In today’s uncertain business culture, there are a few ways to guarantee your business.
You can increase profitability by lowering expenses.
Cut back on marketing.
Significantly reduce customer support.
Lessen the quality of the product or service you are offering
Increase the price
If you do some, or all, of the things listed above, you will most likely increase profitability short term. Most people might read this list and realize that long term, the only thing that will be guaranteed by these actions is long term failure of the organization.
Sadly, many companies are taking this approach.
The alternative is to do the opposite.
Increase marketing since there are great opportunities with others decreasing
Rather than reduce overhead, make your overhead more efficient
Increase the quality of customer support with better training.
Improve the quality of the product or service.
Maintain the current price or even possibly reduce the price.
The first option will increase profits short term and then most likely result in the failure of your entire operation.
The second option will possibly reduce profits short term (very short term) but long term allow you to grow your organization so that you have profitability and have a long term.
Those that are operating out of fear will sadly achieve their expectations. Those that are being proactive and believe they will be successful by taking educated chances, most likely will.
Have a great day!