How Do You Survive A Recession?
Your determination is what takes you through the good and the bad times. If you put in some work now to make your business recession-proof, you can emerge with a healthier, more profitable business whatever the economic climate.rnrnHave a Plan. A business plan is not just something you show the bank, it’s what you are doing in your business, if you haven’t thought it all out stop what you are doing now get yourself a plan. In the financial plan, set your targets for income and expenses. You need to know what success means for you and when you are going to get there. You set your goals and then achieve them. This means profit and how much you want – if you are not aiming to make profit at some time then you are not a business. Share the plan with everyone who is implementing it so that they all comprehend what their role is.rnrnKeep selling. If you are not making enough revenue, sell more. Marketing ultimately comes down to selling. Designing products and services and promoting them is about selling. Bear that in mind at all times. Sometimes people running a business state they do not consider themselves salespeople. OK get a job. You can’t run a business without selling.
Your customers are a goldmine. Know your customers and why they need your product or service. Speak to them. Find out why they purchase from you, what do they think about your competitors, what do they read, who do they get advice from, etc. The more you know the more your chance of selling more. If you can get a customer list work it at all times to dig up more sales opportunities.
Work on your business not in it. One of the key aspects of successful entrepreneurs is the ability to maintain an overall vision of how their company is performing, and, more important, whether it’s still going in the intended direction. Less successful entrepreneurs get bogged down in the day-to-day running of things, and when this happens, businesses drift.
Delegate your day to day tasks. If you are the boss, you must let people you hire get on and do things. Especially if you are hiring people for the first time, it can be a massive wrench to let them do a task you are used to doing yourself. Nearly undoubtedly, they will not do it as well as you would have done – but if they have done it well enough, and freed up your time to do more important things, then you are ahead.
Take time off work. Workaholism is a hazardous addiction. Take time out to go out for a walk or to visit somewhere new: when you do so, try and get a new perspective on your business.rnrnChris is a Director of Deve Limited a business and marketing development consultancy. He is a marketing professional and a chartered management accountant.
He has wide experience of implementing marketing strategies for multi-nationals, SMEs and start-ups. He specialises in integrated direct marketing services. His formative years were as marketing manager at Cadbury Schweppes. He has been a senior consultant in West End, London agencies working for major brands. He has been involved in several business start-ups and for a while he owned a famous 15th Century pub in St Albans.rnrnContact him at chris.edwards@deve.co.uk or visit http://www.deve.co.uk
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