A Serious Slowdown

A recession or business slowdown is not the end of the world, although it may seem like it.  You can get through it and come out stronger if you make some adjustment and don't away and hide. Don't worry about what your competitors are doing at this time, some may not even be around in 6 months or a year. Here are some ideas to get you past the serious slow times and recession blues.

 *Don't go price reduction crazy, provide more value instead
 *Promote, promote, promote. Keep you name in front of your target market they are still buying.
 *Outsource more and convert some staff members into part time or temporary employees.
 *Cut costs slowly so they won't reduce your service and delivery. Think each cut through carefully
 *Add new related products and services that your customers will buy. Any new profit is helpful.
 *Reduce inventory but not so much that it will cause inconvenience to your customers,
 *Get rid of soon-to-be obsolete products at bargain basement prices even if you have to forgo profits.
 *Keep marketing and use free or almost free ways, there are many of them
 *Reduce travel expenses and go only when absolutely necessary.
 *Focus on service. People are still buying so give them more.
 *Watch the news and your industry publications for any changes coming.
 *Try to negotiate longer terms with suppliers you have been loyal to in the past.
 *Keep you staff positive so they will provide the best customer service and high productivity.
 *Smile a lot, it's not that bad.

Barry is a business speaker, international business author and advisor for new and existing businesses. www.idealetter.com