Tweet

Entrepreneurs – Health Check Your Business To Prepare For The Recession

Written by: Lee Lister

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?

Related Articles
  Why You Must Keep Marketing Through The Recession
  Fun Recession Activities!
  Entrepreneurs Thanking the Recession
  Why Start a Health Care Franchise Today?
  Businesses That Do Well In A Recession

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



Related Forum Posts
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Looking for creative ideas - I’m a student of Business management. I have been given a task by a local business to Improve there marketing to increase their sales, after a drop in interest in a certain service. The Business is a Local Health and leisure centre and is currently suffering from a drop in sales and interest in the adult swimming service. The Business have suffered from a drop in sales by nearly 50% in the past two years. They have asked me to create a business plan and an idea to how they can improve their marketing and increase their sales in adult swimming sessions. I am posting on here, to seek advice on any ideas that you may have about how a small leisure centre can increase sales in the adult swimming market. Any ideas would be welcome as I am currently struggling to come up with an idea that is very effective and cheap to carry out, so any ideas would be welcome. Hope I have given you enough basic info, don't hesitate to ask if you need more information. Again any ideas would be very welcome and I would appreciate your help. I will be looking forward to hearing some of your ideas. Looking for a quick reply as i have not got long to complete the task and organise my presentation to local businesses. Thanks for your time and interest.
Elevator Pitch in 10 Words - "Winning Business Design For Aspiring Entrepreneurs Based On Their Idea"
A ton of Great Women - You might want to profile Teresa Cascioli of LakePort Brewery. She has an amazing story! I met her at at the celebratory luncheon for the Profit/Chatelaine Top 100 Women Business Owners. The Top 100 list is also a great resource for inspirational stories of Women Entrepreneurs.
Re: Hello EvanCarmichaelers, and Thanks! - "Carmichaelers" ..nice.. Over at the Young Entrepreneurs I'm going to start calling my readers "DSilvelers" - I like the sound of that! Welcome on board theFranchiseMarket. Do you run a Franchise Business or are involved in Franchising in anyway?


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Track Your Time for Increased Productivity

Think Time

Improve E-mail: Avoid the Quicksand

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.