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5 Top Tips for Beating Recession

Times are tricky at the moment as we head quickly into the long expected recession and, unfortunately, some companies won’t make it .The positive news though is that we’ve been here before. Recessions have been and gone and lessons have been learned.

Author: Louisa Anderson

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5 Top Tips for Beating Recession

Large companies (if you ignore banking, finance and aviation) will weather the storm and come out just as strong. How? They will have a team of (very expensive) experts who know how to protect the company during a recession but what about the small businesses? My businesses in Eastbourne and Bournemouth fall in to such a category so I know what I will be doing and here are my tips which could help you survive and even thrive in a recession:

1. Marketing – Money’s tight, nobody wants to spend unnecessary money and you expect your sales to go down so why carry on spending on advertising? A good example is Cadburys. During World War 2 it was incredibly difficult to get your hands on chocolate but Cadburys carried on advertising regardless while their competitors did not. When the war finished which chocolate did people buy? Yes that’s right, Cadburys who still remain the world’s leading chocolate maker. The lesson learned here is that you play to the long term. It may be difficult at the moment but we WILL come out the other side so now is the time to get your name known.

2. Search Engine Optimisation – I won’t go into the specifics here as it is a LONG subject but essential it is a process which increases the ranking of your website in search engines. For example, my company if you type in ‘jobs in Eastbourne’ or ‘jobs in ‘Bournemouth’ you should find us near the top of the list which is guaranteed to get you more visitors. Invest in a good book on the subject and get cracking!

3. Staff Retention – Recruitment is expensive, training is expensive so if you can keep hold of all your quality staff for the next 18 months or so then do. If your staff ware necessary pre recession then they are likely to be necessary post recession. I am sure it can be hard to avoid redundancies as it can be for the greater good but don’t feel panicked into making staff cuts. You should also remember that making redundancies can worry the staff you intend to keep and so may cause them to ‘jump ship’ to a more stable seeming business. If you are forced make cuts then ensure that you reassure the others however you can.

4. Stream Lining – Recession is a good time to look at your procedures. Spend time looking at your processes and see if there is any way to improve them and reduce costs. It is easy during boom time to not be too concerned about areas such as stationery but now is a good time to stock take and dig out the piles of unused paper for new use. Also take a look at your suppliers. Are they really offering you the best price and service or are there others out there which could save you money?

5. Environmentally Friendly – Becoming environmentally aware could save you lots of money, now and in the long term. Do you really need everyone to print out every memo? Do you really need to leave the lights on at night? Do the computers have to stay on at all times? Does your workforce really need to leave their phone charging for 8 hours? Could the store room be just as good with an energy saving light bulb? Just making small changes can save you thousands and do your bit for the environment. Just having a proper look around your office is an excellent for thriving and surviving.

I hope these tips prove useful and I look forward to seeing you and the other side!

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