Many Businesses are struggling to survive the on-going economic downfall. Knowing how to protect your business from crashing during this recession is a skill every business owner must master.
Here are thing you can start implementing today to protect your business
1. Manage your cash-flow
Cash is the fuel for running every business. Without cash your business is not going anywhere. In managing your cash-flow you must minimize the amount of money going out and maximize the money coming in.
Review all of your expenses to ensure that all costs that are essential to running your business remains. Cut off any unnecessary costs. Now is a great time to set up your business accounting (if you don’t have one). Check out our article on the best free accounting softwares for SMEs.
2. Focus on your most profitable products
There are certain products that do better during economic downtime and some that don’t make any sales. Instead of focusing on pushing the unprofitable product, channel all your efforts towards the products that is on higher demand during that period.
3. Find new customers
To keep your cash flow healthy, you must actively seek out new clients. Some of your old customer might no longer be able to afford your goods and services, therefore your sales would decrease. It is crucial that you actively find new customers.
As you cut down your costs, never make the mistake of cutting down on marketing as it is essential at this time.
4. Follow up with old customers
Stay in contact with your old customers. They are usually your easiest sell, because they already trust your business. You might want to encourage them with special discounts and extra services.
5. Collarborate
Join forces with other business owners whom both of you can benefit from each other. In recent times, we have witnessed a lot of collaborations online between business owners and influencers. We have seen a lot of joint webinars and live talks, which has helped to grow several businesses at this time.
What are some tips and tricks that your have tried and how has it worked for you? Share below
