Recession Proof Your Business (and Your Life)
Recession Proof Your Business (and Your Life)
These business initiatives are courtesy of Matthew Nolan from the “MyBusiness” magazine. The personal initiatives are courtesy of “The Coach”.
1. Pricing:
a. Business: Maintain your prices. The longer term damage to your margins and brand from a price cut may not be worth the short term advantage. Also you may instigate a destructive price war with your competitors if you reduce your prices.
b. Personal: Maintain your self image. The longer term damage to your self esteem and brand may not be worth the instant gratification of self destructive behaviour and thoughts. Also your competitors may take advantage of your momentary loss of self belief.
2. Investments:
a. Business: Confirm that this is the right time to expand. Review if the likely lower level of business in the future period will justify the investment in the expansion.
b. Personal: Confirm that this is the right time to take that new opportunity. Review if you are in the right state of mind to invest the time required in making this new opportunity successful.
3. Stock:
a. Business: Consider stocking more of your budget items and less of your top of the range items as your customers are likely to become more price sensitive during a recession. Also look at reducing your level of stock and thereby reducing your investment in working capital.
b. Personal: Be appreciative of what you do have. A spending spree may not be the answer to your current problems. Also de-clutter your life and throw away or donate those clothes and books that have not been touched in the past year. You will find that it improves your outlook.
4. Marketing:
a. Business: Focus on customer retention rather than finding new customers. Also it is a good time to renegotiate the rates that you are paying for advertising.
b. Personal: Look for old friends to provide the support that you need.
5. Get Paid:
a. Business: Review your accounts receivable policy or establish one. Invest time to ensure that the policy is being followed.
b. Personal: Ensure that you get the most you can from your experiences. Reinforce what went well and learn from what could have been done better and develop an action plan so that it is done better next time.
6. Borrowing:
a. Business: Resist the temptation to borrow to cover expenses. Instead focus on costs and establish a level of costs that can be supported by the likely downturn in business.
b. Personal: Resist the temptation of short term fixes such as drugs and alcohol. Instead work with a friend and write a list of all your good qualities and then celebrate them with your favourite meal.
7. Staffing:
a. Business: Be clear, consistent and honest with your staff. There may have to lay-offs but honest communication will help maintain morale and productivity.
b. Personal: Be clear, consistent and honest with your self and your friends and family. Honest communication will help maintain morale, give perspective to the issue and make it easier to move on to the next challenge.
8. Diversification:
a. Business: Explore low cost opportunities to supply products or services to markets that are less impacted by the recession than your traditional markets.
b. Personal: Explore those things you always wanted to do if you only had the time. You may find that the extra time that you have may enable these dreams to become reality.
9. Resource Allocation:
a. Business: Evaluate your services, products and customers to determine which ones will be profitable in the event of an economic downturn. Invest your time and resources in the profitable ones and eliminate the others from your business.
b. Personal: Spend time with the people and events that are uplifting and inspiring. Avoid people or situations that hit your hot buttons.
These tips have one thing in common and that is to be proactive and take charge.
Recession Proof Your Business and Your Life - To learn more about this author, visit Gerry Maguire's Website.
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There have been many articles in magazines, e zines and newspapers over the past few months that provide tips on how to recession proof your business. These tips, if implemented, will help business weather the storm of a general recession in the economy so that the business can enjoy the subsequent up turn in the economy. My articles traditionally explores the parallels between business and personal life and this article looks at how to employ these recession proofing business initiatives in our personal life's. The equivalent to a recession in our personal life include such things as a loss of job, a relationship break down, a failed exam, a sporting injury. Here are nine tips on how to recession proof your business and your life
These business initiatives are courtesy of Matthew Nolan from the “MyBusiness” magazine. The personal initiatives are courtesy of “The Coach”.
1. Pricing:
a. Business: Maintain your prices. The longer term damage to your margins and brand from a price cut may not be worth the short term advantage. Also you may instigate a destructive price war with your competitors if you reduce your prices.
b. Personal: Maintain your self image. The longer term damage to your self esteem and brand may not be worth the instant gratification of self destructive behaviour and thoughts. Also your competitors may take advantage of your momentary loss of self belief.
2. Investments:
a. Business: Confirm that this is the right time to expand. Review if the likely lower level of business in the future period will justify the investment in the expansion.
b. Personal: Confirm that this is the right time to take that new opportunity. Review if you are in the right state of mind to invest the time required in making this new opportunity successful.
3. Stock:
a. Business: Consider stocking more of your budget items and less of your top of the range items as your customers are likely to become more price sensitive during a recession. Also look at reducing your level of stock and thereby reducing your investment in working capital.
b. Personal: Be appreciative of what you do have. A spending spree may not be the answer to your current problems. Also de-clutter your life and throw away or donate those clothes and books that have not been touched in the past year. You will find that it improves your outlook.
4. Marketing:
a. Business: Focus on customer retention rather than finding new customers. Also it is a good time to renegotiate the rates that you are paying for advertising.
b. Personal: Look for old friends to provide the support that you need.
5. Get Paid:
a. Business: Review your accounts receivable policy or establish one. Invest time to ensure that the policy is being followed.
b. Personal: Ensure that you get the most you can from your experiences. Reinforce what went well and learn from what could have been done better and develop an action plan so that it is done better next time.
6. Borrowing:
a. Business: Resist the temptation to borrow to cover expenses. Instead focus on costs and establish a level of costs that can be supported by the likely downturn in business.
b. Personal: Resist the temptation of short term fixes such as drugs and alcohol. Instead work with a friend and write a list of all your good qualities and then celebrate them with your favourite meal.
7. Staffing:
a. Business: Be clear, consistent and honest with your staff. There may have to lay-offs but honest communication will help maintain morale and productivity.
b. Personal: Be clear, consistent and honest with your self and your friends and family. Honest communication will help maintain morale, give perspective to the issue and make it easier to move on to the next challenge.
8. Diversification:
a. Business: Explore low cost opportunities to supply products or services to markets that are less impacted by the recession than your traditional markets.
b. Personal: Explore those things you always wanted to do if you only had the time. You may find that the extra time that you have may enable these dreams to become reality.
9. Resource Allocation:
a. Business: Evaluate your services, products and customers to determine which ones will be profitable in the event of an economic downturn. Invest your time and resources in the profitable ones and eliminate the others from your business.
b. Personal: Spend time with the people and events that are uplifting and inspiring. Avoid people or situations that hit your hot buttons.
These tips have one thing in common and that is to be proactive and take charge.
Recession Proof Your Business and Your Life - To learn more about this author, visit Gerry Maguire's Website.
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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