Wednesday, August 10, 2022
Employees and Management7 Tips to Survive the Recession and Grow Your...

7 Tips to Survive the Recession and Grow Your Business

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It is easy for business owners to look back to the days when their customers would come and go from their business like a constant stream of water. Naturally, you want those days to return. Everyone does. The reality says that it is not likely to continue as it was unless you have an essential business such as a grocery or medical supplies store. Surviving the current recession means that you need to make some fast changes to help grow your business and get it back on its feet.

Be Proactive

It is easy to look at the problem and let it become overwhelming. When this happens, you will react wrongly. Aim to be proactive and find workable solutions. Find out how much money you have to work with and seek to get financial aid if needed for growth.

Evaluate What Is Working

Take an honest look at your business and see where most of your money is coming from. Increase your activity to promote those items and find new ways to market them. You may be able to increase sales by creating a bundled package. Drop those services or products that are not generating a significant cash flow.

Choose In-demand Products

If you do not already have some products that are high demand, you need to get some. This may require retooling your business or getting a new supplier, but your success depends on it. Before choosing those products, see what your competitors are offering – and then choose something that they do not have yet. This will help your business to be unique.

In the current pandemic, several businesses were able to stay intact by making facemasks and other personal protective equipment for frontline workers or the public. This shift in products not only saved their businesses but also let their employees gain some personal pride as they saw that their work met a real need – which can make them work even harder.

Retain Your Employees

If you want to avoid an employee exit from your business, help them to know that you are not running a sinking ship. Things may be hard and you may need to cut bonuses, overtime, and possibly your salary but you are not quitting. You may also need to ask managers to work fewer hours. Help them to know that you are a team and that all of you are in this together and that you will do all you can to make it work for everyone.

Avoid Dropping Your Prices

Although you may need to lower your prices a little, it will likely only hurt your business if you aim to be the lowest-cost place in town. If you stick with some unique products, it is not necessary to have the lowest prices. People are willing to pay more for obviously unique and good quality products.

Eliminate Unnecessary Spending

Examine your books to find where the money is being spent unnecessarily. Get rid of the extras and only buy things your business needs for day-to-day operations. If you are having problems with cash flow, be sure to talk to your debtors to discuss the problem before it becomes more serious.

Improve Customer Service

Customers know when they are being treated like someone you appreciate. If you want to grow your business, be sure to provide better customer service than your competitors, and they will likely stay with you. If you already have an email list, use it to offer specials and let your customers know you are still around for them.

 

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