BLOG. SMART PRACTICAL BUSINESS ADVICE

Top 5 Recession Busting Tips for Small Business.

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.

See all

Featured Posts

The Underperforming 10% of Your Team Can Burn Your Small Business

WORKetc is a small business. Tiny, really, compared to others in the CRM industry. But still—we’re able to provide our services to over a thousand companies, big and small, all over the world. How? Well, by using a complete business management solution to run day-to-day operations, for one, but also by obsessively making sure that […]

Unlock Your Site’s Potential With Automated CRM Web Forms

Don’t believe what the “gurus” tell you: lead generation is hard. It costs money, time, and a whole lot of effort. So it stands to reason that business should do everything they can to at least make the process of actually capturing the leads they generate be much smoother and easier. That’s where WORKetc’s web […]

Still Using Spreadsheets? Here’s Why It’s Time to Graduate to a CRM

One of the most mind-blowing conversations I’ve ever had was with a potential client whose support team used spreadsheets to track everything. They had one guy list down every support ticket and conversation he had during the day, and then another person would add those daily lists to one big spreadsheet. That left me speechless […]

Tools of the Trade: What Makes a Good Business Management Platform?

When I started my first content marketing business I had a very basic idea of what I needed to do: find a customer, do work for them, get paid. That was it. Once I was busy and in business, I realized that I had missed a few important steps. I had to come to grips […]

4 Time-Saving WORKetc Tricks for Power Users

Every minute and second you save, every dollar and cent that you bill—everything counts when you’re running a small business. This is a lesson every entrepreneur needs to learn quickly if they want to stay in business. WORKetc already helps streamline business processes and workflows by integrating CRM, projects, billing, support, and more into one […]

CRM with Billing: Big Efficiencies That Mean Money

The growing use of customer relationship management (CRM) tools by businesses big and small has created a cliche for the digital age: if you want your business to succeed, you’re going to need a CRM. As banal as it is, that statement rings true. Relationships with your customers are crucial, and the tool you use […]