How your Business can survive a 2008 Recession

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With the economy slowing, oil prices rising, and the value of the U.S. Dollar weakening, it is obvious that a 2008 recession is headed our way. Many are predicting that this could be the first U.S. recession since 2001.

The best thing we can do for our business is PREPARE for what's to come. The last thing we want to do is lay off valuable employees because we were not prepared for a slowing economy. Here are 10 recommendations to help your business prepare for the uncertain future of the economy.

1.Re-evaluate your operating costs and cut back on unnecessary expenses

2.Re-examine your current service providers and vendors

3.Ask your providers and vendors for discounts - Everything is negotiable in this world... negotiate pricing on everything!

4.Get rid of as much of your debt as possible and as soon as possible. As the economy slows, you may need access to your lines of credit.

5.As gas prices increase to $4 a gallon, cut back on in-person client meetings and hold more meetings over the phone. Ask your sales people to be creative and to spend less time on the road.

6.Open up a line of credit. Many banks are offering low rates and you can get a line of credit to help protect your business in the event your business has a few slow months.

7.Print advertising is getting more and more expensive... minimize your print advertising effectively immediately.

8.Use this money to increase your online advertising with relatively inexpensive advertising and Internet Marketing methods.

9.Re-examine your website and think up some clever ways to generate new revenue from your website.
10.And last but certainly not least, before you lay off valuable employees, ask the higher paid employees to take a temporary pay cut during these tough times. Most valuable employees will understand what you're going through and be more then happy to take a pay cut then to lose their job.

These are just a few of the many recommendations to help your business prepare for a slowing economy and most likely the upcoming recession of 2008. Take these necessary steps to help your business but don't be afraid - on average a U.S. recession lasts 10 months so as tough as it may get now, there is always a light at the end of the tunnel.

Daryl H. Bryant is President and Chief Executive Officer of Hudson Horizons, helps his clients achieve online success through search engine marketing and customized website solutions.

 

 

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