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Top 10 Small Business Tips During a Recession
Whether you believe we are in a recession or not, the economy is on shaky ground right now. But if things continue to spiral downward, is your business ready to weather a recession?
Here are 10 tips on dealing with a recession for your business:
1) Cut costs carefully. As soon as the economy starts to slow down, many business owners think they have to cut costs. But this is a short-term solution. Only cut costs or reduce your prices if it will not hurt your business later. You can always lower your price – but you can’t always raise your price.
2) Think Subcontracting – especially if health care costs are putting a strain on your budget. If you have employees, consider turning them into subcontractors. There are very affordable, month-to-month online video conferencing services that allow you to stay in close contact every day.
3) Advertise, Advertise, & Advertise! During the last recession, McDonald’s nearly tripled their advertising campaigns at a time when their competitors, namely Burger King, were cutting back. So even though this may seem counter-intuitive, a recession can be time to increase your marketing. Tough economic times weed out your competition, leaving the field wide open for you.
4) Long term plan: The Japanese are famous for planning their strategy 15 to 20 years in advance. They follow the path of the turtle to win the race. And it works! Remember, marketing is a marathon, not a sprint. Keep marketing monthly, month in and month out, don’t stop and start on a whim.
5) Choose your marketing techniques wisely. You should keep track of which marketing avenues bring you more business. Reduce or eliminate those marketing techniques that aren’t paying for you, or fix them to increase leads and sales. And consider a form of direct marketing where you can specifically test your target market without blowing your hard earned budget.
6) Improve your marketing tools. For those marketing techniques that are working for you, this might be the time to overhaul your marketing tools. Could your sales people use more training to close the deal? Online training cuts costs and time.
7) Automate wherever you can. Find ways to automate any task to reduce the workload of you and your employees. What have you done manually that a computer system can do for you? Take a look at all your daily tasks and see if there is a computer solution to these time wasters.
8) Spend your time on what really matters. Have you ever heard of the 80/20 rule? It is a proven fact that 80% of your business comes from 20% of your customers. So treat your best customers like royalty. Spend 80% of your time focusing on marketing and delivering your product or service.
9) Make up and mend. Because raw materials were in short supply during World War II, people were encouraged to “make and repair” an item instead of simply replacing it. Consider your own costs: do you really need a new computer, or can you somehow upgrade an existing one for less money? Do you need a new phone or can you live with the old phone for a little longer?
10) Reduce inventory. If you sell a product, and you believe your sales will decrease, this could be a good idea to reduce inventory and not restock at the same level. This is a risky strategy (what if the recession only lasts 6 months?), so make sure you know exactly how long it will take to replenish inventory once the economy picks up.
Now is the time to have a plan for dealing with a recession. It doesn’t matter if we are in a recession now or not. These 10 tips will prepare your business for both good times and bad times.
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