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Entrepreneurs – Some Changes To Help You Survive The Recession.
Written by:Article Overview: Times are hard, business is slower and your profits are squeezed. You love your business and don’t want to go back to being a wage slave again – even if there was any work out there to be had! So how do you survive the recession?
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Entrepreneurs – Some Changes To Help You Survive The Recession.
Times are hard, business is slower and your profits are squeezed. You love your business and don’t want to go back to being a wage slave again – even if there was any work out there to be had! So how do you survive the recession?
Well first of all – don’t panic – as Private Godfrey in Dad’s Army often says– now is the time to tighten up the way you run your business.
In a recession you need a mean, lean fighting machine that is selling stuff at the right price to people that really need them. Your business should be making the most profit it can and have the least expenses you can manage. Here are a few suggestions:
• Consider outsourcing some of your more expensive services. Not only can this lower some of your overheads but it also helps another company out.
• Think about bartering your services or products with another small business. For example your local plumber may want some of your services or widgets in exchange for fixing your heating. Or your supplier may want some of our services in exchange for some of your core materials
• Contemplate sub letting some of your office/warehouse/shop to another related company so that you can both benefit from each other’s customers and you cut your overheads. A lot of companies are looking to downsize their premises so this will be quite easy to do. Check your lease first – but your landlord will probably be glad to know that his rent is still coming.
• Rather than making redundant some of your skilled staff, offer them a job share or a shorter working week. Your staff will be aware that their job is at risk and may even welcome a job share or shorter week, that preserves their job and gives them some spare time. Of course they will be unhappy about losing some income but reality will hopefully kick in. Be prepared to maybe lose some of your skilled workers who may be able to get jobs elsewhere.
• Look at contracting some of your work out – especially if you get a surge in work. If it is done over a short time, it can save money.
These are fairly big changes that will make you much better off financially and can easily be changed back when the world gets better. So Good Luck!
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Article Tags: core materials, dad, few suggestions, fighting machine, godfrey, landlord, office warehouse, overheads, plumber, premises, profits, recession, related company, short time, skilled staff, skilled workers, spare time, wage slave, warehouse shop, widgets
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