Recession Proof Your Business
Recently we reported that Covid19 has triggered the largest ever recession in the UK, so now is a good time to think about how to recession proof your business. Prestige Business Management understands unsettling a recession and the associated level of uncertainty can be for businesses of every size. Fortunately we are in full knowledge of what government support packages there are to support you and your business. You can follow our monthly news updates for regular summary. Furthermore have a thorough knowledge of business solutions to support you every step of the way.
Top Ten Tips to Recession Proof your Business
Read Prestige Business Management’s top ten tips for how to recession proof your business with business solutions and government support.
Make a Plan
The first thing to do is to make a practical plan of what needs to be done versus what can wait, or may even become unnecessary during a recession period. Certainly think about what you can achieve with smaller revenue or resources. Make a list of your essential expenses and be realistic. Don’t cut any roles you can’t live without. Some could simply be reduced to part time relative to the shrinkage in revenue. A flow diagram can be invaluable under rapidly changing circumstances. So that you can see what happens if a) occurs, or what do when b) happens.
Great Client Relationship Management
We all appreciate loyal clients especially during a downturn. It pays to remember that clients everywhere will be facing their own unique challenges. So any way that you can help them achieve that loyalty, will go a long way to recession proof your business. Perhaps it’s a more flexible booking system, or taking the time for an honest appraisal of how things really are for them. Your competitors may be desperately trying to attract them by offering lower prices. It’s an unfortunate fact that customers are usually the first to go during tough economic times. Perhaps you can keep yours onside with healthy and responsive client relationship management (CRM). Reward your loyal clients with whatever you can. Depending on your business model, perhaps you can work in an Introduce a Friend Scheme to help make your increased CRM really pay off during a recession.
Hold On To Your Best Employees
Take good care of your best employees. Their first priority will be to take care of their families. Make sure you are part of that solution with great communication and making reassurances that you can stick to. Don’t let them burn out by unnecessarily overworking to try to impress you. Be honest about how business is. Offer temporarily reduced hours or a change in job description if necessary. Your key employees will have bespoke knowledge and experience of your business and clients that you can’t afford to lose. Look at what incentives you can offer for their hard work. After all, if your business does better through their efforts, and makes more money, then you can afford to give them a bit more money.
Use Social and Content Marketing
Maintain a presence with your audience through online marketing and interactive or meaningful content. When the recession eases, consumers will remember best those who maintained a positive presence throughout the hard times. Let’s face it, everyone has been forced more online due to Covid19. Find ways to continuously nurture your relationship with your customers either naturally or with positive marketing efforts. Keeping your business on their minds during a recession will help keep your clients coming back.
Use Technology to Streamline Your Running Costs
There’s no better money-saver during a recession than the latest technology. Accounting software packages are one of the best timesavers out there. Automate your income and expenditure with Making Tax Digital (MTD) ready software that is a breeze to use. Prestige Business Management can offer access to the best software available through our accounting packages. We provide QuickBooks training and support and access to Receipt Bank. We’ll provide exactly the support you need. You could discover new online tools to complete your projects for a lower cost.