10 Ways a Business can Cope with a Recession
While we all battle with this dreadful corona virus we must remember that after it is over there will probably be a recession in Australia. That is an economic fact. So now is the time to think strategically and prepare your business for the tough times ahead, even though for some businesses it is already tough.
There have been 4 recessions since 1980 lasting from 8 to 18 months and the effect on businesses lasted for years. Here are 10 tips to deal with a recession.
- Cut costs now but only if it will not harm you later
- Think about turning employees in to sub contractors
- Get out here and shine and do it now
- Take the long view. Marketing is a marathon and not a sprint
- Choose your marketing techniques and channels wisely
- Renovate your marketing tools now you have the time to do it
- Automate and systemise wherever you can
- Spend your time on what really matters in your business
- Make do and mend to save expenses
- Reduce inventories where you can
Economies are always cyclical so while there are lean times and now and in the immediate future there will be boom times again. Get ready for both!
If your business is in trouble with the virus impact I can help you navigate your way through it.
Tapp Advisory, Business Consulting Gold Coast.
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