What are three things you can do to recession proof your business? Trends sent out a survey to companies that survived the 2008 recession, and this is their advice:
First, offer discounts. Although it may seem counter intuitive to make less money, offering Discounts often leads to a wider customer base. More customers mean increased sales, not just right now, but into the future. Building a larger community of customers will help you continue to grow.
Second, Make strategic partnerships. Good businesses are often built on connects, with their clients and with other businesses. For example, of the companies polled that survived 2008, of those who created partnerships to help stay afloat, 88% saw revenue increases or stayed the same. Using this approach, now sometimes referred to as the influencer approach, can make it easy to grow even when those around aren’t.
And Third, avoid debt. This may seem like common sense, but it is difficult to grow if any money you are making doesn’t belong to you.
Do you have any advice to share about weathering recessions? Let us know!