How to Recession Proof Yourself and Your Business

Jan 16, 09 How to Recession Proof Yourself and Your Business
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At this point, all the bad news related to the economy is prevalent. There is very little hope available to be upbeat about the headlines of late.  We read stories of long-time businesses closing down, thousands of people losing their jobs, families losing their homes, and other tales of economic woes and financial maladies. Our country is in a recession and there is very little we can do with it. In addition, the worst part is that a tangible resolution to the end to all of these problems is becoming more of a mirage.

If you are a business owner, then you are probably facing one of the scariest times that you have ever encountered. What you should know is that there are proven ways for you to survive and even prosper during these so-called hard times. Yes, you can recession proof yourself and your business with timeless business techniques and strategies.

You can beat the recession if you believe that you can. By implementing the following guidelines in your business, you can definitely recession proof yourself and your business and prosper in any economy.

  1. Be unique. Be sure that your business stands above the rest. It doesn’t matter that you are selling the same thing that a million people are selling – as long as you are not presenting it the same way as the other 999,999. There is always a way to differentiate yourself from the rest of the pack. Conformity is for losers. One way to make sure that your business is always unique is to change an aspect of it every now and then. This way, your business will always be fresh and never stale. Being unique is one of the best ways to increase the longevity of an already well established business.
  2. Take care of your customers. Another way to recession proof yourself and your business is to focus constantly and strive to improve customer experience. Customer service seems to be one of those business virtues that are in danger of becoming extinct. And yet, it is supposed to be one of the basic tenets in business. There is a basic law in business that says if you take care of your customers then they will take care of you. Always try to improve the experience that customers are getting from your business. One good way to take care of your customers and reward those who are loyal to you is by implementing an incentive scheme.
  3. Efficiency. Even if you have tons of customers and stand way above your competition in terms of benefits and services, you will never be on top if your business is not efficient. In these times of economic hardship, efficiency can spell the difference between survival and death during a recession.

By following the guidelines above, you surely will be able to recession-proof yourself and your business.

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