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Entrepreneurs, When Your Business Is In Trouble Due To The Recession, Here Are Some Things To Review

By: Lee Lister - The Biz Guru

You are tired, your business is not doing so well and you are close to throwing in the towel but there are a few things you can do first.

Your Market, Products and Prices
In a recession people’s buying habits change. They start to look for cheaper deals, they cut back on luxuries and are constantly looking for bargains. It is very probable that the market you were serving last week has completely changed. Take out your Business Plan and Marketing Strategy and completely review both your market and your products, including your prices and decide where your new recessionary market is and how you will be servicing it with your new products and particularly new prices. Think about offering a “budget line” or grouping your products into a bargain. Follow the big companies like the supermarkets who are offering “week end specials” which are a meal sold at a discount.

Banking and Financing Costs
In these times of banking problems and plummeting interest rates check around DISCRETELY to see if you can find cheaper financing. I say discretely so that you don’t upset the financing that you do have!

Debtors
Now is the time to chase your debtors with a vengeance – after all it is your money! If they can only offer some money then take that and work out arrangements for the rest to be paid – soon. Consider bartering in exchange for the debt. If they can offer a service that will save you money – then seems a good idea.

Manufacturers or Suppliers and Stock
Now is the time to review your manufacturing or supplier’s agreements. You are probably ordering smaller runs so can you step your manufacturing down a notch? Can you consolidate your supplies or suppliers? Make sure that you keep your orders up to a level that does not kick in a price increase. Now is the time to review your stock levels and clear out as much as possible at a profit.

Staffing
Sadly, you will also have to review your staffing costs, can you cut them back in any way? Get your staff to take their holidays/vacations now or close early or for one day. Be inventive and try and keep your skilled staff – you will need them when matters pick up again – as they will.

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© Copyright 2009 Biz Guru Ltd

Lee Lister writes as The Biz Guru, for a number of web sites where she provides advice and assistance for the business entrepreneur. She is a published author – her books Entrepreneur’s Apprentice and How Much Does It Cost To Start A Business? as well as detailed information on how to start many low cost businesses, can be found on www.startmynewbusiness.com

With over 20 year’s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses. If you would like more help and assistance in setting up your new marketing strategy as well as some great marketing services then visit: www.MarketingGuerrillas.com

This article may be freely distributed if this resource box stays attached.

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