5 Business Tips for Surviving the Slow Economy

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

Local resident Raj Mehta is CEO and chairman of Plainview-based Infosys International Inc., a business and information technology consulting company. Mehta 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. “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.