Tips during recession

beubag · 25-08-09

1)Revamp your marketing tools. For those marketing techniques that are working for you, this might be the time to revamp your marketing tools. Could your sales people use more training to close the deal? Online training cuts costs and time.

2) Automate wherever you can. Find ways to automate any tasks to reduce the workload on yourself and your staff. What have you been doing manually that a computer system can do for you? Take a look at all your daily tasks and see if there is a computer solution to these time-wasters.

3) Spend your time on what really matters. Have you ever heard of the 80/20 rule? It's a proven fact that 80% of your business comes from 20% of your customers. So treat your best customers like royalty. Spend 80% of your time focusing on marketing and delivering your product or service.

4) Make do and mend. Because raw materials were in short supply during World War II, people were encouraged to "make do and mend" an item instead of simply replacing it. Consider your own expenditures: do you really need a new computer, or could you somehow upgrade your existing one for less money? Do you need a new telephone or can you get by with the old one for a while longer?

5) Reduce inventories. If you sell a product, and you believe your sales are going to decrease, this might be a good idea to reduce inventories and not restock to the same level. This is a risky strategy (what if the recession only lasts 6 months?), so be sure you know exactly how long it will take to replenish inventories once the economy picks back up.

wayney · 26-08-09

Quote:

Originally Posted by beubag

1)Revamp your marketing tools. For those marketing techniques that are working for you, this might be the time to revamp your marketing tools. Could your sales people use more training to close the deal? Online training cuts costs and time.

2) Automate wherever you can. Find ways to automate any tasks to reduce the workload on yourself and your staff. What have you been doing manually that a computer system can do for you? Take a look at all your daily tasks and see if there is a computer solution to these time-wasters.

3) Spend your time on what really matters. Have you ever heard of the 80/20 rule? It's a proven fact that 80% of your business comes from 20% of your customers. So treat your best customers like royalty. Spend 80% of your time focusing on marketing and delivering your product or service.

4) Make do and mend. Because raw materials were in short supply during World War II, people were encouraged to "make do and mend" an item instead of simply replacing it. Consider your own expenditures: do you really need a new computer, or could you somehow upgrade your existing one for less money? Do you need a new telephone or can you get by with the old one for a while longer?

5) Reduce inventories. If you sell a product, and you believe your sales are going to decrease, this might be a good idea to reduce inventories and not restock to the same level. This is a risky strategy (what if the recession only lasts 6 months?), so be sure you know exactly how long it will take to replenish inventories once the economy picks back up.

Thanks for these tips...in times of recession, wise use of resources is a MUST as to avoid unnecessary expenditures

Jonicode · 15-09-09

Quote:

Originally Posted by beubag

1)Revamp your marketing tools. For those marketing techniques that are working for you, this might be the time to revamp your marketing tools. Could your sales people use more training to close the deal? Online training cuts costs and time.

2) Automate wherever you can. Find ways to automate any tasks to reduce the workload on yourself and your staff. What have you been doing manually that a computer system can do for you? Take a look at all your daily tasks and see if there is a computer solution to these time-wasters.

3) Spend your time on what really matters. Have you ever heard of the 80/20 rule? It's a proven fact that 80% of your business comes from 20% of your customers. So treat your best customers like royalty. Spend 80% of your time focusing on marketing and delivering your product or service.

4) Make do and mend. Because raw materials were in short supply during World War II, people were encouraged to "make do and mend" an item instead of simply replacing it. Consider your own expenditures: do you really need a new computer, or could you somehow upgrade your existing one for less money? Do you need a new telephone or can you get by with the old one for a while longer?

5) Reduce inventories. If you sell a product, and you believe your sales are going to decrease, this might be a good idea to reduce inventories and not restock to the same level. This is a risky strategy (what if the recession only lasts 6 months?), so be sure you know exactly how long it will take to replenish inventories once the economy picks back up.

Fantastic tips! Definitely bookmark worthy and worth sharing. Very much appreciated.

leaves123 · 29-09-09

Quote:

Originally Posted by beubag

1)3) Spend your time on what really matters. Have you ever heard of the 80/20 rule? It's a proven fact that 80% of your business comes from 20% of your customers. So treat your best customers like royalty. Spend 80% of your time focusing on marketing and delivering your product or service.

Really important! A common mistake is for people to spend too much time on trying to aquire new customers, whilst not giving their existing customers the attention they need. In turn, they loose customers.

Customers that you may get tomorrow are only a potential, current customers are real.
Develop a good balance. 80/20 sounds pretty good to me.

kally003 · 14-11-09

Hello Friends....

Thanks for sharing the information.

Have a nice day

Thanks

wayney · 16-11-09

It cost less to cater to your existing customer than in acquiring new ones. Build an excellent customer relationship to develop loyalty and trust

Atiq · 13-01-10

Thanks for your advice, I was really worried on how to get my business running. I will follow tour advice to secure my business in this recession.

Alec88 · 21-01-10

Nice tips overall. Automation is a big one in my opinion. It's all about streamlining by leveraging the power of automation. Once you know what it takes all you need to do is implement and that is how automation can help you take things to the next level.