Business Tips During a Recession

Re: Business Tips During a Recession

Here I'm also Sharing With You SOme Of The Best Tips TO Beat The Recession:
1)Coddle your customers
Tomorrow’s sales will come from today’s customers. If you want to beat the recession, you need to get closer to them than ever and find ways to make yourself more needed, even indispensable. Can you offer your customers regular servicing or checking? Can you offer them training during the recession? Can you take over their stock control? Priority booking? What would form a natural extension to your present service offering?
2)Target growth areas of the market
Even in a recession there are chunky areas of the economy that are growing. Large parts of public sector expenditure are going to keep growing. To beat the recession, you need to grab some of it, too. Public sector procurement processes are not easy for a newcomer to master so go on a course or join with an experienced tenderer to try this new market. Exports, too, tend to do well in a recession and, with the pound still way below its recent levels, UK firms have a clear price advantage compared to this time last year.
3) Never reduce your prices
There are lots of ways of making your goods or services more attractive in a recession than by reducing the price, which is an act of desperation. If you want to beat the recession and boost sales, think of something that the customer will value more highly than the cost to you. How much do you think a room upgrade costs a hotel? A couple of pounds maybe? A fiver tops. But the customers will be delighted, especially if they know that the rack rate for the room is an extra £40. Everyone loves bargains in a recession!

Re: Business Tips During a Recession

Hello

Here are some tips on dealing with a recession for your business:

1) Revamp your marketing tools. For those marketing techniques that are working for you, this might be the time to revamp your marketing tools. Could your sales people use more training to close the deal? Online training cuts costs and time.

2) Automate wherever you can. Find ways to automate any tasks to reduce the workload on yourself and your staff. What have you been doing 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.

3) Spend your time on what really matters. Have you ever heard of the 80/20 rule? It's 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.

4) Make do and mend. Because raw materials were in short supply during World War II, people were encouraged to "make do and mend" an item instead of simply replacing it. Consider your own expenditures: do you really need a new computer, or could you somehow upgrade your existing one for less money? Do you need a new telephone or can you get by with the old one for a while longer?

5) Reduce inventories. If you sell a product, and you believe your sales are going to decrease, this might be a good idea to reduce inventories and not restock to the same level. This is a risky strategy (what if the recession only lasts 6 months?), so be sure you know exactly how long it will take to replenish inventories once the economy picks back up.

Thanks
Have a nice time ahead.

Re: Business Tips During a Recession

Thank you for the great tips.

Re: Business Tips During a Recession

Hello

Thank you for sharing the useful tips. A great post by you.

Thanks

Re: Business Tips During a Recession

Hi,

Thanks for the tips.
I would like to add that one should not fire his employees.
One of my acquaintances fired an experienced and old employee for cost cutting and lost a lot of business because of his absence.

Regards
Ben

Re: Business Tips During a Recession

good post because everyone is looking to save his/her business from recession so nice job...keep it up friend

Re: Business Tips During a Recession

I am new here and i think the worst thing to do is reducing price for you goods and services. It is a very bad strategy to attract customers and it gets worse with he passage of time.

Regards
Frank Slade

Re: Business Tips During a Recession

I am seeing a lot of now are business owners in a panic - because the recession is already impacting them. There`s a lot of "wheel spinning" going on as they try to determine what to do first to bring some business in the door. But I think this thread really helpful for solving the Recession problem. Thanks

Regards,

Re: Business Tips During a Recession

Hi, thank you very much for the beautiful tips provided here.
I have seen people giving discounts like you have mentioned and still there was no improve in sale.
I feel the only way out is to cut expenses.

Danny Archer

Re: Business Tips During a Recession

Hello to all

1) Relocate (or Explore Relocation as a Means of Negotiation): Many small business owners lease or rent property to house their company. One of the easiest methods of lowering costs is to relocate to a property that is more affordable. No property owner wants to see an excess of empty offices, but vacant buildings are abundant in this recession.
2) Get Rid of Excess Baggage: Does your business pay for additional storage space? Or are there unused spaces that are serving as storage space? Cutting business costs is easy if you sell excess items and eliminate extra storage fees. If you own the property your business is located on, you can also rent out additional space to other small businesses if you clean up unused space and get rid of excess items.
3) Cutting Business Costs through Office Supply Control:Cutting business costs is especially difficult when it comes to office supplies. The most efficient way to protect your investment in supplies is to lock supply cabinets. This eliminates overuse of office supplies, and they will be less likely to disappear.
4) Evaluate Your Technology Needs: During a recession, staffing numbers tend to go down and so does your need for excess technology items like company cell phones, additional phone lines and voicemail boxes, and high-tech copy machines.

Have a nice day

Re: Business Tips During a Recession

Hello
During a recession, every penny counts. Cutting business costs is a difficult process that requires careful evaluation. The techniques you use for lowering costs can have a direct impact on the overall performance of your business. Consider these five tips for cutting costs while maintaining the standard of excellence that your customers have come to know and love.

Relocate (or Explore Relocation as a Means of Negotiation)

Many small business owners lease or rent property to house their company. One of the easiest methods of lowering costs is to relocate to a property that is more affordable. No property owner wants to see an excess of empty offices, but vacant buildings are abundant in this recession. If you explore the possibility of relocation, you might also find that your current landlord is willing to renegotiate for a lower rent. Either way, you are looking at cutting costs in the area of rent significantly.

Get Rid of Excess Baggage

Does your business pay for additional storage space? Or are there unused spaces that are serving as storage space? Cutting business costs is easy if you sell excess items and eliminate extra storage fees. If you own the property your business is located on, you can also rent out additional space to other small businesses if you clean up unused space and get rid of excess items.