Top 7 Ways to Recession Proof Your Business

March 4, 2008

Written by Debbie Mrazek

Good companies and good products are in demand no matter what the economy is doing. Just because there is a recession, it doesn’t mean that everyone is experiencing the same effect from it.

The key to riding out the recession is to create a plan to address it. Simply planning ahead is one of the best strategies companies can use when experts begin to whisper recession.

Recession-proofing your sales begins with you, and being proactive is one of the best ways to ride high when others are crashing.

Put these seven easy strategies to work for you and you’ll soon find that recession or not your sales are soaring!

1. Lock in client loyalty. Remember, you aren’t the only one facing a possible recession. What can you do to serve your best clients? Call and ask.

2. Dig out lost proposals. You never know if those lost proposals went to another company that may not have been the perfect fit.

3. Make time for Face Time. It’s easy to slip into the habit of staying in the office and doing business by phone and email. Drop by or schedule a time to meet with clients. Listen for opportunities where you can offer a solution for their problems.

4. See a Need and Fill It. In a possible recession, sometimes luxuries are the first to go. However, if there’s a need, there’s usually money to pay for a solution. Can you create products or add-on items that fill a need?

5. Create package options. In hearty economic times, there’s more to go around. When companies face a possible recession, slashing expenses is one of the first things companies do. To stand out from others, create package deals that offer lots of value-add for the buck. This way you will stand out as a good deal.

6. Do more for less. We aren’t talking about giving away the farm. We are talking about doing just slightly more for the same amount. If you would normally tack on fees for an item, throw it in for free. Gifting ignites the law of reciprocity and loyalty follows.

7. Put systems, marketing campaigns, and people in place sooner than later. Businesses that take a proactive approach will feel less blind-sided. Create your plan now and implement it. And whatever you do, don’t cut back on sales and marketing initiatives!

Recessions are part of the economic landscape. They won’t be going away anytime soon. The best thing you can do is plan now instead of later. Determine a plan of action and work that prior to and through the tougher times.

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