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<\/div>When times are tight, getting the most value possible out of every dollar is important. Here's how to get the most from your marketing budget...<\/p>\n
<\/div>Read More<\/i><\/a> Recessions lead to slimmer profit margins, making maintaining a healthy cash<\/a> flow tricky.<\/p>\n So, let\u2019s get uncomfortably real for a minute. If the cash flow dries up, your business will likely end.<\/p>\n So, to survive a recession, planning for ways to cushion your cash flow is essential.<\/p>\n Cut back on any unnecessary spending.\u00a0<\/strong>Audit your current spending. Are there any services, memberships, or resources that your business can function without for a while? If so, then live without. Funnel that money back into necessary spending for your business. (Remember – marketing is necessary<\/a>!) And look for lower prices for items on your “necessary” list.<\/p>\n Renegotiate vendor agreements with more favorable terms if possible.<\/strong> Remember that your vendors may be struggling to get by, too. They’d probably be happy to renegotiate the terms of your contract rather than lose out on your business entirely. See if they’re willing to give you a more competitive price 0r more flexible payment terms while the economy’s rough. You may also negotiate a discount for cash or early payments. You’ll never know unless you ask.<\/p>\n Arrange for financial assistance.<\/strong> Look into a small business line of credit. Apply to small business grants and small business loans to help keep you afloat. Timely financial assistance from small business loans like Kabbage<\/a> could mean the difference between survival and going under. So, check out this list of the best small business loans<\/a> and visit the Small Business Administration<\/a> to learn about their funding programs.<\/p>\n And make sure you understand your cash flow situation<\/a>. If you don\u2019t have a firm grasp on the numbers, you won\u2019t know how best to protect yourself, especially if you’re budgeting and using your personal finances to help support some aspects of the business.<\/p>\n It costs more to acquire new customers than to maintain existing ones. This is true even at the best of times.<\/p>\n But, during a recession, people clamp down on their spending – making it even harder<\/em> to persuade a new customer to give you a try. So, investing in the customers you already have becomes even more important.<\/p>\n Now is the time to build real relationships with your customers. Show them that you have their back. Please treat them with respect and value their patronage with your actions.<\/p>\n As you navigate difficult times, your relationships with your customers can build lifelong customer loyalty. So, think of ways to make a meaningful, positive difference for your customers.<\/p>\n Need a great way to start? Talk with your support team to learn what issues they hear about most. Let your customers know that you’re prioritizing fixing those issues. Then do it.<\/p>\n And don’t forget about past customers. As we previously pointed out<\/a>:<\/p>\n This might seem obvious, but past customers were once\u00a0active<\/em>\u00a0customers.<\/p><\/blockquote>\n A recession is a perfect time to re-engage with past clients.<\/p>\n There are many ways to reconnect with past customers and persuade them to buy from you again. Learn 8 effective ways your small business can wow and win back lost customers...<\/p>\n <\/div>Read More<\/i><\/a> In times of crisis, business leaders must steer the ship.<\/p>\n They have to be prepared to put out fires, make tough decisions, and plan strategically for the future based on today’s changing landscape.<\/p>\n It\u2019s impossible to complete those high-level tasks if your schedule is filled with productivity-stealing mid-level tasks. If you’re preparing for or in a recession now, it’s time to start delegating<\/a>.<\/p>\n Assess what tasks can be handed off to other employees. And determine if cost-effective automated solutions<\/a>\u00a0can complete repetitive tasks more efficiently than you or your staff.<\/p>\n![](\"https:\/\/images.crowdspring.com\/blog\/wp-content\/uploads\/2020\/03\/27125439\/logo-pink-blue.png\"\/){kind=logo}
<\/div>\n3. Protect your cash flow<\/h3>\n
Here are a few options:<\/h4>\n
4. Invest in your existing customers<\/h3>\n
Want to re-engage with past customers?<\/h3>
<\/div>\n5. Delegate and automate<\/h3>\n
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