When there is a drought, most farmers pray for rain. Will that make rain pour from the heavens? No and the same thing will happen when you are stuck in a rut during a recession. You just have to wither out the storm because this is the only way you business will stay afloat.
No matter if your business is small or large, marketing is the best way to get your message across to the people. During a recession, you have to make cuts in the budget and instead of spending more on advertising, it is best to use this money in retraining your staff because customer service is key when you want to set yourself apart from the competition.
Cuts should also be done in terms of how much you get from the business and if you are the owner, the best way to do that will be to lower the profit margins until such time that you can put them to normal levels.
By doing that you are able to satisfy the most important person you will ever meet in your business and that is the customer. Another solution will be to offer sales and discounts as this ensures their loyalty.
If you have to answer to shareholders, tell the situation even if they already have an idea how things are....
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