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Three Tips to Get Through the Recession
By Susan Kim | February 14, 2009
I don’t have to tell you the state of the economic world today.
Unemployment is increasing, consumer spending is decreasing and credit is harder and harder to come by. If you’re a business owner, I’m sure you’re feeling the effects of this as well.
Here are three tips that will help get you through the recession.
1. Cut expenses - This may sound like a no brainer, but I’m not talking about a little here or a little there. What needs to be done right now is a major assessment of your expenses and then cutting it by at least 10-20 percent. Take your time with your calculations and projects, but do it NOW and do it early, before everything hits the fan.
2. Use your team - You don’t have to do it alone. Tap into the wealth of knowledge around you. Whether it’s your staff, your colleagues and/or your board of directors, share the specifics of what is going on with your business and invite your team to support you by offering feedback and suggestions. They may offer a perspective that opens up a whole variety of options for your company.
3. Tweak your products and services - Talk to your clients and find out what their needs are RIGHT NOW. As the market changes and the economy shifts, your clients may not need the same kind of services you have been providing. At the same time, YOUR needs may have changed as well. If you can tweak your products and services to be more beneficial now and in the long run, it’s the perfect time to do a little market research and change it.
To your Success!
Susan
“If you’re in Hell, don’t stop!” Winston Churchill
Susan Kim Coaching
Maui Business Coach and Professional Development Expert
Topics: Business Process, Business Resources |
March 13th, 2009 at 2:18 am
[…] your team for support in getting ideas, gaining a different perspective and creating more options (Three tips to get through the recession). This strategy is not just for […]