How to Grow Your Business During Recession


Some companies are cashing in despite the recession. Growing your business regardless the economic situation should be your utmost priority at a time like this.

Here are a few tips on how you can expand your business and be ahead of others.

Expand your sphere of influence. Networking is key. Set a goal of attending an seminars and shows where you will meet your type of customer/clients and get new business contacts. Don’t be comfortable in your comfort zone, go out and mingle with like-minds and expand your database. There are too many similar people looking for the same potential clients at these kinds of events.

Cut down on your budget. Always find a way to cut down on expenses.  Look for non-essentials and trim them down to the minimum. Don’t just buy everything, you need to prioritize at this time i.e get the necessary stuffs. Look at everything you can trim that is nonessential and reevaluate your entire budget.

 Contact friends & family for business referrals. Remind your contacts that you will give them a percent of any new business they throw your way.  Same with your current clients, ask them for recommendations and referrals. One client can make a huge difference in your business growth.

Use social media tools. Social media is where activities are on now, and where businesses are selling fast. Get quality images of your items and upload on instagram, facebook, whatsapp etc. LinkedIn is an excellent way to tap into new prospects, but most people don’t use it or know how to. You can go through the stress of teaching your clients how to use it.

Take a break. Running your own business is hard. Always take a break of at least 2 times in a month to re-evaluate and know how much progress you have made in the month. Keep monitoring how well you are doing and be consistent in it. Recharging your personal batteries is a must.

Have new strategies. Always think of a new idea that you can introduce to your business and make it different from what your competitors offers. Be creative and strategic.

Hire New Talents. When the economy is struggling and other companies are holding off on hiring new employees, this can be a great opportunity for your business to hire some talented new people. And your new employees might be willing to work more cheaply for your company than they would at times when the economy is strong.

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