How to recession proof your business
- A strategy: if your business suddenly is affected by a huge sales downturn, what is your strategy? Where do you cut costs? Who in your organisation is business critical, and who isn’t. How long will your business survive with reduced sales? Do you have savings to draw upon? Is your bank overdraft in place? Does your service or product warrant more investment?
- Hang out with people smarter than yourself. I always try to surround myself with people that are smarter than me. Ask them questions like what they think is happening in the economy. What would they do to reduce costs? It may be as detailed as changing from Teltra or Optus to a low-cost telecommunications provider like Next Telecom, or a broker for electricity. They may with doing away with having a recruitment company and hiring slowly. Perhaps they are saving their money and leaving it in their fixed term deposits. Whatever it is, listen and see what would work for you and what wouldn’t.
- Improve efficiencies: Work harder, smarter, faster and more efficiently. If technology can replace people in your organisation, then so be it. It’s better that you employ someone rather than no-one.
- Make sure you have a website that works for your business. It needs to drive leads, represent your brand proudly and be information rich. Today I searched for Yoga companies online around the world and was surprised that I did not find one website that was half decent and the number of Yoga companies that are investing their money in adwords is crazy. What’s the point? If you have a bad website, no-one is going to use your services.
- Think outside the square. If you always do what you have always done, then you will always get, what you have always got. So, think outside the square. If you want your small business to prosper in a downturn, then be creative, step outside your comfort zone, and create something that no-one else has been able to do before you.
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