Election rapidly approaching, mobility will not be waves of tsunami research in Turkey's economy and international credit institutions impact of investigations for Turkey's economy coupled "Turkey is expecting a new crisis?" The question began to be raised aloud.
The sudden rise in foreign exchange prices in the last month has not been brought under control despite the Central Bank's interventions. dark clouds over Turkey's economy with the impact of being Turkey's foreign currency indexed debt javelin throws. Therefore, all segments of society are concerned, but the concerns of small and medium-sized enterprises create a separate discussion.
The rise of the dollar, the euro's record-breaking history, a reduction of depreciation and citizen's purchasing power in the direction of the stock market is considered to be the economic crisis in Turkey. Although the statements made from different fronts contradict each other, it is regarded as a guarantee that the crisis will break out recently. For this reason, questions about the crisis are starting to be asked about when the crisis will break rather than whether it will break out.
Economic Crisis Not Specific to Turkey
The world is in a general economic crisis; If we exclude a few countries from this generalization, economic problems are experienced especially in all developing countries. When we look at our neighbors, it is known that national currencies suffer serious losses, especially against the dollar. Moreover, the currencies of some neighboring countries lose even more than TL. Under these circumstances, even trading, making investment decisions, and working on new products causes business owners to start to brood.
In times of crisis, SMEs need to carefully determine the strategies to be followed. While those who can turn difficult economic conditions into opportunities may get stronger during the crisis, others may be erased from the market.
What Can SMEs Do In Case of a Crisis?
In these days, when the effects of the economic crisis are felt, SMEs can take some measures that will show their effects in a short time; In other words, it is not too late to endure the crisis conditions and come out strong! Experts agree that the first thing to do is to understand that the economic environment will change and to identify new competitive strategies.
in this context;
Firms Can Reduce Prices: Firms that want to achieve success from crisis management are recommended to reduce prices in this process. It is beneficial to change the price policy in order to differentiate from its competitors and to ensure sales continuity even in a corrupt economy. It is very difficult for importing companies to implement a price reduction policy regardless of the sector of activity. For this reason, those who want to lower prices should go to product diversification. They can sell to their target audience by preferring more domestic products and avoiding loss from the increase in foreign currency.
Quality Should Be Fixed: When it comes to lowering the price, the mind immediately "What will be the quality? comes the question. The biggest mistake companies can make is to reduce the quality of their products. No company that manufactures its own products should impair the quality of its products. This strategy, which was initiated just to avoid being affected by the crisis, can cause irreversible damage to the brand image in the long run.
Costs Should Be Reduced: In times of crisis, companies need to cut their expenses. However, at this stage, it is critically important to determine from which items the expenses will be deducted. One of the biggest mistakes made is to reduce the marketing budget. Of course, we're not talking about the fact that small and medium-sized businesses have to allocate huge advertising budgets. However, continuity should be ensured in marketing techniques such as focusing on digital marketing strategies, having a website that is constantly updated in line with web design trends, and social media management. Since most of the companies will give up such services due to the crisis, the sales of those who provide continuity will increase more easily.
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