A time of recession is characterized by uncertainty and all manner of economic hardship. It’s a time when consumers’ purchasing power drops drastically because of declining income and loss of job. The credit markets are tighter, making lending regulations stricter, hence more difficult for the small businesses to access financing. So, what next?
The truth is that regardless of these economic upheavals, a small business can still survive and thrive in recession. So, if you are an existing or prospective small business owner probably thinking “this pandemic recession has crippled me”, you may be totally wrong!
1: Tough Times Don’t Last but Tough People Do
This ever green maxim does not just apply to individuals but to life generally, including business life. Have you not heard that some of the world famous companies such as General Motors, Burger King, HP and many others started in the heat of major crisis and recession?
Yours could be the next story of successful businesses that started or grew during the 2020 covid-19 pandemic. You just have to sit back, think, research, brainstorm, network, and keep up consistent effort to locate the winning secret for your business in this pandemic recession.
2: Recession is the Best Time to Acquire Business Assets
You probably want to start a business all along but acquisition of assets such as office equipment’s has been the major obstacle because of insufficient funds. Well, it may surprise you to know that recession could be the best time to make this hurdle a thing of the past. You may be wondering how and why?
As many businesses and companies wind up because the recession has hit them so hard, they are forced to dispose of their assets to recoup some money. Usually, these assets are given out at takeaway prices. You should use all available channels – the internet, colleagues, family and friends to seek out such folding-up companies that want to dispose of their capital equipment’s at giveaway prices.
3: You can Remain in Business and Make Profits by Cutting Back Costs
As you seek practical and effective ways to keep business running costs as low as possible, you can remain in business while others are winding up. Thankfully, there are proven techniques that businesses can adopt to keep costs low.
One of such evergreen techniques is outsourcing solution. Why do you still have to keep full-time employees in recession? That will continue to eat deep into your business funds! A small business can rather outsource all admin and online marketing tasks to avoid unnecessary and extra staffing costs.
In fact, outsourcing enables you to inexpensively have an expert for just any business task. Also, automation is a great way to reduce the burden of spending much on salary since you may need just fewer hands when most processes are automated.
Indeed, recession offers masked opportunities that you have to seek out and maximize.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams