How To Survive A Recession
When the tabloids are hyping the stock market, it's a sign to sell. Likewise, when they're full of doom, a smart investor starts looking for companies paying dividends.
Most pundits are behinds the times. It takes time for macro-economic factors to filter down to small business units in Ilford. So we may, or may not, at the time of writing, be heading into a recession.
So, if we are, what can we do?
1. Eliminate excessive debt.
You may not be able to pay outstanding bills later. Pay them off and don't run up more later. Payment demands during a recession can come at just the wrong time.
As companies progress they get fatter; the secretary gets her own personal assistant. Trim the fat.
3. Reduce inventory and overhead.
Stuff that's stuck on the shelves for long periods should be sold and not re-ordered.
4. Cross-train staff.
Key members of staff should train one other person to do their duties. Then if one goes, you have a backup.
5. Resist sales and discounts.
Focus on quality; the big chains can't easily compete with you on that.
6. Expand geographically.
Test new markets. With the internet you can sell to anywhere.
7. Increase skills.
One clever new service offering may get you over the hump.
8. Enjoy yourself!
A bit of anxiety can impel us to do better. Prolonged misery helps no one and nothing. Give yourself small treats and get out of the office occasionally.
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