As a business person facing recession, here is a list (not comprehensive) of What You Should Not Do:
• Do Not Panic – you must remain positive at all times, no matter what
• Do Not Slash your prices – a price war helps no-one and will drive your business into the ground very quickly
• Do Not Sack any staff – the effect on remaining staff morale can be catastrophic and in itself lead to an early business failure
• Do Not Change your marketing tactics – what worked before will still work in a recession
• Do Not Refuse to tighten up non-essential expenditure – make sure every penny spent counts
• Do Not Contract your business – don’t fall into the trap of thinking a smaller version of your business may survive better – it won’t make any difference
• Do Not Listen to the media and their “experts” – they delight in reporting every possible negative effect of recession every single day but all they are doing is creating a circle of negativity about the trading conditions which is more likely to depress than motivate a business owner
• Do Not Branch out willy nilly in all directions in desperation to keep sales going – never a good idea in a boom time, let alone a recession. Remain focused on your specific niche. Don’t be tempted to waiver
• DO NOT GIVE UP – the only way your business will fail is if you give up!
Please learn to wear blinkers when watching TV. Learn to ignore the constant gloom and doom that the news and breakfast programs seem to delight in broadcasting every day. How many jobs have been lost, how many businesses have folded, how bad exchange rates are, how bad the European picture is, how fragile the global economy is – ignore it all.
Your mission is to remain positive and drive your business forward using as many marketing tactics as possible to ensure your business survives. You may even find you experience considerable growth as well!
The thing to remember is that life goes on. In times of recession; in boom times; in times of plenty; in times of war – life goes on. People still need things. Even if unemployment again reaches the unforgivable levels of the early 1990’s of 3 million plus, there are still many more millions in work and in business.
I know it is easily said, but on this website (Evan Carmichael) you will find a host of marketing tactics being trumpted by established experts. Find at least 20 tactics that you are not currently using in your business and get working with them.
Fight for the survival of your business. Remember, if you don't - no-one else will...
Does a recession signal the end of your business? - To learn more about this author, visit Ray Stewart's Website.
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