“Recession”
7 tips for business owners to combat a “Recession”:
- The various media outlets like to peddle bad news – they will always look for the worst possible examples. So, ignore media reports.
- Get your mindset right – recessions provide great opportunities – if you look for them. Carry out regular SWOT analyses to identify your opportunities. Many large businesses started up during a “recession”
- Know what you are selling (hint: it is not your product or service!)
- To know what you are selling, you need to know what your custohmers (or various segments of your customers) are buying. This can be easily established with our 5 minute, 5 question survey. Email me (kevinokeeffe@actioncoach.com) or comment below for a copy of these questions .
- Your customers’ needs will change as their market changes. For B-2-B businesses, stay in close contact with the 20% of your customers that provide 80% of your sales and profits. For B-2-C businesses do quarterly surveys of your customers. Again, you can email me or comment below for information on how to survey your retail customers.
- Identify new market segments that you can serve.
- Be on the lookout for customers of any of your competitors who do not make it through the “Recession”
- Bonus tip: Get a Coach to guide you through the “Recession”