Strategies to Refuse the Recession - Business Growth in Recession | Entrepreneur.com

Strategies to Refuse the Recession - Business Growth in Recession | Entrepreneur.com:

I saw a bumper sticker the other day that said "Refuse to Participate in the Recession." I have no idea if that driver had a job or was looking for one, but he was obviously electing to make the most of the challenges he faced.

Many say the U.S. economy is still in a recession based on the fact that unemployment is still high and consumers are continuing to temper their spending habits--two elements that define a recession. However, anyone with the desire to be an entrepreneur has to have the attitude of my friend with the bumper sticker.

So how does an entrepreneur succeed in a recession?

1. Become Indispensable
   In a tricky economy, it's natural for people to want to protect the security they still have. In the service industry, one way to prove that your product or service is part of the solution is to point out the consequences that could occur if the service was not around. Try "secret shopping" your customers and document the outcomes; then secret shop a business that doesn't use your service or product. If there's an obvious difference, use these stories to sell your business back to your customers.
2. Invest in the Future
   Most recessions last only a year or two. Companies that fail to continually invest in business improvements, training and marketing are way behind when the economy recovers. In terms of training, consider how to cross-train your team members while business is slow. It may enable you to perform better later on.

Read more: http://www.entrepreneur.com/article/207236#ixzz2PFOZRkS8
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