Business and Recession
Oh!! That scary word, isn’t it? the recession is something which brings fear and tears among many of us!! The recession is the time when companies sack excess people or say people altogether, excess doesn’t come in the scenario.
Well, every business experience this downfall during one or the other recession times and has a huge impact. Many small businesses have hit rock bottom and have vanished, while a few have bounced back, though not doing great, they are doing okay.
Defeat the fear:
In markets, when you have fear, you can’t work on your business. Fear and panic are 2 calamities to business, when these two strikes at you, your business runs haywire. Panic strikes your mind, controls your emotions and you take decisions on emotion based.
Instead of panicking, change the environment and take the ride as an opportunity. Make the choices right, utilize the situation to your benefit. Instead of broadcasting the same way, now you broadcast the differences, convey to people why you are the best even under recession, never bargain your price and adjust for the falling market unless you have no other go!
Have the example of cryptocurrencies, which are seeing an uptrend even when the markets are low, so see if you can invest on such currencies to help you during tough times, bitcoins and Ethereum code are great investment options, read more about Ethereum code here and plan ahead.
Here are few tips, that will assist you to sail through this recession:
Keep an evaluation on your debt always:
Debts are always riskier. Taking a loan for a good thing is good, like expansion and adding more equipment’s, but you also need to chart a way for repayment, you need to earn more than what you need to pay. Otherwise, debts will add up and during times of recession, you will be going bankrupt. So, try to eliminate debts as and when your annual income is higher and keep the debts as low.
Reduce count during normal times:
Well, sacking people during a recession is really difficult, for an employee, and to retain will be difficult for you. so, better have a policy of keeping a minimal number of people and also have those who are multitalented, who can perform dual roles in such scenarios, so that you will be good in all the times.
Keep a track of your expenses, day in and out:
Have a track record of all that you spend on your business. Have weekly, monthly an even daily financial reports generated and glance through it. keep a track of profitability, like tracking the returns on per product, per client and per day, or per month too! this will give you a fair indication of what is your revenue and who much should be your estimate during the recession.