Recession Survival Kit
Australian growth is expected to switch into reverse this year with a GDP growth forecast of minus 0.2%. The slump in world trade and plummeting demand for Australian exports all point to a deteriorating outlook. Media reports signal an inevitable recession for the periods ahead. Clearly the worst is yet to come and businesses will continue to struggle.
In Prosell’s 24 years of experience we have worked with many clients who have not only been able to survive recessions, but have thrived and maintained successful economic performance over recessive periods. These companies have adopted attitudes of discovery, innovation and acceptance rather than resistance. In difficult times, there are just as many opportunities as there are in good times – possibly more. Businesses that maintain a focus on their customers in the midst of a panicked marketplace will be sure to capture all the opportunities coming their way and come out of this recession ahead of the competition.
Below are some techniques that will help you to survive and even prosper in a recession:
- Focus on your relationships with existing clients.
The consequences of losing customers are exceptionally dire in tough times. Not only is the cost of replacing them higher, the difficulty in replacing them is also much greater. When the markets tighten you should be focused on providing your best offering to your customers. Take time to understand your clients, their needs and concerns, and their business. Look for ways in which you can add value to the relationship over and above what your competitors are offering. Ensure that the value you provide to your clients will keep them from moving to your competitors – many of which would be drastically discounting their prices in an attempt to survive.
- Change your mind set.
The definition of success is significantly different to what it was this time last year. In the past it was about growth and extravagance. Today, success is about survival and growth. Before you can change your actions, you must change your mindset and how you perceive the definition of success.
- Differentiate and improve your offering to the market.
In a panicked marketplace people will cut back, become short-term oriented and adopt a reactive approach. Now is the best time to present yourself and your best offering to the market. Think about what you can do differently and rethink your entire approach. Offer additional value, service and contributions to your customers.
- Use technology to increase your sales activities.
At a time when your competitors are cutting back on their marketing and sales activities, you must increase your networking and marketing activities. Use the speed of the internet to leverage your abilities. LinkedIn is one such tool that can help you to reach and engage your market.
Take time out of your daily schedule to think and collate your thoughts. Moving a step back from the action and having more time to think will give your actions more purpose and direction. Stay positive and your positive beliefs will quickly affect your outlook. Possessing a supportive and encouraging belief structure will help you succeed in any market – especially in a tough one.