Six Basic Business Sustainability Strategies During the Recession

  1. Be frugal – determine where you can reduce your costs; for instance switching to a less expensive phone and internet service can save you hundreds or thousands per year (depending on your business size).
  2. Streamline processes from using external resources to internal. For instance, if the workload of your support staff has decreased, it may make sense to do shredding internally rather than paying a shredding service. That way you can save jobs for your business associates.
  3. Evaluate your business time management and usefulness of your tasks.  For instance, assess internal reporting practices.  Do all the reports that take your associates’ time really serve a function?   Can this time be used for more functional tasks?
  4. Be realistic – recession might not the best time for your business growth and expansion. Your “growth” definition maybe “status quo” for the next couple years.
  5. Take care of yourself and your employees – it’s important that your employees are valued and respected regardless of the economy. Ultimately the recession will turn into better economic times; thus pay attention to retention before it’s too late and your business starts losing its most valuable resource – people.
  6. Do not panic – even if your business shrinks.  The worse businessman is a panicked businessman. Use newly discovered time in your schedule to develop future business strategies, and spend more time with your family.