#WednesdayWisdom - 7 Tips to Combat Recession


7 tips for business owners to combat a “Recession”:

  1. The various media outlets like to peddle bad news – they will always look for the worst possible examples. So, ignore media reports.
  2. 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”
  3. Know what you are selling (hint: it is not your product or service!)
  4. 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 .
  5. 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.
  6. Identify new market segments that you can serve.
  7. Be on the lookout for customers of any of your competitors who do not make it through the “Recession”
  8. Bonus tip: Get a Coach to guide you through the “Recession”