How Can You Deal with a Bumpy Market?
When markets move, how can any negative effects it may have on your enterprise be reduced? This was the question posed from a business owner during a recent Around the Horn session.
One of the group members commented that it’s a matter of critical mass. Anticipate the bump and bring on interns (typically for low pay). Have these interns complete other duties when demand is low. Someone else pointed out that students make good interns, especially students in your field.
Another member suggested that the business owner makes their team more efficient so more work gets done in less time. This is not always possible, of course, but making processes more efficient would help. Another suggestion was for the entrepreneur to be the champion for a new plan or process.
How have you made your business more stable during a bumpy period?
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