How to create chances in the current financial turmoil By Caroline Nijland Millions of self-employed professionals have to cope daily with so many issues; such as not having much disposable income, dealing with increased competition, working in the weekends, getting customers, how to find the right course or webinar to gain some skills, how to find cost effective marketing strategies, to pitch, etc.. And the issues are even more present in this crisis time as my may have realised. How to cope with self-employed professionals’ issues? To overcome the issues that you are facing, you have to identify them, reflect on them and then make the necessary correction. Here are some of the actions you can take: Evaluate the Situation The first action is to sit and assess your situation. Where do you position with your business? Are you still gaining clients, and do they repeatedly order a product or service? Is the need for your products or services still there? If not, why so? With tools such as Porter’s Five Forces Analysis, you can understand the forces that shape competition within a sector. It is also useful for helping you to adjust your strategy to suit your competitive environment, and to improve your potential profit. It works by looking at the strength of five important forces that affect competition: namely supplier power, buyer power, competitive rivalry, the threat of substitution, the treat of the new entry. By thinking about how each force affects you, and by identifying their strength and direction, you can quickly assess your position. You can then look at wha [...]

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