Wednesday, October 30, 2013

Ronn Torossian shares some very useful tips for starting business in a depressed economy

Starting a business is challenging, but it becomes all the more challenging in a declining economy.  That is because, these are the times when banks are not willing to give big credits, cost of production is higher, and despite labor costs going down, selecting right personnel seems like finding a needle in a haystack.

However, despite all the challenges, nothing is ever impossible. With a thorough know-how and planning, you can definitely set your mark in the industry. These are the words of CEO of 5WPR, Mr. Ronn Torossian.

He suggests on using your resources wisely to start off successfully even in a depressed economy. Generally, startup businesses do not have enough capital to stay in the industry for years, which is why they must use it intelligently.

In most of the cases, businesses have finances for six months, to get established. If yours is a similar case, then do not waste any money in an attempt to grow quickly, and make your best efforts to offer what others generally don’t-effective communication with your customers.

Keep them connected via social media and do anything you can to provide quality customer service.

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