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Recession Survival Tips: How Your Business Can Come Out Stronger

StrategyDriven Managing Your Finances Article |recession survival|Recession Survival Tips: How Your Business Can Come Out StrongerDid you know that almost 18 million people were unemployed in the USA in June 2020? The ongoing fight against the Coronavirus has led to unpreceded financial losses and a bleak outlook for the future.

If you are a business owner you are no doubt interested in recession survival. What can you do to ensure that your business stays afloat?

Take a few minutes to read our in-depth article to find out what you can do.

Reduce Your Outgoings

When a recession hits, it affects everyone. This means that you can use this as a bargaining tool with creditors.

First, you should call your landlord and negotiate rent terms. If you have been on the premises for some time and have built up a good relationship with the owner, you will have a strong bargaining position.

Landlords will always want to retain good tenants rather than search for new occupants that may or may not be as reliable as you.
This is the first step in your recession survival strategy. If you want to know why a strategy is so important you can learn more from this page.

Collect Owed Money Quickly

Recessions tend to become gradually worse as more and more businesses are affected. This means that you should try to collect any debts as quickly as possible before debtors are unable to repay.

You can offer incentives such as a small discount for fast payment. However, ensure that any larger incentives are not offered to every customer.

Why? Because of your next goal.

Retain Existing Customers

Simply put, retaining customers is easier and cheaper than finding new ones. In fact, customer loyalty can make the difference between survival and sinking during a recession.

If you offer low prices, communicate regularly with existing customers. Emphasize the need for the cost-effective pricing you offer during a recession.

If you do not offer the cheapest prices on the market, emphasize the quality of the product you offer and the need to invest in quality during hard times.

Listen to your customers and offer them the best incentives you can. Do your best to meet their exceptional needs during an exceptional time.

Layoffs: Do it Quickly and Kindly

Laying off employees, especially long-serving employees, is never easy. However, when possible, try to do it early in the recession and while showing compassion and preserving dignity.

Early layoffs that are well planned will reassure the remaining staff that their place is valued and assured. This will prevent unnecessary anxiety and possible staff leaving of their own accord.

Recession Survival and Other Necessary Skills in 2020

Not even world leaders saw the COVID-19 crisis coming. And no one could have predicted the full economic tidal wave that came with it.
However, this does not mean that your business is doomed in the coming recession. By applying these recession survival tips, you can ensure that your business stays afloat and even registers growth.

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How To Encourage Your Customers To Stay Loyal

StrategyDriven Customer Relationship Management Article |Loyal Customers|How To Encourage Your Customers To Stay LoyalThe money, time and effort that you put into building your business is always at risk. One day without the right number of customers could see your company suffer catastrophic failures, and that’s why it’s so important that you can take steps to attract loyal patrons that will support your business for the foreseeable future. Many businesses can find it difficult to retain customers and encourage them to shop again, yet it really doesn’t have to be this way. There are so many tips and tricks that you can utilise to ensure your business can thrive with repeat patrons that appreciate your service time and time again, and it couldn’t be easier to get started today! So, if you’re ready to find out more about how you can encourage your customers to stay loyal to your business, then read on to uncover some of the best steps that you can follow to see results in no time at all.

Quality Customer Service

It’s absolutely vital that you are able to offer the highest quality customer service to all patrons that come into contact with your business, as this is one of the key features that can influence whether you can secure or lose a customer. Perfecting your customer service skills is such an easy task, as there are so many training courses and guides or tutorials that you can utilise to develop your interpersonal skills and learn how to handle yourself over the phone, via email and in person. This training must be carried through to every member of staff that can come into contact with the public, as your customer service has to be reliable and consistent no matter what. If a customer feels unhappy with the service that they receive then it’s likely they will post a negative review, which can then influence whether other potential customers decide to shop with your business or take their money elsewhere. On the other hand, taking the right steps to provide excellent customer service will motivate happy patrons to leave positive reviews, therefore attracting other people to spend with you too. Customer service can seem like a difficult feat when you operate a business that works solely online, however there are certain techniques that you can implement that can really help in providing constant customer satisfaction.

Take Part In Regular Testing

Another essential activity that you must take part in to ensure that you can gather loyal customers is regular varied testing. You have to put yourself in the customer’s shoes and use your service to identify whether you have to make any specific improvements, otherwise you will be completely honest the wiser to the faults that might litter your organisation. Gather a few different people, perhaps with varied responsibilities and backgrounds to offer a less biased insight, and test the different features and services that your business can currently offer customers. Collect each individual’s feedback on how they felt their experience went, and utilise this information to move forward and make improvements to increase your levels of customer satisfaction. There are also many other important types of testing that you can explore, including regularly examining the skills and knowledge of glue employees to ensure that they can stay in line with your business’s high standards. Always offer training opportunities and information to those who need it, and encourage an open atmosphere in which employees can share their issues if they should ever have any. As well as this, learning how to understand and assess your SaaS customer health score can aid you in identify some of the downfalls that your company may be experiencing, as it can offer an in depth look into when and potentially why your customers decide to leave your business. There’s no point in gathering all of this information if you’re not prepared to act on it, so it’s important that you can utilise the data that you collect to make improvements and progress to provide a better standard of service.

Encouraging customers to stay loyal has never been so simple when you are able to make the most of the top tips and tricks detailed above! Start off by focusing on the customer service that you provide, ensuring that you and your staff have all of the right training, knowledge and interpersonal skills that are needed to offer the best quality experience. Always take part in regular testing to ensure that you can identify problems and seek solutions in super fast time!