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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Gerry Maguire
(Visit Gerry's Website)
Gerry was born and raised in Melbourne,
Australia. He obtained his Bachelor of
Commerce from the University of Melbourne.
He holds an MBA from Deakin University. He
is a fellow of the CPA Australia and a
lecturer in Business Finance at James Cook
University.
In 1987, Gerry embarked on a career in the
world of finance and commerce. He quickly
advanced and held senior Management
positions within the mining industry with
BHPB Billiton and WMC Resources.These
positions included being the senior
finance manager for businesses with a
turnover of $A500m.
Always seeking a challenge, Gerry followed
his career path to such exciting locations
as the outback Australia, San Francisco,
the Canadian Arctic as well as tropical
North Queensland.
Gerry’s ability to thrive in diverse
communities and embrace adventure makes
him a powerful motivator.
His website is www
.inspirationcoaching.com.au
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