Tips To Recession Proof Your Business
It is a given fact that the world is facing a global economic crisis
. A rich country like US has fallen down and even increased national debt to trillions. Thus, it affects the economy of almost all countries in the world such as UK and Japan to name a few and making it even worst for developing countries.If you are currently starting a business or has established for years now, you might even start to wonder on how you can sustain the business and earn profits when all of the people are holding tight on their money. With bigger companies such as GM being bailed out and other major car makers falling apart, it just shows that even the big players are experiencing how it is to be in recession. How much more to pull through on a business that started out and without enough capital at the first place? It is a tough question, right? Fret no more! Here are some tips that might help you recession proof your business:
1. Plan, plan, plan
Nothing beats having a good plan to sustain your business operations all through these years where the country is facing recession. Do not stick with one plan alone, make sure to have contingency plans if ever things might not go the way you want it to be. If there is Plan A, there should be Plan B, and Plan C to back you up when things go bad.
2. Right Pricing
The problem of most businesses nowadays is that they go over-the-top in terms of pricing their products or services. A $200 item slashed down to $50, just to have a sale for the day or no sale at all. This should not be the case. Proper pricing should be enforced in order to make sure that the business is still earning profit and not losing money at the end.
3. Keep Updated with your Finances
One of the major problems with most businessmen who have their business shuts down is that they missed tracking down their finances like where did the money go, and if it is spent wisely. Also, there is no contingency plan in case one or two clients will not pay up or if there would be major expenses were to get the money. Every penny spent should be well-accounted for.
4. Proper cash management.
Do you have a good credit score? Dont really matter! Bankers are bankrupt and there is no money out there to lend you. Cash is the king in this economy. If you have cash then surely you will get your business up and running and probably have a better chance of survival. Having proper cash management is very important, especially when dealing with suppliers or customers. Try to keep a positive cash flow. This will keep your business take care of its operations and there will be no more idle moments thinking where and how to get money to keep on going.
5. Minimize expenses
Expenses are a great junk of money coming out from the business. Make sure that you have things covered on how you can control expenses or more so minimize it in order you can maximize profit for the sustainability of your business.
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