1.
Making Customers a Priority
- Customer service is about providing customers with what they want, when they want it. If your business provides quality customer service, you are likely to retain your existing customers. This also means you have a greater chance of keeping and increasing your client base. This may mean pivoting your business towards new markets or products and services.
2.
Marketing Strategies
- Marketing Strategies can help you come up with new ideas to increase sales and find better ways of using your marketing dollars.
3.
Managing Staff
- Make sure you have an up-to-date human resources (HR) plan. Use your plan to detail your staffing costs, which in turn will allow you to accurately cost your products or services.
4.
Networking
- Networking during an economic downturn can be useful to understand how other businesses are coping. You may also discover new opportunities, customers, staff, suppliers and business partners with minimal cost to your business.
5.
Developing Innovative Practices
- Developing Innovative Practices may help you adapt to changing market conditions and stay ahead of your competitors. As part of this process you should review if using technology will increase efficiency, reduce costs and make your business more competitive, for example, installing a customer management system, or doing business online.
6.
Seeking Assistance
- Speak to a financial adviser or other types of business advisers, such as accountants and consultants, to help you survive an economic downturn.
