Use downturns as money making opportunity: Exec

BUSINESSES need to identify gaps when markets shift or face a downturn to be used as money making opportunities, says an executive.
“When gaps were identified, businesses needed to offer valued propositions for their products in order to generate revenue,” sales and marketing manager for YFIG Real Estate Ishmael Long said during an SME seminar yesterday.
He said business was all about taking risks to achieve a desired outcome.
Long said businesses needed to focus more on operations and sales.
“The product must be relevant to the market and businesses also need to adapt to the movement of the market,” he said.
Long said another important thing to consider was price which must never be lowered.
“Lowering price is a bad idea when running a business.
“You never lower your prices, you only increase the value.”
Long said a lot of businesses failed and had to shut down during the Covid-19 pandemic because of making the mistake of lowering their prices.
“The disadvantage of lowering prices is that business are not able to hold to and maintain the quality of the product.”
Long said businesses should have a proper sales system for the type of products offered.