[This is a contributed article...]
We all know that almost all the countries have been hit by the economic slowdown. Actually recession has not been set into action as yet while I write this article. When you read this it may have but it is predicted that recession will set in my mid June or July 2009. Most people confuse recession and economic slowdown. Job cuts have been on the rise. People are seeing lesser incentives and the whole world is experiencing a financial crisis. Anyway I will use the word recession throughout this article to avoid confusion. Is it so bad that we cannot recover from it in any way? I don’t think so. The main reason I believe that grows this recession is that most of us just sit and think about it alone.
I say think different!!!
Think about what you want always. Here are 28 tips to recover from recession and cut down on your costs, improve your conversions and more. What I am going to say now maybe just opposite to what you may have believed to be true or what your business consultant may have told you. Trust me on this, this is the truth.
1.Do not worry or panic
Most business entrepreneurs, professionals are too much worried. There is a saying that worry is a prayer for something you do not need or what you do not wish for. Agree that the times ahead is the recession hit economy. We have to pass through those situations however reluctant we are. Take this as an opportunity given by God (If you believe in God that is) or any other supreme power you believe in, as a chance to prove your mantle. Think how you can operate successfully in these times.
2.Don’t spread negative thoughts on your share holders and employees
In most business establishments and companies, senior managers hold regular meeting with people below them in designation. These regular and irrelevant meetings are not at all motivating and will only help spread the panic among employees. At the end of the meeting, they too will have their own worries which will result in them thinking only about their problems. This will lead even small issues grow large.
3.Do not publicize your cost cutting methods
You can’t fight poverty to eradicate poverty!!! If you can see, most developed countries tried this method and failed. The solution is not to fight, but to find ways to make/raise money. Also concentrate more on making profits rather than on cutting the costs. Just do your cost cutting methods under anonymity.
4.Gain the trust of employees and share holders.
Make them understand the present economic situation. Educate them completely about the financial crisis the world is facing. You have to cultivate confidence in them. Motivate them to think about ways to accumulate more wealth. It is just not enough to have ideas and ideologies. You must also be able to implement and utilize them effectively.
5.Increase marketing tactics
Focusing on yourself, customer satisfaction, keeping finances are all important. But when coming to this recession time what you must keep in mind to strengthen or to increase with full vigor is your MARKETING efforts. Marketing is what drives customers to your business be it small or large. Who knows for sure, maybe this recession time will turn out to be the best year for your business. It is not only necessary that you derive the maximum value out of each dollar you spend but also to get the return. You learn new techniques; adopt new strategic marketing plans and so on. So get creative, increase your marketing and get the maximum out of it.
6.Get new customers to sustain your business
What makes a business a success? The customers of course!!! If you have customers you thrive, else you don’t. It is as simple as that. So what do you do to get new customers? Read how to get new customers for your business.
7.Understand that this is a fight against the crisis. Infuse this thought in others as well
Make each and every employee, share holders a part of this open fight. Motivate them to give the best operating results. Make them understand that it is in these times our true potential must come out.
8.Stay away from things that fill us with negativism
What we give our brain as input is what shapes up as our thoughts. So, during this recession hit times we must be selective in what we see and what we read. Get together with people who might inspire you and at the same way stay away from people who might have a negative influence on you.
9.Try to stay away from financial talks
If you are attending any seminars or meetings, try to ensure that the outcome of the meeting/seminar increases your creativity and productive power. Try to stay away from talks which might include topics on how recession can adversely affect a business or what all business will be affected by this recession.
10.Do not run away
When I say that you must keep away from discussions relating to slowdown, I don’t mean that you must run away from it or be completely ignorant of the topic. You must have strong idea on how the recession has hit your business, how it may affect your business and how it has/will affect your business after you take methods to combat recession.
11.Think a lot about future prosperity
In this world most things are available in plenty. People are making more money and wealth than people used to make 10-20 years back. In future, 10-20 years from now people would make more money than even now. This shows that nature has what we need for prosperity. Think about that and try to make the most out of it. See how the gulf countries came up with nature’s gift, OIL?
12.Understand that in any dire situation there is an opportunity
Take the case of most companies today. Most of them might have catered to a different business when they started off. When they faced hard times they took advantage of the new opportunities by tuning their business to suit the new needs. Find such new niche markets.
13.Fix your target
When challenges and hardships come most people turn their attention from their actual goal to their day to day life. This is not the right way. During this recession it is your responsibility to uphold your mission and attain your target
14.Make your “Mission” and “Vision” clearer. Convey it to your employees.
These techniques will motivate your employees during the recession. This will also empower them and help them stay away from negative thoughts. Make posters about your mission and vision and stick them on various places in your office. Be creative with the posters; include some elements of fun and creativity in it.
15.Publish motivating articles and stories on your company newsletter/magazine
Let your employees derive inspiration after reading these stories and articles.
16.Uphold your company achievements
You heard me right. Just brag about your company achievements however small they are. When all the thoughts are related to recession and slow down, then our eyes and ears will crave for more negative news. That’s human psychology. Your brain will like to think that your business will be impacted negatively. This will indirectly reflect on your companies standings. Just go about flaunting even the minutest achievement of your company.
17.Make of core team of similar thinkers
If you are the owner or CEO (Chief Executive Officer) of any company, try building a team of people who share your same wavelength. Critical events must be discussed among this core team before it goes into implementation.
18.Improve human productivity
This is the time to provide top class training to your employees and take their morale to an all new level. Do not think the cost incurred in training your employees mentally as an overhead. Just think as an investment which will yield the best results in the future.
19.Even your managers need training
How you overcome this recession will depend on how well you think. For the same reason you must consider training your top level management staff as well. This may prove more costly and time consuming, but eventually this is what will pay off more as the decisions which make or mar a company are usually the result of this section of your company.
20.Have a clear idea of what you want from your business as well as your life
What you think is what attracts you. If you think the recession is going to bury your company deep down, well I must say with utmost regret that it is going to happen in no other way.
21.Find a mentor or a coach
You need a mentor or a coach who sees problems and down times differently and one who motivates you. Imagine going to a gym for work out (You are running a company). You are not alone in the gym (There are lots of similar companies). You have fear of the dumb bells dropping on your chest (Recession hitting your company). Yet you want to exercise because your profession demands it. (You have a company with many employees and you want to move forward). You see people around you on whom the dumb bell fall and die (Recession hit companies going bankrupt). How dedicated will you be? How much effort will you put into each of your sets? How much concentration will be on your work out? Now imagine there is a trainer for you (A mentor or a coach) who has a vast amount of experience and he guides you. He will support you in each set of work out ensuring that even if the dumb bell slips from your arms he is there to catch you. Now how much MORE confident will you be? How much MORE dedicated will you be? You can take the service of mind parlors which offer training for CEO’s and business owners.
22.Read books that inspire you
You can read books such as The Magic of Thinking Big by David Shwartz, The Power of Positive Thinking by Norman Vincent Pale or The Power of The Subconscious Mind by Dr Joseph Murphy.
23.Open your eyes and ears
No opportunity must pass by you without you knowing about it. Only if your thoughts and attitude is positive will you be able to recognize these opportunities and make the best use out of it.
24.Remember that for every fall there will be a rise
Don’t crumble during this crisis. Stand up till you are back on track. This is the time to think and implement tactics which will take your business to new heights.
25.Find out ways to cut cost
Research how you can provide the same quality while cutting down on production and distribution costs. Try implementing virtualization, renting virtual office, cutting down on marketing etc. Surprisingly you may not even have thought of such things yet. Take this opportunity to implement maximum ROI (Return of Investment).
26.Reorganize your thoughts for success
Control your thoughts and emotions and try to use it for only good things.
27.Find time for meditation and creative thinking
All inventions in this world are invented twice. The first time in some one’s mind and the second time in practice. So try to see things very creatively. Learn meditation. It will distress you and do you the world of good.
28.Expand your operating areas
Expand yours and your employees operating areas. Haven’t you heard that an idle mind is a devils workshop? Even when America is undergoing recession, when insurance companies went bankrupt one insurance agent was making his way successfully. When he was asked how he could do so much business in this recession hit times his reply was “I worked hard and I got the results. You are saying this is recession time. What is recession? Actually I don’t know anything about it. Then the person who asked the question explained about the recession and how acute the condition is now. The agent replied “Oh! Maybe that is why I couldn’t see any other agents in the field. Maybe that is why I got so much business. Got the point?