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How to survive and thrive, no matter what the economic outlook.

Why some businesses thrive, while others implode during an economic recession remains a puzzle to many business-owning entrepreneurs. Some mistakenly assume that all businesses must suffer through recessionary cycles. But the fact is that some companies are essentially recession-proof, and it is not necessarily because they are bigger, better known, or more generously capitalised.

What really separates the successful enterprises from those that collapse during down cycles is that they are organised around a uniquely dynamic and healthier approach to business.

Here are some ideas for creating a company that will greet recession successfully:

  • Set, measure and consistently monitor inventory targets, sales goals and revenues. But make NET profit the main overriding focus.
  • Weed out unprofitable accounts and lacklustre ventures, services, campaigns or products. Reward top performers and reposition, or let go, those who are not contributing to the value of the entire team.
  • Keep in close touch with customers and track their demographic patterns and consumer preferences. The better one knows his or her customer, the better one understands one’s own business.
  • Develop strategies to attract new customers, retain existing customers, and sell more products and services to each and every customer. Grow the customer base but also grow net profits in order to capture tangible bottom line benefits.
  • Advertise and market aggressively but constantly refine and redefine the campaigns to strengthen the brand and enhance the equity of the brand name to give it greater power, meaning, and recognition.
  • Counteract a recession not by expending more wasteful energy, but by putting it where it really pays off the most. That means increasing the conversion rate, the number of transactions and the margins of each sale. Following the math equation leads to the pot of gold at the end of the rainbow by producing profit.
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