This lessens the number of trip you need to make and you can avoid from driving back and forth.

- Take up a hobby and ride a bike. If you live close to stores malls or places you usually go to, ride a bike instead of driving you car. It’s god exercise and it’s good for your health.

- Wash your car yourself. This one is a no-brainer, why spend on something you can do yourself. That’s right, you can do this yourself. Imagine the cost savings that you’ll be making. It’s not much on its own but it’s a lot altogether.

On eating:

- Eat like you’re on a diet. Try and eat off your kids plate sometimes, this will make you eat in smaller portions and you would even notice. This one works if you don’t go for seconds.

- Bottled water alternative. Tap water is the ultimate cheap fix. Try comparing an ounce of bottled water and an ounce of tap I’m sure you’ll see the difference.

- Less meat more savings. Imagine not having meat during the working week and having it on weekends instead. It will definitely cost you less than your usual tab.

On personal shopping:

- Generic is good. Brand loyalty is a thing of the past especially if it cost you a lot. More than anything else the generic substitutes allows you to have options.

- Be a bargain hunter. Despite the downscale, people would still always buy personal items for themselves. Getting good items while surviving a bad economy can be done by buying bargain stuff. Don’t just be contented with the low price the stores have, try and look around if there’s anything better.

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By Dennis Kelley

I recently read a story about a washing machine manufacturer in China. This Chinese company had produced a washing machine they were proud of and it was getting great reviews. However, they were starting to get complaints from some of their rural customers about the drain becoming clogged. After some investigation, they determined that some of these rural customers were using the washing machine to wash potatoes. Of course, this was not what the machine was designed to do. The manufacturer could have simply said this was the customer’s problem because they were using the machine improperly. Instead, they decided to add a vegetable-wash cycle to the machine. This is true innovation and clearly demonstrates their desire to be customer centric.

Being able to innovate in business is clearly one of the key areas of entrepreneurship. However, the idea of needing to innovate to succeed can be a little scary at times. Many people don’t believe that they are creative enough to do this well. Nothing could be further from the truth. You don’t need to be a creative genius to bring innovation to your business. However, innovation is the way businesses grow and change so you must pay attention to it. As the old saying goes, ‘You are either growing or dying, there is no such thing as standing still.”

Embracing change should be a way of life. While most people do not like to change, it is essential in business. You must constantly adjust the way you look at your business, your market and your competition. It is also extremely important to understand your customer and what changes are occurring with your target customer. By looking at each of these segments of your business, you will be able to determine where you need to innovate.

Innovation does not always need to be as radical as the example above. However, what the example does illustrate is how important it is to stay in touch with what is going on in your market and be willing to adapt to meet the changing needs of the market. In our current economic environment, this is especially true. As you look at your business, think about all the areas where innovation is appropriate. In fact, you could argue that every area of your business needs to be examined routinely for possible innovation.

Here are four areas to take a close look at right now. Ask yourself how these areas of your business are positioned today to handle the changing business climate. Be honest with yourself and ask others for their opinions. Talk to your employees, your customers, your business network and your mentors. Then decide what needs to change and start making the adjustments to keep you poised for success.

Marketing message - take a look at the message your marketing delivers. What are you saying to your prospects and customers? What about the positioning of the message? Is it speaking to people in a way that will attract them in the current climate? Is the message and offer you are giving meeting their needs today and is it persuasive enough to convince them to spend their precious dollars on it? Right now is a time when you may need to modify the way you deliver your message. Quality and value are always important in your message, but how you deliver it may need to change. Innovate the message based on what is important to your customers and prospects today. If you look closely, you will see this happening in many marketing and advertising campaigns for some of the largest and most successful companies in our economy.

Sales scripts - review your sales scripts and determine what you are saying and how it fits into the current environment. This includes your phone scripts, in-person sales scripts and your on-line sales scripts. Are you addressing people’s needs and concerns and showing them why your product is a good investment? Are the objections you get today the same as before and should you address them the same way? If you have salespeople, don’t assume they will modify their approach automatically. Pull the team together and conduct some brainstorming and training. How they approach prospects may need to become more creative right now as people become more cautious. Be proactive, not reactive in your sales process.

Product offerings - does your product line address today’s issues? Should you add a product or service to increase the value to deal with new issues your prospects face? Should you package products together to offer greater value? Can you modify a product or service to better position it within your market? Like the Chinese washing machine manufacturer - do your customers use your products in ways you didn’t expect and can you innovate to meet their needs? Can you offer different payment terms or methods of payment to make buying the product easier and more attractive?

Operational efficiency - take a look at how you make and deliver your product. Where and how can you improve this process to make it more efficient? Can you cut costs or improve quality? Should you outsource specific pieces of the business or conversely, should you bring more of it in-house.? Are there systems you can incorporate into the business that will increase capacity or lower costs? Take a look at every operational aspect of your business and question it all. You will be surprised at the improvements you can make.

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By: Alex Sam

The economists use special economic datas to trace, to forecast and to analyse variations in economy in general and in its separate branches. From different economic datas published by state and other establishments, the economists are interested theme, which one mirror current or future state of economy. These reports are called as economic parameters, because they image state of economy. They can help to the manager to administer the company in changed conditions.

Where it is possible to receive economic datas? Except for specialized sources, you can find them and their analysis in business press, specially in the national daily business newspapers. In this publication we shall consider following key economic parameters:

* Level of economic growth vs. Price and inflation

* Interest rates vs. Unemployment

* Construction and sale of housing accommodation vs. Retail trade and sale of new automobiles

The largest parameter: a level of economic growth. This basic parameter mirrors percent (interest) of growth of all economy considered. Itself it is defined as out-to-out of economy. The given parameter consists of following summands: consumer spendings, investments, expenditures on public account and net export (export a minus import).

It is published monthly. But, unfortunately, it revise later. The difference between primal and final significances can reach one - two percents of interests for a parameter, the average significance constitutes which one approximately three percents of interests.

Consider deviations from this three-percentage level and find a trend. The trend is a most relevant element If there is a reduction of economic growth within several months or quarters, that, probably, the conditions of existence of many kinds of business become more difficult. During decrease of growth the buyers spend less, hence, companies do make the same. The companies do not wish to make and to accrue at themselves production, which one does not find sales, and reduce production. If you have noticed, that your business reduces revolutions, would be excellent idea to trace conduct of your buyers and schedules of sales, and, probably, you should reduce production, purchases of raw material and amount accepted on operation. Do not run into a panic, but be specially close during such slowing down.

If the economic growth is speeded up, the consumers begin to spend many money. The people feel confidently on the jobs and want to commit more purchases and to use the credit. At such times majority of firms attempt. To forge iron, while is hot , extracting advantages from the created conditions. As well as during slowing down of economic growth rate, you should supervise of conduct of your clients and trace sales. Escape excessive deploying of activity, engaging too plenties of the workers etc.

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