There are always plenty of good people out there who are unemployed or underemployed in a depressed market. Also, do not forget about that whole group of talented (but inexperienced) college graduates searching for jobs in an inhospitable marketplace. By hiring that much-needed salesperson or key technical person, you will give your business just the jump-start it needs to stay on the road to survival and success! Aim to fill a carefully defined niche. Every advisor tells you to do this. Now is the time to find your niche!
The bigger businesses get, the more voids they leave. When large businesses cut back, they produce even more and bigger holes in the business-world fabric. Change and expand your business to fill one or more of those holes. Consider adding a new product or service. Once you are operating at cash flow breakeven, it may be the moment to add a new product line or service. Every company in a difficult market is looking for new business. You may be able to strike a uniquely favorable arrangement with new suppliers.
Ask for special terms to build inventory without impacting your cash flows. If you can do this, you will also be a step ahead of competitors who are waiting for the tide to turn. Also, Could the Right Time to Buy Another Related Business Be Right Now? “It was the best of times; it was the worst of times.”