June 4, 2020  
 
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

Articles for Entrepreneurs

 

Business Advice for Bad Econonomic Times

 

Recession Proof Your Business

Written by Rayzelle Forrest Young for Gaebler Ventures

This article discusses how to keep your business alive and well during a time of recession. Learn specific techniques to use in order to keep make your customers feel special and keep them doing business with you.

Running a business can be difficult in these tough economic times.

As an entrepreneur, you may be wondering how your business is going to survive what economists are calling a recession. People are cutting back in all areas of spending and are deciding to purchase only products and services they feel they need. Depending on what kind of business your own, this could mean that you will see a decline in your customers spending habits. In order to protect your business against the threat of losing money you need to come up with a plan that is recession proof. Here are some steps you can take to make sure your company comes out on the positive side of the recession.

Raise Rates

It may sound strange but raising your rates is an excellent way to recession proof your business. Consumers equate value to price and generally believe you get what you pay for. Raising your rates sends the message that your product or service is a valuable one. When using this strategy you want to make a slight price increase. Doing this won't overwhelm your customers but will send the message that what your business has to offer is a worthy.

Use Aggressive Marketing

Be more aggressive in your marketing tactics. Make use of all your resources when it comes to this. This should include flyers, business cards, radio contests, coupons and specials, classified ads, television promotion and whatever other marketing avenues you can think of. Make sure you stay within your budget but spread your promotional efforts over as many marketing methods as you can.

Customer Service

Nothing beats excellent customer service. Pay attention to your customers' needs and wants give it to them. If you show your customers that you have a genuine interest in providing them with the best that your business has to offer, they will continue to do business with you. As everyone likes to feel special, try using personalized customer service strategies by remembering first names of your buyers or what they bought the last time they did business with you.

Use Technology

Make use of modern technology. If your company doesn't have a website then now is the time to get one. Since the web can be accessed from anywhere, having a website makes it so your customers don't have to actually come in to your place of business to be able to browse products and services or even purchase them. Create an internet presence for your business by using social networks and blogs to promote your website. This is a great way to communicate with existing and potential customers and build a relationship with them.

The recession is not an automatic death sentence for your business. There are numerous ways of getting around the recession and allowing your business to stay afloat. By slightly raising rates, using aggressive marketing, employing superb customer service and communication skills and making use of technology, you should be able to keep your business alive.

Rayzelle is an entrepreneur and writer. Based on her experiences as an owner of her own dance studio, she will share her personal tips on being a successful entrepreneur.

Related Articles

Want to learn more about this topic? If so, you will enjoy these articles:

Maintaining Customer Trust in Bad Economic Times
Should I Hire New Workers for My Small Business?


Conversation Board

We greatly appreciate any advice you can provide on this topic. Please contribute your insights on this topic so others can benefit.


Questions, Comments, Tips, and Advice  Code Image - Please contact webmaster if you have problems seeing this image code
Problem Viewing Image
Load New Code

 

 

Additional Resources for Entrepreneurs

Search Engine Marketing

Social Marketing Optimization

Business Forms

Business in the Jungle - Business in Fiction - Negotiating

Radio Ad Costs

Newspaper Advertising Rates

City-Specific Resources for Entrepreneurs

Small Business Insurance

Global Entrepreneurship

China & Entrepreneurs