Five Recession Pitfalls to Avoid at All Costs
Entrepreneurs face challenges on many fronts, including lower consumer spending,
rising unemployment and tightening credit. Inflation pressures have hit both
businesses and customers. By acting quickly and decisively to protect their business
today, local business owners can make it through the recession with a profitable
business.
SCORE offers tips for small business owners on Five Recession Pitfalls to Avoid:
Cutting expenses too slowly. Don’t cut expenses a little bit at a time. Now is the time
to look at expenses and decide whether your company needs to cut expenses five, 10
or up to 20 percent. Do what it takes early in the year and bring costs down.
Maintaining the same product and service mix. Your needs are changing. You can bet
your clients needs have changed too. Call your existing clients and ask them what they
need. Then, design your product service mix around those needs.
Reducing marketing instead of focusing on marketing. The company that stands tall,
strong and visible in the marketplace has stature and status. Differentiate with strong
marketing to drive leads and sales.
Lacking systems to free up your time. Streamline your business and become more
efficient. Use a hand held organizer to keep track of phone numbers, dates,
appointments and meetings. Set a time each week to handle routine tasks, bills and
paperwork.
Keeping everything to yourself. Your team knows the economy is tough and wants to
understand what the company is facing and how, together, you can make it through.
Lead toward a brighter future by focusing your efforts on today.
About this article: This story was provided by SCORE. Since 1964, SCORE “Counselors to
America’s Small Business” has helped more than 8 million aspiring entrepreneurs and small
business owners through counseling and business workshops. More than 11,200 volunteer
business counselors in 370 chapters serve their communities through entrepreneur education
dedicated to the formation, growth and success of small businesses. For more information about
starting or operating a small business, call 1-800/634-0245 for the SCORE chapter nearest you.
Visit SCORE on the Web.
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