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Surviving in a recession
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Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

Mar 26, 2015

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Sophia Vega
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Page 1: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

Surviving in a recession

Page 2: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

definition

• A period of general economic decline , specifically a decline in GDP for 2 or more consecutive quarters

Page 3: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

How recession affects you

Page 4: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• The cost of living not only becomes unbearable but ability to purchase significantly diminishes…

Page 5: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.
Page 6: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

Common tricks to surviving a recession

1. Pay off debt1. Debt if unattended can very easily have a

snowball effect and be very difficult to escape from

2. Buy with cash1. It is harder to spend hard cash than it is to

swipe a card, because you physically see the money leaving your purse/wallet, easier to keep track

Page 7: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

3. .Make yourself indispensable at your job1. Most companies eliminate those who are not

necessary, unproductive or score very low during appraisal. Work hard stay busy

4. Hold on to your investments1. Selling stocks, bonds or mutual investments is

not a very bright idea, if you have ridden the financial roller coster upto this point there is no reason for not hanging on until the economy picks

Page 8: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

5. Find ways of earning extra income1. Through part-time jobs2. Participate in affiliate marketing3. Part-time coaching or teaching4. Locums5. Provide consultancy

6. Be prepared to unload and sell your old unwanted stuff

1. People out there are looking for a good deal and by advertising on notice boards, garage sales or giving brochure you may raise money

Page 9: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.
Page 10: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

7. Eat at home or carry packed lunch!1. Planning out your weekly meals will not only

taste better but be more healthy and money saving

8. Have your resume constantly updated 1. Not only for any prospective moonlight job

but should your employment come to an abrupt end you should be prepared to move on with minimum disruption

Page 11: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

9. What not to do at work1. Spend idle time on phone

2. Too much talk and less work

3. Leaving too early from work

4. Too much time on face book and other chart sites

5. Taking extended breaks from work

6. Complaining all the time

7. Reporting late for work

8. Do not slack on your education, especially if employer offers to pay partially or fully

Page 12: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

10. Make yourself marketable1. Businesses are not the only things that are

marketable, people are too. If you have such an outstanding resume and you are the best at what you do, people will take notice and want to hire you. Whatever you choose to do, make sure you are the best at it

Page 13: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

Some of hot productsI. Information

I. It brought you here and many more people are thirsty for information, seek to provide information people could use, apply in your business if an owner

II. NecessitiesI. You already have an advantage-medicines

II. Others include, clothes ,food, ride to work, place to live and mental stimulation

Page 14: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

III. Green productsI. Despite the market, green products are still

hot and continue to grow, the more natural the easier to sell

IV. Green servicesI. If you intend or are in trade or service based,

green services are attractive segment now

V. Home improvementI. May be a viable option than going for that

holiday, save some money improve the house

Page 15: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.
Page 16: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

VI. Day tripsI. Long vacations are some of the expenses

that get axed, opt for day outings to nearby places

VII. Buy in bulkI. When it makes sense, buy in bulk if the cost

benefit is worth it

VIII.Save on fuel costsI. If you can take public transport, it will be a

cheaper alternative

II. Make your home energy efficient

Page 17: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• Switching gears when approaching customers is a must during a downturn, you must find new ways to sell to your customers,

• You do not necessarily need to offer discounts that are ridiculous as this will only serve to lower your businesses perceived value

• In a recession no business is too small to be handled, every opportunity should be grabbed

Page 18: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• Effective communication skills is the cornerstone of successful marketing in business and this is best summed by the 80/20 rule in which we must learn to listen more to the customer (80% of the time) and talk less (20% of the time).. When the customer sees that we are keen to listen to them through the manner the manner in which we feed back to them their queries and concerns the customer feels more confident and hence will give you the business willingly.

Page 19: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• Lack of good communication skills means that not only do we assume the needs of the customer but we do not seek to make friendship through effective communication like keeping eye contact, sending positive body language and forcing our opinion on the customer without listening to their concern. When a positive environment exists between the customer and service or product provider then business can take place.

Page 20: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• Time management on the other hand defines how we prioritize our time both during a down turn and good times in business. During a down turn through positive utilization of time we focus on productive activities that will add value to both personal and business growth, with free time on our hands we can focus on improving on skills and reorganizing the workplace. Doing community or pro bono work may not seem urgent but is important as this adds value to both our personal lives and the perception of the community within which your business is based, and any free time can be such an opportunity to give back to the society.

Page 21: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.
Page 22: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• For most people a downturn in business tends to bring in depression and fear of failure, however being able to remain positive minded allows one to look at solutions and avoid focusing on the obstacles.

• Worrying not only diminishes the energy level, but often lets one to exaggerate the problem and in business this would mean a further downturn.

Page 23: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• Positive thinking in essence is like being able to determine the response one will have to a problem. The author has rightfully pointed out by focusing on the solution to the problem at hand, one seeks to take much more than the minimum action needed to overcome the problem and move towards business recovery. By going the extra mile and rewarding oneself on successes achieved we develop a winning and positive attitude that can be passed to those around us.

Page 24: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• Having a goal is not enough, but by focusing energy, allocating adequate time and resources one should seek to surpass those goals.

Page 25: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

MARKETING AND PROMOTIONAL STRATEGIES DURING A DOWNTURN

• Dormant customers represent a rich and unexplored opportunity especially in a business downturn as these are customers who at one time have done business with you hence are less costly to sell to as opposed to new customers.

• In order to maximize on the potential of dormant accounts reactivating business with them, through finding out why they stopped doing business with you, offering both old and new products and services including bigger volume discounts to interest them

Page 26: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• By ensuring that you remain at the top of mind of your customers (especially your valued customers) through frequent contact both in good and bad times, this will ensure that business relationship is sustained.

• Another significant point is lead generation which would uncover potential customers that would otherwise have been overlooked, it is equally important to qualify leads and follow up the ones most likely to translate to customers.

Page 27: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• one of the most effective methods of lead generation being direct mail is significant, as through direct mail can be used to highlight benefits of the product or service to prospects linking them with their needs. Once prospects see how the service or product can meet their need, they will be more inclined to buy. Another important benefit of lead generation is that by ensuring a steady flow of leads you are cushioning against downturn in business as the leads can be actively pursued and qualified especially when business is low. Through direct mail also active customers can be made to increase both their frequency and volume of purchase

Page 28: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

• Frequent communication with the customers with emphasis on listening to them, understanding their needs, plans and how you can be a part of their plans allows the customer to view you as an important ally in their quest for success. Therefore it is clear that whereas most businesses would rather cut costs in a downturn, improving and focusing the marketing activities is a viable solution which has been shown to increase business.

Page 29: Surviving in a recession. definition A period of general economic decline, specifically a decline in GDP for 2 or more consecutive quarters.

So things are tough? What to do

• Learn from mistakes

• Improve yourself consistently

• Go the extra mile

• Be proactive rather than reactive