Lessons Small Business Owners Learned from the Great Recession
A recent survey of business owners who survived the Great Recession highlighted two major approaches to managing through the crisis:
1. Promotion Focus: Played offense and developed creative ways to provide upside benefits. Pivot - change / expand service model or products offered. Strategic Relationships - partner with other businesses. Diversification - expand customer / client base outside of current model.
2. Defensive Focus: Implemented defensive moves to minimize losses and reduce downside risks. Cut Fat - deliberate evaluation of every expense to determine "nice" vs. "necessary" costs to business. Downsize - painful, but necessary in many cases. Lean Process - implement lean thinking to streamline processes from customer service phone calls to order taking to operations to delivery.
The times are very difficult and it requires some difficult decisions. The strong and decisive leadership the built your business is needed now. Stay strong, stay focused!
LINK to article by Zachary Crockett, Senior Writer for The Hustle. He also highlights five stories of business owners who survived the Great Recession.
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Mon, Apr 13, 2020Share Article
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How did small businesses survive the 2007-2008 recession?
