Recession Proof Business Ideas

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Recession has been on many small business peoples’ minds lately. Even some economists, who usually lag behind trends, are beginning to see the truth of it. Everything costs more these days. Foreclosures are at an all-time high. Sales are down at many companies and holiday spending was down considerably late last year. What are some practical ideas you can use to recession proof your business.

Small Business Recession Survival Skills

Here are some ideas you can put into practice that will help your small business make money in this recessionary economy.

1. Get rid of at least 10% of your employees. This will get rid of any ‘dead wood’ and insure the rest work harder to avoid the rumored next round of cuts. A big win-win for you.

2. Cut office costs. This means cutting way back on stuff employees regularly steal like office supplies, copier use, Internet use, cellphone use, energy costs and so forth. The lower you can get these so-called ‘fixed’ costs the better shape you’ll be in financially.

3. Encourage employee participation in the savings. For example, tell them that you’re ‘going green’ so that you’ll be using less heat in the winter and less AC in the summer. Tell them that you need to cut their salaries to pay for carbon offsets. Be creative and they’ll willing give away little perks to ’save the planet’ while adding real money to your bottom line.

4. Develop a strong customer retention program. Make your business an important part of their lives. The more you can work your way into their routine, the better off you’ll be. Look at how some big retailers do this.

5. Position yourself in a unique place. Find something that sets you apart from the crowd that offers the same product or service at the same price.

6. Deliver on time with a great product. This becomes more and more critical as things become tight. You can’t be complacent in a tough marketplace.

This entry was posted on Monday, November 13th, 2017 at 8:47 pm and is filed under Recession. You can follow any responses to this entry through the RSS 2.0 feed.

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