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Entrepreneurs – Health Check Your Business To Prepare For The Recession

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Article Overview: You know that the economy is in recession and that you are going to find it hard going in the recession. So how do you prepare your business to deal with the problems and trails ahead? Here’s a health check for you.

Entrepreneurs – Health Check Your Business To Prepare For The Recession

You know that the economy is in recession and that you are going to find it hard going in the recession. So how do you prepare your business to deal with the problems and trails ahead? Here’s a health check for you.

1. Are your products and services appropriate for a market and customer base going through a recessionary period?
2. Are your prices appropriate to this cash strapped time?
3. Are you getting repeat custom? If not why not?
4. Have you offered new products and services lately? If not – now is the time to do so.
5. Is your current advertising effective? Have you checked on its response lately?
6. Similarly your PR and marketing activities? If not then fine tune them. Any mention of your company or products is worth the efforts you expend in these troubled times.
7. Do your customers feel appreciated and is there any way you can build on customer loyalty? In recessionary times it is very important to keep your current customers happy and let them know you understand their problems. The estimated cost of getting a new customer versus retaining an existing one can be as much as five to one in terms of dollars spent. Keeping customers is more cost-effective than constantly seeking new ones.
8. How is your business doing compared to your competitors? Are there lessons that you can learn from them? Are your prices and products comparable? Are they stealing your market share?
9. Are your staff happy? Do they need training? Are you in danger of losing your key staff?
10. Are your expenses under control? Are there any costs that you can cut? Can you work more efficiently? Smarter?

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Article Tags: current advertising, customer base, customer loyalty, economy, fine tune, health check, market share, marketing, period 2, recession, recessionary times, time 3, troubled times



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