Let me outline some survival kit every business should consider during a recession:
Make Cash flow a priority. Cash flow is king: Anything you do, always make sure you have a source that gets you constant cash to keep you going. This is necessary so as to prevent your business from hitting rock bottom. Cash flow is the life blood of business so I am sure you don’t want to joke with it.
Reduce or eliminate unnecessary expenses: If your business has some expenditure that does not directly contribute to the company's bottom line, it is the right time to cut down on those expenses. Frivolous things like vacations, parties, sponsoring of events, bonuses & incentives should be carefully examined if they are important at times like this.
Tactically increase your budget on marketing and advertising: One of the mistakes many businesses are making during this recession is reducing their marketing budget. Rather than reducing your marketing budget a smart business will increase it. Instead of going into hiding, a recession period is the best time for you to make a statement to your customers that you will always be with them even through harsh economic times.
Make sure you put strategies in place to make sure your business survives: Bill Gates said “In three years, every product my company makes will be obsolete". The only question is whether we will make them obsolete or somebody else will.” You need to keep innovating and strategizing to stay relevant in your market space. Throw more strategies and creativity into your service provision, product development and marketing.
Take care of your existing customers: Don't go out looking for new customers while you lose the ones that are already on your tab. “There is only one boss; the customer, and he can fire everybody in the company, from the chairman down, simply by spending his money somewhere else.” – Sam Walton. You don't need a heavy budget to provide a good customer service, digital channels can be creatively used.
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