Most economic experts agree that we are currently in a recession. Those who don’t, acknowledge a full-on recession at least concur that the economy is at the precipice. Here are ten coping strategies:
- Manage your cash flow well.
- Diversify your products to make a margin from a variety of products.
- Start looking at your credit and debt. Set up a bank overdraft in case you need it.
- Review your accounts receivable in case a customer goes into liquidation. Be careful in extending your own payment terms, always allow for bad months, so keep ahead.
- Make more effective use of the internet to save on travel, training, administration and operation costs.
- Some sectors make profits in a recession. Find out which sectors and expand those services.
- Stay in touch with your active customers. Ask your customers for referrals. Revisit ex-customers to re-start with them.
- Make sure your pricing is competitive, your service is exceptional and your attitude reflects how much you value their business. Success can turn on making a valid case that your product or service will benefit the buyer, even in a recession.
- Find out what sets your business apart from the competition and market it intensively.
- Attend networking functions, revise your website, send out postcards, put out a new sign on your shop front.
Contact Garside & Co for a business analysis to see where cost savings can be made.
For fresh ideas, new possibilities and a value driven service go to Garside & Co LLP Chartered Accountants in London.