Five Business Tips for Surviving the Slow Economy

It’s no secret that, for some companies, business has slowed down, paralleling the economic downturn.

Raj Mehta, CEO and chairman of Plainview-based Infosys International Inc., a business and information consulting company, recently offered a few tips for business survival in a slow economy.

1) “Reduce your excess cost immediately,” Mehta says.

2) “Be creative with new ideas and offer new solutions to your customers,” he says.

“Being a technology company, we look for ways that people and companies can become more efficient and embrace leading-edge technology to do that,” Mehta explains. “We look for ways to combine overlapping processes into one, or to use tools they [people and companies] may already have but train them to use them in different applications.”

3) “Be aggressive and persistent,” Mehta says.

4) “Take any new business you get – even if there is much less margin,” he points out. Mehta says. “I will take any business I get even if there is a very little margin. I will not worry about my normal mark-up.”

And finally, Mehta recommends that businesses “stick close to your core customers and ask them for business referrals – because if you do not ask, you do not get.”

These tips come “right from my heart,” Mehta added.