The economic situation is quite volatile with one event that can trigger negative or positive changes very quickly. The situation in Europe is a tough one and people are always looking for ways to keep their businesses from going down. The current Italian election uncertainty hasn’t had a positive effect in Europe and even the world. European markets have fallen due to the recent deadlock in the Italian elections. All the votes were counted, yet there wasn’t a majority that won and the fear of a split parliament making the situation harder in Italy might trigger uncertainty in other parts of Europe. The effect of Italy could be great on the Eurozone, with Italy being the third-largest economy in the Eurozone after Germany and France. This could specifically disrupt the efforts being made in Spain and France to take control of their own economy and stop the downward spiral.
Looking at the general situation in Europe, I see a great need for businesses to look further away to create business for themselves. Businesses before were able to survive the tough times that might generate trouble for them and some were even able to make a large profit during these times. The old saying “Don’t put all your eggs in one basket” couldn’t be more true. Whether that means to innovate and find further uses for their products and services or to look further abroad to find untapped or growing markets. Change what you can and work with what you can’t!
Improve: Find new ways to improve your products. Go online and see what people are saying about you, whether you find that on your Facebook page, your Twitter account or generally looking overall to find out what articles have been written about your products. Look further for products or services similar to your own. Find out what is being said there. With all this great information, you can compile a list of any changes that need to be made or could be made to make you stand out. Whether that means, lowering your costs to lower the price of the product or service or adjusting the product or service to fill a few needs that your customers or clients might have.
Internationalize: Go abroad. Look at markets that have been untapped or where there is a low supply of what you offer. Take a look at economic factors because you probably don’t need any more uncertainty in your business life and don’t be afraid to connect with others online, so that you can find out if what you offer, will have use in the new market. Generally the answer is yes, but during times of uncertainty, you don’t want to be too rash in your decision. It is never a problem to test out the waters first, before you jump in. For more information about going international please read How to Increase Business without Breaking the Bank and Social Media after International Expansion.
Whatever the case may be, it is important to be able to stay afloat during these times.
The online world has provided us with the ability to do just that. We can work internationally, sell internationally and showcase our business internationally. For business owners, managers, CEOs and various organization leaders, it is important to be able to diversify themselves, yet at the same time not spread themselves too thin. What you can’t do yourself, get someone to help you. It is never wrong to get help and everybody has needed it at one point in their life.
If you have missed the other steps to international expansion and you are looking to create more profit, please refer to the previous article.
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