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Growing through a recession
Remaining profitable during a recession is difficult as it is, but growing may feel impossible. After all, if nobody wants to buy, nobody wants to buy what you sell. Right? I am not a marketer. We pay people for that. But I do understand people and business, and how going the opposite way of others can lead to huge returns. If you are in danger of closing your doors within a month, you need cash. If you are set and can continue operating, you have an excellent opportunity to set yourself up as a market leader. Economic recessions have the fantastic effect of making you and your business quickly cut fat and push employees to deliver. Within weeks you realize how much unnecessary extras you were paying for, signed up for, or had hired. Services you thought you needed to get canceled, and your business seems as usual at the moment. While I do advocate for cutting unnecessary expenses, there is one thing you should never do. NEVER (did I say never?) cut any service you will be taking back on as a business owner that has a lower value than what you do. Don’t cut janitorial if you will be spending 10 hours a week scrubbing a toilet. I wouldn’t even give it to a staff member unless they are in danger of being laid off, and you otherwise would like to keep them. But, you may think, I have extra time, so why not fill it with something I am already paying for to reduce cost? It seems perfectly rational in hard times to pull up your bootstraps and get to work.
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