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Recession-Proof Your Business

With the burden of housing, debt and financial woes threatening to push the nation into a deep recession on its back, Federal Reserve Chairman Ben Bernanke ascended Capital Hill on Wednesday with bad news. He told the Joint Economic Committee of Congress that “it now appears that gross domestic product (GDP) will not grow much at all during the first half of 2008 and may even decline slightly.” According to one definition of the term, a six-month decline in GDP (the value of all goods and services produced in the United States) constitutes a recession.

But the news is not all bad. Bernanke also expressed confidence in the second half of 2008 and early 2009. in the train that should support the return to growth in the second half of this year. next year, “said Bernanke. He cited, in part, the recent $168 billion stimulus package of personal and corporate tax breaks as well as the Fed’s aggressive interest rate cuts.

So what does all this mean for you, the small business owner? This means that you should make a plan today, lest the earth fall out from under you tomorrow. Remember, there are skills that come with being a small business. You can, with a little drive and control, refocus your efforts faster and more easily than a large company. This is important. What should you focus on? Opportunity.

The Joy of Diversity

Even in tough economic times, there is opportunity. It’s up to you to seize these opportunities and run with them. By expanding your product and service offerings, you will expand your customer base. Repeating your offer and directing your efforts to a different audience is another way to strengthen. For example, if you are a web developer with a web design business, you might consider becoming a consultant or offering seminars on web design, search engine optimization or other related topics, all of which can help you earn money and sell your content. your opinion. Business web design at the same time. The key is to get out of your niche before the competition.

Use customer service to stand out

Business is not just about finding customers, it’s about keeping the ones you already have. The key to doing this is solid customer service and the foundation of solid customer service is stellar treatment. The fact is, all things being equal, a customer’s experience with your business is what determines whether or not they will return to do business with you. Some of the things you can do include expanding your product and service offerings, shipping faster, and offering more convenient payment options. In general, though, make sure everything you do is customer-centric. Connect with your customers; know what they need and want and how far you can go in fulfilling those things. Then, adjust your efforts to increase your strengths and eliminate your weaknesses.

Market, Market, Market

You might have guessed from the title of this section that when the economy is down, you need to improve your sales. It’s a common mistake — and one that can hurt your business — to cut back on sales when the economy goes south. Learn from the natural world. Lions are not gentle and impatient when food is scarce. In fact, they are more aggressive in rejecting an animal and defending its kill from the surrounding hyenas then they are under normal circumstances (not that the difference is very important in recent zebras that they eat). In tough times, you have to get out there, your marketing should be more aggressive, more complete and more relevant than ever:

• Touch base with past customers.
• Use incentives like feebies, discounts and the like.
• Create a referral rewards program to generate a little word of mouth activity.
• Increase your public relations efforts by becoming more involved in your community and establishing yourself as an expert and market leader. It’s risky but once you’ve done it, worries about falling behind will be a thing of the past. From this position, you will easily beat your competitors even in slow times because customers will have a very tangible reason to find you.
• Review your marketing program to date and see if it is as effective and efficient as it could be.
• Network like crazy.

Ride the Cutting Edge

Are you following technology and best practices? Can you describe the trends, issues and opportunities your industry is currently facing? If you can’t answer any of these questions in the affirmative, it’s time to go back to school. Being innovative can help you run your business at a lower cost and reach new customers in other locations, even in other countries. Online shopping, for example, can take your local business and, depending on what you sell, make you a global player almost overnight.

Sharp Focus: It’s all about your goals

Success depends on keeping your eye on your long-term goals while implementing strategies and tactics. Your strategy is the shorter-term goals that will get you to your goal. Tactics are the things you do to achieve your strategy. Everything you do must be done with your goals in mind as part of your overall strategy. This means that if you consider overhead to drive short-term profits, think about how it affects the bottom line. If it doesn’t support your goals, don’t do it. There is always another way.

Improving Excel: The Two Sides of the Battle

It hasn’t been made clear so far, but what you’ve read so far is really about improvement. I suggested that you take a closer look at what you are doing and try to figure out if you can do it better. In itself, that is half the battle. I’ve never been one to promise so much half the battle. I’m a total fighting type of guy so here’s the other half: Your Competition. What are they doing? More importantly, what do they do well (you can adapt) and what do they do wrong (you can exploit)? It might sound a little “cloak and sword”, but they don’t call it corporate espionage. I am not suggesting that you go to Machiavellian extremes here, but I am suggesting that your competitive intelligence is better and that you better take advantage of that intelligence.

You improve your products and services, policies and practices; and competitors improve you too. If you do these things, you will be able to get out of most difficult economic times with little damage. After all, why wait for the storm clouds to gather and Bernancke to utter that dreaded word: Recession? Why not start your improvement program today? In the immortal words of PT Barnum: “Those who truly desire independence, think only of it, and use the right means, as they do anything else they love.” to be carried out, and things. is easy to do.”

Now get out there and do something!

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