A recession is a phase of the business sequence, in which the economy as a whole, is in a slump. This phase fundamentally marks the end of the term of growth in the business cycle. Recessions are identified by lower levels of consumer buying (especially of durable goods) and, later, reduced levels of production by businesses.
While recessions are admittedly demanding, and are formidable obstacles to small businesses that are trying to survive and grow, a recession can open up opportunities. A well organized company can accomplish the opportunity to attain market share by taking customers away from their rivals. Creative entrepreneurs capture the vacant opportunities, from a recession, by developing alternate techniques of doing business that were never enforced throughout a prior growth period. The test of successfully navigating your business through a recession lies in the realignment of your business with present economic situations.
Particularly, you, as the business owner, need to renew a focus on your main clients/customers, decrease your running costs, save cash, and manage more proactively, rather than reactively, is critical. Here are some good steps, that will help you to successfully navigate your business through a recession :
Goals:
The main goal of any business owner is to survive the present recession and to grow a leaner, more cost-effective and more profitable operation. The secondary goal is to grow the business even in this present recession. Objectives:
Save cash.
Secure assets.
Decrease costs.
Improve efficiencies.
Extent customer base. Required Action:
Do not panic… History shows that recessions do not last forever. Remain calm and act in a thoughtful manner as you refocus your concentration on resizing your company to the present recession.
Focus on what YOU can control… Don’t let the media's rhetoric concerning recessions and economic slowdown intimidate you from accomplishing business success.
It´s a trap! Why? Because the condition of the economy is beyond your control. Surviving recessions requires a focus on what you can control, i.e. your appropriate business activities.
Communicate, communicate, and communicate!
Beware of the hazard of trying to do too much on your own. It is a difficult duty indeed, to survive and to grow your business entirely with your own efforts. Solicit ideas and look for the help of other people (your employees, suppliers, lenders, customers, and advisor's). Talk honestly and consistently. Productive two-way communication is the key.
Negotiate, negotiate, and negotiate! The benefit of a solid negotiation skill set cannot be overstated. Negotiating better deals and contracts is an unconditional must for realigning and resizing your company to the present recession. The key to success is not only knowing how to develop a win-win approach in negotiations with all concerned, but also keeping in mind the fact that you want a better result for yourself too.
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