Recession Proof Your Business

Who knows whether we are in a recession, a downturn, or a slowdown? We do know this. You will find it harder to separate money from your customer’s wallet. Here are seven simple things you can do to recession proof your business.

Prepare a worst case scenario. If over the next 12 months you were to lose 10-20% in revenue, what would you do? What changes would you make to make this reduction workable? Planning always beats reacting.

Stay focused on the long term. You are in business for the long haul. You expect bumps along the way. Do not sacrifice your long term direction for short term fixes. You still want a business after the slow down is over.

Audit your marketing and advertising. Every business has marketing or advertising efforts that don’t produce results. This is a good time to drop the losers and enhance the winners.

Improve your customer service to new and existing customers. Make sure you are providing a wonderful buying experience for your customers. Friendly greeting, good phone manners, courteous service, clean wash rooms—go after every point of contact. These changes will not cost money and will win you more customers.

Sell more to existing customers. In a slow economy, customers are harder to come by. McDonald’s “Would you like a coke and fries with your hamburger” generates 25% of their profits. Do more up selling, cross selling and add on selling so that you get more sales from each customer. What is your coke and fries?

Listen to your employees. Get employees involved to generate new ideas for the business, for customers, for product and for ways to save money. They know things you do not know.

Don’t discount your prices. Discounting will hurt your business. You will lose immediate profits. It will harm your image. It will take years to recover. Price is not the main reason most customers buy.

Implement these simple business steps and you will find your business will be much stronger on the other side of the economic slow down.

To be continued, your comments are welcomed...

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