No-one can guarantee your business will be 100% recession-proof, but there are strategies and tactics you can put in place to help survive tough times. It all starts with focusing on looking at ways to improve your business across all areas.

Inventory Management

Equipment, shipping, warehouse operations, suppliers. Take an investigative approach to each area to see if anything can be done to reduce your costs, without jeopardizing the quality of your product or service. Could you reduce some of your ordering or ask your supplier for a better deal? Is your warehouse operating efficiently with power and staffing costs limited?

Staff are your most precious commodity but if your team members are itching for a holiday, now is the time! Agreed annual leave can be a win-win situation during a downturn. Be sure that employees do not feel pressured or bullied to take leave. Have an open and honest conversation about the current climate and come to a positive outcome for both parties.

Shutting down offices, lights and air conditioning/heating throughout your space can help reduce your running costs. If you have less people in the workplace, ensure these areas are not costing you money. Consolidate the space you work in, if possible and allow those team members who can, to work from home during this time.

Focus on the Core of Your Business

Diversification during a downturn can be damaging. Drop any extra ideas, services and products which are not profitable and focus on those that are.

Invest your time, money and resources in what you do best, promote it well and look after your current customers the best you can.

Make the Most of Current Customers

Customer service will always be key. Communicate regularly with current customers and offer thanks for their loyalty. This may be the time to set up a referral or loyalty program if you have not already done so.

Shift your focus to your current customers instead of spending energy on new customers. Ensure your current customers are happy, identify their needs and solve their problems. You want to keep their business.

Whatever you Do, Do Not Back on Marketing

This is when you need marketing the most. Consumers are uncertain, they are shopping around, looking for deals and wanting assurances. Building your brand and establishing trust as the market leader should still be your number one priority. Help customers find your business and your team by stepping up your marketing efforts. Share your success stories, positive reviews and continue to build rapport, awareness and life into your brand.