Top 10 business advantages of a recession | Blog

Top 10 business advantages of a recession

It ain’t pretty. Or so they’d have you believe. Who is ‘they’? The media. Yes, things are probably pretty rough for a lot of people. But there’s always a flip side to hard times. Ying and yang. Up and down. Positive and negative. Black and white.

If you’re feeling like Chicken Licken, convinced the business sky is about to fall on your head, here’s something to cheer you up; the top ten advantages of recession. It’s possible to save money and make money despite what the doom merchants say!

Top 10 advantages of a recession

  1. If you’re still here, still doing business, you’ve survived a lot of nasty stuff already. Well done. Weak businesses are the first to go in a recession so you must be doing plenty of things right. Keep up the good work. Maximise every opportunity. Make your business as sleek and efficient as it can be. Cut corners without sacrificing quality. Rationalise. Explore new markets. Keep calm and carry on!
  2. The competitive landscape isn’t as crowded as it used to be.  There are fewer competitors but the ones left are good… potentially very good. As long as you stay on the ball and don’t lose your bottle, you should thrive. Aim to be a big fish in this smaller, clearer pond. Check out what your competitors are doing and either do the same better or differentiate and take advantage of a healthy, fresh niche.
  3. Business premises are usually cheaper when things go pear shaped. Britain’s small business community is thriving but there’s still space to let at advantageous prices, whether you’re looking for a serviced office or something independent. Once business grows beyond a certain level it’s often wise to move out of your box room or broom cupboard and take on professional space. It’s surprising how much better we perform when we’re not crammed into a tiny space like a battery hen.
  4. Some stuff costs less. It’s good, old fashioned economics, supply and demand. Fewer people are buying so little price wars keep erupting, especially in highly competitive areas like ink toners and office supplies.  Keep your eyes open for bargains and deals. Renegotiate regular supplies to get the best deal. Pay up front or in time and suppliers are more likely to be flexible on price. Build good relationships.
  5. Innovate! Hard times force innovation, development and invention. When we’re threatened we tend to either crack under the pressure or gird up our loins and create.  Dust off your Dunkirk spirit, take a fresh look at your sector, markets, products, services, sales process, procedures, prospects and customers and see what you can do that’s different, better, new or unique, delivering more profit.
  6. For most of us, hard times give birth to an increase in altruism. We club together in a huddle and help one another out. I’ve seen it happen with our Brighton Business Curry Club, as it grows into a genuine community of dedicated people prepared to put themselves out for others and give support. Everything’s much nicer than in the old, nasty, money grabbing, greedy times pre-recession.
  7. Do ‘Likeonomics’. If marketing has always baffled you and branding might as well be ancient Greek, you’re in luck. The next big thing in marketing is Likeonomics and it’s all about being honest, straight, truthful, helpful, friendly, warm, human and likeable. If you can achieve that in your business and promote your niceness to others, marketing experts say you’ll be onto a winner. Just tell the truth. That’s what today’s consumers want to hear.
  8. Things change, which is ultimately good thing most of the time. The banking system and economy were rotten to the core before the shit hit the fan. Hopefully we’ll build a better version this time round, to everyone’s advantage. If you feel strongly about positive change, go on a mission and drive it forwards. Now’s the perfect time to get evangelical about creating fresh opportunity by building a better business world.
  9. Fewer people are spending. And we’re spending less. Which opens the doors for bartering. Once an embarrassing no-no, these days you can negotiate with your mobile supplier, business energy supplier, car leasing firm, water cooler man and his dog. Offer loyalty in return for keen pricing and keep it friendly for the best results.
  10. Saving money is hot. Think positive, look on the bright side and kick off a new regime of shaving pennies, cutting luxuries, buying wisely and squirrelling away spare profit for a rainy day. It’ll make you feel nicely smug and rightfully virtuous when you join in with millions of fellow business owners looking after the pennies old-style.

Published September 20, 2011 & Filed in Discount Coder Chat

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