Worried about your Coffee Economy ?

By | December 8, 2008

Right now just about everybody is focused on the economy and where its going … Banks, Property Developers and related businesses like Estate Agents are experiencing a difficult time.

When the headlines are blaring doom and gloom, it takes a strong mind to stay focused on what matters and that – more than anything else – is what coffee entrepreneurs need. In the Coffee Business there is only one economy that matters … Its Yours.

At the end of the day, it doesn’t matter what “the economy” does, all that matters is what YOU do. This is a battle for your mind. We are all suggestible creatures and its hard not to get swept away with the poor economy message.

And YOUR economy depends on finding and serving your customers. This week the stock market had the biggest one day decline in it’s history – but guess what – a day later people still need their daily hit , still need to go to work, still need to take a break, still need to eat lunch …

Don’t let the headlines pull your attention away from that.

Here are 3 things to consider that should help keep your coffee head together and focused on the opportunities in the days ahead;

1: Economic activity may slow down and decline, but it never goes to zero

Now is the time to focus on building your business when your competitors are in a panic. Down times are great times to start businesses as well. Costs are lower, staff are easier to find and you will be more inclined yourself to make plans to ensure you get through. Many of us have great ideas but fail to action them. Now is that time.

2: There are ALWAYS customers with money to spend

Thousands of successful new business are started in recession. Others grow massively. People still need their Coffee. Now is the perfect time to focus on your quality and taste. Make sure that the customer comes to you to spend their hard earned cash and not your competitor.

• Make sure your coffee tastes better. Do an audit of your competitors and benchmark your products against them. Make it at least 10% better changing whatever is necessary.
• Get the help of good suppliers that add value like great training.
• Above all keep your coffee consistently good so that the regular customer is never dissatisfied.

3: Smart coffee business owners and managers will have good systems & training.

Less start up businesses fail in a recession because they are forced by all their advisors and the banks to have a good business plan in place.
It always, always comes down to good planning and action. All the lovely strategies and ideas are useless if you don’t do it. So make that investment in new equipment now if it is going to improve your quality & taste. This will radically improve your ability to sell more to a more discerning customer.

Smart coffee business people are flexible, can adapt to the times, and find today’s opportunities. If you always do what you’ve always done that doom & gloom economic monster can catch you very fast …. but only if you let it.

Hugh Gilmartin

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