While experts assure that we’re on the tail end of the recession, taking the necessary precautions to recession-proof your businesses is still as important as ever. With a little foresight, planning and a positive outlook, you can not only make sure your business survives the recession, but comes out stronger because of it.
- Invest in Education – Give your business the added edge you need by using the downtime of a recession to learn everything you can about your industry, competitors, and target market. Take time to attend seminars and free online webinars, read books, blogs and trade magazines, and talk to people who are in a similar industry.
- Strengthen Your Online Presence – Utilize the internet to strengthen and expand your businesses presence. The internet is not only a cost effective way to market your business (as a lot of what you can do won’t cost you a penny!), its reach is larger than anything you might be able to accomplish otherwise. Use platforms such as Facebook, Twitter, Blogs, LinkedIn, etc. to expand your business and strengthen your online presence.
- Referrals are Golden – Utilize your current customer base to grow your business by offering incentives or discounts for successful referrals. Your customers can be some of your very best advertising, as their honest opinions are worth far more than any advertising campaign you launch. If they’ve had a successful relationship with your company, chances are, they’ll be more than happy to refer you to their friends and acquaintances – especially if there is something in it for them!
- Inventory – Keeping just the right amount of inventory in-stock is sometimes a difficult balance to reach. Having too much inventory can be an added (and unnecessary) expense for your business, while not having enough can cost you potential business and the loss of customers. Using an automated inventory software can help relieve some of the stress of this task and will help streamline your inventory records and purchases.
- Cut Back on Unnecessary Expenses – Chances are there are quite a few places where you can cut back on expenses that can save your business a lot of money. Take these unnecessary expenditures and put the money you’ve saved towards a ramped up marketing strategy that will bring in more customers.