If your business is going through a good time today, that is good news. But not all business owners are as lucky as you as there are more of them out there who are really feeling the effects of the global economic crises. Do not be too complacent to think that it won’t happen to your business. That is why it is important to take the most important steps to protecting your business from recession.
Here are some of the important tips to take note of.
1. When finances are low, you might be tempted to cut back on certain expenses. But never cut back on marketing. This is a time where you need to strengthen your marketing strategies to make sure that people continue to patronize your services and products. Meanwhile, just stick to the more low-cost options like social media marketing, webinars, e-mail blasts, press releases, and blogging.
2. Keep goals within a 30-day time frame. Your sales targets should have to be measured every 30 days. After that, gauge how much you have made and also look at how many blogs, press releases, emails and calls you have to make to target your goals.
3. Minimize expenses. Though expenses are inevitable to any business, it must be put at a minimum at this time. It would be a good formula to cut $2 for every expense and then invest half of this into your marketing strategies.
4. Collect dues when customers go beyond 30 days past their due. Ideally, you have to wait 45 days after the due date arrives before you can call the client and ask for the money. This time, if you really want to be recession-proof, you have to make a follow up of the payment once they have reached 30 days past due.
5. Keep in contact with customers. Try to talk to your customers through having regular meetings. Discuss with them their concerns and think of how you can be of help to them. Doing so will make you win their loyalty.
6. Network online and offline. In this age of the social media, you can leverage your business by creating a page or account especially on Facebook and Twitter and make use of Bing, Yahoo and Google+ as these sites allow you to include your business in the directory.
7. Get more staff. Though this may sound ironic, you have to take advantage of the many talented people who are looking for jobs. In such case, just pay them on commission basis only. You get to help them, save some money, and make use of good talents.
8. Have joint ventures. You can tie up with a certain company that is not your direct competition. By doing so, you get to have access to their customers and widen your customer base.
Whether there is recession or not, it is important to remember that businesses should be run effectively and strategically. Do not also wait for the time that recession will come before you act on the mentioned tips.
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