I recently thought a lot about the recession in world's economy and what will happen with my family business. I know that I'm going to go back to work for my company. At that time, it will be during the great recession which is the result for the domino falling in financial world that is happening right now.
I would like to explore more ideas and actions that can be taken in the future or now!
- Focus on your core business
Protect your core asset
- Cut loss some of your non core business
- Look at your business partner
- It can be your opportunity to expand
- Lower your price = move to lower market for your survival
- Lay off and cost reduction
Layoff may not be the best way, you still need to keep your valuable human resources.
- Contingency plan and scenario planning
- Checking your credits with bank and make sure that you will have enough cash
- Beware of customer's credit
- Don't stop R&D
- Stay in touch with your customers; Don't lose them or their loyalty
- Build loyalty with customers and suppliers
- Downturn can be a time for your company to prepare for the bright future; Strengthening your fundamental
- Be consistence with both good time and bad time
some companies has a relentlessly spending behavior during the good time so they have to suffer during the bad time.
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