The objective of our Recession Survey was to establish the impact of ‘recession’ on the SME sector. This post will concentrate on how to ‘recession-proof’ your business. Small businesses often do not have enough control of their situation, the below advice will hopefully ensure you business comes out of the recession more streamlined and profitable than ever before.
Look to the future. Define what success means to your business. Establish financial targets in
Get a planning. Traditionally, a business plan is formulated at the start of the company formation process. However, in a recession, once you have established where you are going it is vital to know how you are going to get there.
Prioritise. Recognise what you want to achieve each day and make a list. By the end of play you should have completed all of your key actions.
Take the time to get to know your customers. What key decisions do they make before they buy? Why do they choose you and not your competitors? Where do they go for advice? Do they consult research online? Create a list of your top clients and ask them the above questions. Once you have the answers review your current strategy and investigate the opportunity to expand your current offering.
Take a fresh look. Move away from the day to day operations of your business and take a broader look. Review the key facets of your business; marketing, finance and management. Give them each a mark out of ten, establish your best and worst performing area and create an action plan to improve your current strategy.