How does my business survive recession?

[Damismiling]

As a business you should understand what is survival techniques and you should be prepared, for now the only way I think you can be able to overcome is that now you need to take your business to go digital, more of online.

 

[Nicklas22]

Protect Your Cash Flow​

Cash flow is the lifeblood of your business. Money must continue inflowing and outflowing for optimum business health, with the obvious goal being that you bring in more income than you must spend on expenses. You'll have expenses as long as your business exists.

 

[Oloritoks]

The best thing is to cut expenditure and other cost that can affect the profit and savings of the business, if that's done,start with the workers whose duty isn't that needed at that point by laying them off temporarily , ensure you seek soft loan from government by so doing your business will survive the recession.

 

[Chumzy]

For your business to survive recession, it is pretty easy and difficult at the same time.
You just have to take caution, cut down on expenses if you must. Do your business in the best possible way.

 

[Sotherefore]

Someone business that survive recession in the sense that in every recession in whatever area of business or economy there is always a party that benefit either directly or indirectly from the recession, you May be lucky enough to find out that your business might even be booming during the recession time because you are lucky to offer what is needed at that time, every business can actually survive recession through proper planning
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Someone business that survive recession in the sense that in every recession in whatever area of business or economy there is always a party that benefit either directly or indirectly from the recession, you May be lucky enough to find out that your business might even be booming during the recession time because you are lucky to offer what is needed at that time, every business can actually survive recession through proper planning

 

[tuna89]

Business can definitely survive in recession if you follow up your budget and resources plan in a disciplined manner, always update your customers as regards new products and available promos, advertise quality goods online as well, spy on your competitors to see to their developments, do surveys and market analysis at intervals, all these will enable you restrategize for the worst case scenarios.

 

[btaliat]

You need to cut your cost and make sure you deal with goods that people cannot do without like foodstuff, clothes among other businesses. Recession or no recession, you will still be making profit from sales.

 

[Dubai]

It's been a rough year due to the Covid-19 pandemic and now Nigeria has gone into recession due to the economy suffering a heavy blow because of the novel Coronavirus. So , how does a small business cope amidst recession?

In other to survive recession, I would advise small businesses to ensure they minimize cost and maximize their profits in the services they render. If need be, reduce your workforce, spend only when it is needed and also ensure you make sales and provide services that can be paid for immediately. Small businesses should not act as a means of lending money to other businesses. They should not borrow when they are not sure of paying back the interest on the loan.

 

[Seun4luv]

Reduce your monthly rent.Get a discount on utilities.Cut wasteful discretionary spending.Lease rather than buy.Pay payables later.Collect receivables sooner. Keep your existing customers. Double-down on your best customers.

 

[Dowenship]

It's been a rough year due to the Covid-19 pandemic and now Nigeria has gone into recession due to the economy suffering a heavy blow because of the novel Coronavirus. So , how does a small business cope amidst recession?

This time you have too look beyond that small business of yours. Carry out a fiscal study of your area, what is lacking and what problem still lies in that area, you can solve! Involve in buying and selling online. Etc.

 

[kayode10]

It's been a rough year due to the Covid-19 pandemic and now Nigeria has gone into recession due to the economy suffering a heavy blow because of the novel Coronavirus. So , how does a small business cope amidst recession?

I would advise you take your business online. Create an online present for your website. And make sure you have accounts with all the social media platforms and start promoting your business there. I have younger brother who sell shoe offline but have moved his business online and he has been seen lots of orders.

 

[Kane]

The only way you can survive the recession is by going into hibernation. In others, cut staff, minimize operational cost, limit production, stop as campaigs. Your activities should me aimed at lowering your expenses and spend only on things that are must. Once favourable time comes, you can go into full swing.

 

[Oliver 20]

The key to enduring a down economy is income.
Lessen and hinder money surges. Speed up money inflows. Position your business for a recessionary climate. Persuade your group to be more profitable than they've ever been

 

[Setho]

A recession is not something that I would like anyone to experience no matter what. The best thing to do is to limit spending and in a worst case scenario, star too.

 

[Kelly5]

For your small business to cope and survive a recession, you will need to cut down on unnecessary spending you must been used to in the past before covid19. Otherwise, the recession will make that already hit business close too

 

[tyrim88]

I think since there is lockdown and others caused by the pandemic and many are scared of going outside due to the virus, i think you can take the small business online , like create a site for it and start offering delivery services

One thing about running business in this era of technological advace period,is that one need to be able to be proactive and always think ahead of any situation before they even occure.Having such mind set will not take one unaware when it comes to some slit changes.

 

[Yusuf1]

The best way for your business to survive recession is just for you to situate your business in the direction of the economic conditions in your country. If prices of goods are on the high side, you have to buy it and sell it that way

 

[Hena101]

Your business or any other business can survived recession only if you can be patience to reduce your unnecessary spending and focus on the business growth.

 

[Kelly5]

Most smaller businesses won't survive a recession in this magnitude especially one caused as a result of the effect of the covid19 pandemic. Most small businesses close up these periods

 

[Solutionav]

It's been a rough year due to the Covid-19 pandemic and now Nigeria has gone into recession due to the economy suffering a heavy blow because of the novel Coronavirus. So , how does a small business cope amidst recession?

It will be difficult for small business to Cope in recession that is why getting different streams of income is good, for you to be able to survive the recession you can get an online work.