Small Business Survival in Recession ( COVID-19)

How Small Business Can Survive in Recession Period ?? 👀

The World Economy will go into recession as COVID-19 will be far worse than recession occurred  in 2008. 😟😟😟

1.Focus on Current Customers - The bird is in your hand customers or your clients and they are an opportunity to grab for sales as well as survival stage without going for hunting the clients in your territory.

                                                   Even existing customers are mostly loyal customers you can't afford to ignore the customers  who are better for profits-sales and collections.The main key is in your hand to give outstanding service to your customers.You have to ensure your customers should love what you sell and make them happy.As in the sales we says customers is a god and he is always right,discover their needs,meet them weekly or as per  inquires here is physical presence  is more important including sales team as well as company mangers or directors to grab the total projects.

2.Do Not Cut Marketing Budgets - Mostly small firms use the strategy to eliminate the marketing budgets n these times.but this is really at the start your small business needs marketing most to  grow in particular areas and applications to reach without them small firm will not be recession proof in business.Customers are uneasy they always searching to make changes in their buying decisions.

Help your customers to find their respective products  Do not quit marketing and step up more in marketing to reach and fulfill your goals

3.Take Care of Your Cash Flows - Cash is like a  flowing blood  in your business. Money should inflow and outflow for most finest your business health Keep your goal to bring more collection or income from the market than spend on your expenses.

4.Check Your Inventory Management- You can reduce your inventory costs without sacrificing your quality of goods.Make a list of your standard items and it can be purchased on better prices than a particular supplier.It is not the thing to keep on doing things in the same ways,especially when  other ways can save your money.

5.Focus On Your Core Goal- Rather than the diversification of business focus on in  which your the best and make you profitable.

6. Wining Strategy-  If your business is small and is in tough times make a client base and discover more profitable clients for short and long period and offer them what others cant offer.

Note: For making  your business 100% Recession Proof by implementing all these can survive your business in tough period and making profits too.

It will start with your positive efforts and searching the ways to make more improvements.

Thanks.