Creative Solutions and Ingenuity

05 Mar Creative Solutions and Ingenuity

Creative ThinkingCreative solution based thinking is the lifeblood of ingenuity!

We all know our country and much of the world is muddling through some very tough economic times. Everyone everywhere is looking for solutions and alternatives to save money. My philosophy has always been if you’re in financial trouble your only solution is to make new money. And I continue to stand firm in my beliefs. This is not to say that I have always been open to creative ways to make business work. Here are some ideas to get you on the right track.

1.) Bartering for goods and services is an age old practice and when tough economic times hit this is a practical alternative. Why shell out cash for a product or service when you can trade? For example, someone may have a computer parts and repair service that needs a website designed. Why not approach a web designer, strike up a conversation and find out what they need or want and make a trade! Done and done!

Be sure to do your homework and when bartering‚Ķ it’s at full price. The advantage is the barter itself no need to offer discounts. General rules of thumb when bartering is make it only about 5% of your business. You still need cash flow. And while no money changes hands these deals are considered cash transactions and need to be reported accordingly. Keep your accountant in the loop on this one.

There are literally hundreds of resources and barter exchanges on the internet. Do your due diligence and trust your instincts.

Now don’t forget your barter partner is now a business contact. Remember to cultivate this relationship for future business relations. This person is now a part of your network and if the barter goes well it will translate into cash sometime in the future.

2.) Networking is a great way to stay abreast on how other people are staying afloat in these tough economic times. It’s also a great way to let people know what you’re doing that could help them. Offer and take advantage of special contact discounts. Join network groups in your community and online. Staying connected with like-minded people will enhance your Cash Machine.

3.) Big business is suffering. Many are doing whatever it takes to keep current customers happy. (Tip: keeping customers is easier and more profitable than the cost and time it takes to land new ones.) Now is the time to re-negotiate service contracts and take advantage of lower rates for your contract goods and services. If they are not willing to budge it may be time to take a look at the competition. Soon you’ll start seeing companies leap through hoops in order to gain your business.

Being creative is one of the best assets you have as an entrepreneur. The economy is only as important to your personal wealth as you allow it to be. You have the power to shift and adjust in any situation. If you’re finding that your Cash Machine business is being hit particularly hard in this economic climate, start thinking about what solutions would help your business. That solution is the same solution that will help your competitors, why not consider offering solution based services to them? Keep looking at things from all angles.

Creative solution based thinking is the lifeblood of ingenuity!

Ready GO!

Loral

P.S. What are your thoughts? Leave your comments, questions and suggestions below. You know I love to hear from you!

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