10 Ways to Survive the Recession
Posted on March 25th, 2008 by Gabriel HarperMany business owners and entrepreneurs like myself are probably feeling the harsh economy here in the US. Many businesses have been laying workers off, cutting costs at all costs, and seeking dreaded lines of credit just to weather the storm.
I’ve seen many business news clips, blogs and articles lately that offer advice on keeping your business alive during tough times. There is some good advice and some bad advice, and some advice that’s just a waste of time. I decided to try and boil down the top ten recession survival techniques in my book right now.
- Work harder!
- Avoid debt
- Keep your employees
- Focus on your core business
- Delegate tasks wherever you can
- Compete on price
- Cut unnecessary spending
- Seek partnerships
- Make sales oriented product decisions
- Find new ways to monetize
With all of the advice being thrown around in these hard times, I’m shocked at how little I hear #1 being recommended. In tough times, it seems plain and simple that a business owner has the responsibility to put in some overtime (or over-overtime if you’re like most business owners…)
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April 2nd, 2008 at 12:20 pm
May I add one more? It is: Be patient, persistant, remain steady and things will get better. They ALWAYS do!
June 10th, 2009 at 8:02 am
Effective online marketing is so much more important in a recession, much more so that it was during the boom of the past few years. Good post, keep it coming!
July 10th, 2009 at 10:18 am
Number 10 is what I have been focused on. Trying to find other avenues of revenue streams in the same business segment or industry.
January 12th, 2010 at 4:45 pm
Numbers one and three are very important IMHO.
When times are good it is easy to be complacent. When times are bad that is when we should switch gears and get hungry again. That means longer hours, do in it better, getting back to the basics that made a business successful in the first place.
If you cut employees and others do the same they we reduce the amount of wage earners across the board that can purchase goods and services; Which only makes things worse.
my two cents!