1. Believe, Recession is part of Economic Growth and it recurrence happens ( Can we predict ? Pl comment.. )
2. If you believe in recession recurrence, then you realize Recessions mean :
- Lower employment levels,
- Difficulty in personal and company bill paying,
- Lower numbers of customers,
- Foreclosures of homes and businesses, and
- Trend to cutting operating and capital costs
All of these scenarios present business opportunities for an entrepreneur or strategic planner. They are not simply profits from preying on hardship either, but are very often business and credit savers for others. You need to decide your path whether to recession proof yourself, or Sustain as an Individual / company, or grab the opportunities and grow the business. ( There may be people who chose the option of "Do nothing" ). My recommendation are :
- Perform 'SWOT Analysis" to make your objective clear ( Its aids you better )
- Stay focused and seek new ways to improve as needed
- As a Company, diversify, Offer outstanding customer service and Intensify marketing
- Moreover, Trust is a major component of any decision. It is extremely difficult to build trust just by telling people they should trust you. You need to show them they should trust you.
Let us have others views and comments on it !!
