How to recession-proof your business in 3 easy steps

In light of the National and International market downturn, it’s always good to reflect on your own position in the economy and be prepared to weather the storm however big or small they may be. Here are 3 simple things to remember that can put you a step ahead of the curve.

Step 1: Cut back on unnecessary expenses

Yes as obvious as this one sounds, Most will probably ignore it. Cutting back is never easy, personally or in business. For instance, do you really need that Netflix account? How much does it cost you in a year? And what else could you have used that money on? Go through your personal and business expenses with a fine tooth comb and be absolutely honest with yourself.

Step 2: Embrace Innovation

Remember that software that you thought would be a good idea to use a year ago? Well, now is a really good time to actually dive into it. Innovation doesn’t have to be groundbreaking and never seen before. In fact it rarely is. It’s the small changes that improve your efficiency and optimize your operation that make the biggest difference.

So consider the various options that are available that you may have overlooked in the past. Consider social media ads instead of traditional advertising. Consider remote working from home instead of the usual status quo. Consider cloud based collaboration tools that can potentially optimize your workflow.

Step 3: Have empathy for your customers

If you are in business, you probably started it to serve a particular audience or group. Realize that at times like this you are part of that community and that community is under enormous pressure. Whether that pressure is mental or financial it’s important to do what you can to help that community.

This may mean that you allow for a more flexible payment plan for your customers (some money in, is better than no money at all). This may mean helping by distributing relevant and useful information. Having empathy means caring a little bit more for your customers and showing it in your business practice. It’s not only good for business, it’s good for humanity to.

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