Tip1-Find out how exactly the recession is affecting your business: Although the recession will affect the economy and your business operates in the same terrain, it is important to know the core area of your business it is affecting. Is it production, importation, service or marketing area of your business? For example, the recession in Nigeria led to high exchange rate, which is seriously affecting businesses that are into importation. Such businesses if not careful can completely go out of business. So, it is important to know the core area of your business that the recession is affecting. Then devise a strategy to systematically manage that area. You can create alternative for the affected area. Although the alternative may not be spectacular, but it will sustain the business until the recession is over.

Tip2-Don’t reduce your quality: In the process of creating alternative, you don’t have to reduce the quality of your product. A lot of businesses commit that mistake of tampering with the quality of their products. This is a wrong thing to do. Recession or not, it is important to maintain the quality of your product. It is quality that will introduce and sustain you in the market. So don’t tamper with that area of your business. Rather increase the price.

Tip3-Cut down on expenditures: One of the important things to do to keep your business afloat is to cut costs down. It is the best time to do away with services that are not so relevant or that you can perform yourself. For example, instead of having an accountant, you can leverage on the accounting software. Look into your business, which service is not so relevant to the productivity of your business. Without hesitating, cut them off.

Tip4-Restructure your marketing plan: Marketing is capital intensive and a very essential part of your business. When the going is good, most times, we spend unnecessary budget in that area of our business. During recession, take a critical look at your marketing plan all over again. Evaluate and cut down on excess budget. Focus on the marketing campaign that is precise and will yield optimum result. It is the best time to narrow down your marketing campaign, focusing on result instead of just creating awareness.

Tip5-Leverage on contract staff: Having full-time staff may require that you pay regular—monthly—salaries and benefits regardless of your business inflow. Leveraging on contract staff require that you pay only when a job is done and no benefit is attached to such. Large corporations call it downsizing, you can call it playing smart or saving your business.

Tip6-Take care of your customers: The best time to really pay attention to your customers is during recession. You must find ways to really keep them glued to your business. Let them know you really care and appreciate their patronage. Find a way to always keep them motivated and coming back to you. Also, ask them for referrals. Since you will be cutting down on your marketing budget, you will need referrals and your customers can help you with that for a small discount or absolutely free.

Tip7-Don’t expand your business: Recession is not the best time to start thinking of expansion, except if someone is buying your franchise. Otherwise, maintain the size of your business until the recession is a thing of the past. However, focus on the big picture. The punch of recession can knockout any business, but focusing on the big picture can sustain it. Don’t take your eyes away from the big picture; rather let it be your sustaining grace.