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 If you havn’t already evaluated where your business stands in this tough economy, now is a good time to get started. To get started, rreview how and what has changed within your business over the last few quarters. How has sales changed?  Are expenses still in line with your budget targets? How much cash is in your reserves? Here are five ways to recession proof your business.
1) Get help with the things that are important. For example, if you need help with how the recession will affect your industry, seek out consultants who can help with the answer. Look for new ideas regarding what is most important to your customer that they will not forego in tough times.
2) Focus on profitability not just cost cutting. Look at how to improve your profitabily first. This may be a situation where your cost will increase due to more expenses such as more marketing to grow sales. If you need to cut cost, do so in the non-critical areas of your business.
3) Monitor your cash flow to steady the ship during rough waters. Evaluate your company’s cash reserve trend over the last few years. Calculate how many days of cash you have in your business and set a target of how much cash to keep in reserves. Determine your monthly expenses and divide this number into total cash in reserves. This will tell you how many days your business can operate using your cash only. This is the real strength of your company when sales get tough.
4) Evaluate the creation of new products or services to add new sales. You may want to survey your existing customers to better understand what they need or want to add to your products. How many uses have been defined for baking soda, velcro binding and other common products. You can think about how to extend your product line.
5) Try to smooth out your income streams. You may want to look at opportunities that provide continuity revenues such as subscripyions, memberships and other ways to generate a more consistant type of revenue. Also, look at bundling several products inyo a package to increase total revenue per sale.
