Point 1: Accept New Business Reality

 

In this first video of the 7 point plan, Lewis deals with three key points

1. We are now learning to live with tough credit terms (as per pre-dot.com boom)
Lewis talks about the forecasts that net lending will remain negative until 2011 and that the new credit terms are here to stay.

2. Our markets appear slow but actually, most markets are shrinking fast, with a few growing quickly too
Lewis discusses how mature markets are getting squeezed either by lower prices which maintain demand, or higher prices coupled with much lower demand – both of which means shrinkage of market for most businesses.

Equally, there are a few key sectors which are growing rapidly, digital media, freelancing, green technologies etc… and that successful business needs to be connecting with if it is going to achieve growth.

3. And the Good News – slow or no competition (no one has any money, which makes it easier to start new ventures….)
Lewis agrues that the old notion of “early mover advantage” is gone. In this business climate it is more important to take your time and get your proposition right.

…click here to watch all the videos from the 7 Point Plan – How to Grow Your Business in 2010..

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