Summary

• Businesses can keep their revenues stable during a recession by providing more value either through prices cuts, bundling, or creating convenience for their customers.
• Zero-based budgeting is very important to root out unnecessary costs especially for businesses that have been in existence for a while.
• Businesses should embark on business process re-engineering to quicken the pace of technology adoption, and obtain process simplification and efficiency.
• Improving the use of working capital can free up  more cash resources for companies to embark on productivity enhancing initiatives.
• Leverage your deep relationships with customers to find new tangential business lines and boost revenues.

Surviving For The Next 12 Months

There has been a lot of talk lately about the possibility of a recession hitting the world economy. Some people, perhaps for political reasons, have begun to dig into the technicalities of a recession in order to argue that a recession is not on the cards. Small business owners do not have the time to get into the "weeds" of what a recession is, but they should be concerned about the impact that any slow down in economic activity could have on their bottom line. While the debate about recession or no recession rages on, the signs of an impending economic slowdown have been steadily increasing. It is this author's opinion that such an economic slowdown is inevitable given the current situation, it is just a matter of how long it will last and how deep it will get. Small business owners should therefore be implementing strategies to prepare for difficult scenarios.