BLOG. SMART PRACTICAL BUSINESS ADVICE

Top 5 Recession Busting Tips for Small Business.

0 Shares

Pay close attention to accurate billing, pursue leads relentless and make every cost accountable if you want to come out of the recession alive.

A tough economy often means tough times for small businesses and freelancers who may already be struggling. Even if there is no struggle, there’s always concern about encouraging income, cutting back on expenses and surviving until the situation is more favorable for business. Having run a number of small businesses before building WORK[etc], I understand this all to well.

But it is always more than just weathering the storm. You want to come out of this recession flying!

Staying ahead of the game (or at least, staying in the game!) means working harder, but it also means thinking smarter. With a calm, cool attitude and a mindset of seeing what you can do to make sure your business survives without giving into panicked worry, you’ll be there to greet new customers when the situation picks up.

Here are six ways to shore the supports of your small business so that it can weather the tough times – and make it through the storms – and I’ll be straight up here, it all loops back to using WORK[etc]. Fundamentally you need to put in place systems and work toward automating those systems.

  1. Pay close attention to accurate billing. When times are good, business owners often wave off small charges, round down when billing to be nice with clients, or let slip a few forgotten minutes that didn’t make the first invoice. WORK[etc] helps you easily tighten up loose operations so you can make sure that detailed timesheets are carefully filled in to capture every bit of revenue you can.
  2. Stay on top of your accounts payable. Don’t wait to bill clients, as they may not always be able to pay if you are lenient with payment terms. Try to implement deposit or retainer policies to avoid spending time (and wasting money) chasing late payers. Even better, with WORK[etc], you can monitor accounts payable in real time and auto generate reminder notices.
  3. Monitor profits and losses carefully. Sometimes taking a loss can lead to opportunities, but sometimes adjusting operations creates better profitability. Analyze project expenses as well, to see which types of projects you should focus on most (or least).
  4. Pursue leads – and manage them properly with a detailed CRM Software. Very often, business owners don’t pursue interested consumers effectively or often enough, and that means lost sales. Sometimes the person has a question and just the answer makes that consumer a customer.
  5. Help customers help themselves. The more accessible your customer support, the happier your customers will be – but you can reduce support and service costs by encouraging customers to use self-serve support so they can get fast answers and you can save money.

One last and important tip is to capture team member or employee knowledge before moving towards layoffs or downscaling. Record key account details, product information, lead tips and strategic ideas in a central location so that if people do have to take a temporary leave, their departure’s impact is only minimal and the valuable information they held is accessible.

Follow these 5 6 strategies and your business will surely be in a better position to really take advantage of the good times when they come rolling around again.

0 Shares
See all

Featured Posts

WORKetc CRM Success: Celebrating Your Big Wins in 2018

A brand-spanking new Gmail add-on, an overhauled iPhone app, and much faster search capabilities—these are just a few of the massive changes we introduced to WORKetc in 2018. None of these improvements, however, would be at all possible if not for the continued support and dedication of our loyal WORKetc users. And since there’s no […]

4 Simple Tips For Max WORKetc CRM Efficiency From Real Users

WORKetc CRM tips and tricks, tried and tested by real users. A CRM is an investment. And as with every investment, you’ll want to squeeze a much juice as you can out of it. Here’s a new batch of tips on how to do just that, from real WORKetc users running their small businesses on […]

3 Critical Resolutions for Small Business Success in 2019

Keep the fireworks going all throughout 2019 with WORKetc CRM. If you’re anything like me, New Year’s resolutions are never just about your personal life. It’s also about probing deep and seeing what you can do for your business. It’s about identifying changes that have real, tangible, and measurable impacts. Here are a few ideas […]

This Firm is Fueling Clients’ Success with Strategic HR and WORKetc CRM

Performance HR uses Strategic HR and WORKetc CRM to fuel their clients’ success. So you’ve finally decided to build your own startup company. You’ve got an idea, you’ve got a team, and you’re ready to introduce your product to the world. You want to focus everything you have on that last bit, so you decide […]

6 New Apps to Grow Your Business in 2019

Fill your small business toolkit with the right new apps for growth. Gone are the days when all you needed to run a business was a pen, paper, and maybe a calculator. These days it’s all about your software stack—the apps, cloud or otherwise, that you use to manage everything from contacts and sales leads […]

Manage and Grow Your Business Better With 4 More WORKetc CRM Tips from Real Users

Run, manage, and grow their businesses with these real WORKetc tips from real users. Be it a minute or an hour, $1 or $1,000;every little bit counts when you’re a small business. And what better way to learn more about how you can use WORKetc to boost you and your team’s efficiency and productivity than […]