19 MORE Methods To Help Your Business Survive & Prosper In A Recession

Posted: May 11, 2009 in Uncategorized

Below are the final 19 methods from my blog series “38 Methods (from 38 experts) To Help Your Business Survive And Prosper In A Recession”.   You can see the first 19th methods here.

How To Win One Of Final 4 Sets Of My E-manuals:
I’m giving away 30 sets of my two e-manuals called, “How Your Business Can Survive And Prosper In A Recession.”  to 6 winners.  

(NOTE: 2 people have already won.)

Why does each winner get 5 sets of the e-manuals?  You can have one of the sets for yourself and give away 4 sets on your blog to your twitter followers, or to your customers.

How to enter to win:

1. Post a comment below and tell me your favorite of the FINAL 19 methods listed here below.
2. I will put all of the entries into a website that will randomly draw the winners.
3. I will draw and announce the first 2 winners on MONDAY, MAY 18th.  On that day, I will also announce how the final four people can win a set.

19 FINAL Methods:
**Click the methods below that are red links to read my further advice on how to implement these methods.**

20. Falling into the “it can’t be done” trap. Instead of looking for new opportunities and ways to expand, companies try to batten down the hatches and ride it out.

A recession can be a great opportunity if one keeps their eyes open and not retreat into a defensive mode.

21. Give greater attention to your best clients – Those customers who have proven that they will support your business during good times and bad are always important, but particularly important during tough times. They are most likely to be the source of badly needed revenues so give them special attention.

22. Send out a press release each month. Media are always looking for stories.

23. Focus on public attitude shifts by staying on top of trends like popular keywords, news headlines, and top selling products. Position your products and marketing accordingly to take advantage of existing customer awareness.

24. Keep Tight Tabs On Everything. Test everything. Make sure every ad you place is earning a profit and generating leads.  Don’t ever allow yourself to place any ad you can’t track, no matter how lucrative it could be.

25. Survey my customers and get them to tell me what they want and how they want to receive it.

26. “Gather your team together. Do a SWOT analysis (strengths, weaknesses, opportunities, and threats) with key members. Think strategically.”

27. Implement creative and inexpensive methods of advertising and marketing to increase your customer traffic, like employee referral bonus programs, customer referrals, in store specials, drawings and give-aways, flyers, articles, etc.”

28. “Make company goals known by the whole team so that everyone is focused on the same mission.”

29. “Economize on expenses. Meet with your CPA and go over your expenses.”

30. “Make sure your suppliers are solid financially. This is no time to tell your customers that you can’t get their goods on time because your supplier went belly up.”

31. “Improve the deals with your suppliers. Anxiety about losing accounts during recessions makes some suppliers highly cooperative.”

32. “Slim down the product line. In general, almost every company has too many SKUs, or their equivalent. Does Coca-Cola need 14 varieties of Coke? I believe they would sell just as much Coke with half the number of SKUs. Furthermore, reducing the product line would save money in production and distribution.”

33. Join LinkedIn or the social network of your choice. Use it to trade tips & info. Give first, and then you’ll get back useful tips and leads.”

34. My further suggestion would be to find a product that you personally have an interest in and promote that product and category. I started a line of horse books because I had purchase an Arabian stallion.  I went into a riding goods store and asked for books on Arabian horses. There were only hard cover books.  I asked the salesperson where the paperback books were on horses and was told there weren’t any.  That was a golden opportunity and I published a line of 70 horse books as fast as I could.  My horse became a champion and well known in the Arabian horse world.  My books were sold around the world and in the 17,500 riding good stores in America.”

35. Train key people in the business. Real world education is the best investment any business can make.  This includes books, tapes and seminars.”

36. Use downtime for new product development. Have you considered writing a book that will set you up as an industry expert by the time the slump is over?    How about online information products for those people that cannot afford your services and will do it on their own?”

37. Upgrade your own skills. Tough times are a great opportunity to read more, study more and learn more about your business and about leadership in general.

38. “Ideally, I would broker joint ventures exclusively and not run a conventional business, unless I could leverage the resources in that business and reduce the overhead significantly.”“By aggressively working on your own personal growth you’ll stay more motivated, energized… and you might run across an idea or technique that brings a substantial return to your organization.”

REMEMBER: Post your favorite in the comments to win!

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Comments
  1. puneet bhatnagar says:

    liked number 36: use downtime to develop new products.

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