Ride The Recession With Success

I have scouted around the net on how to not just overcome the recession but rather beat it. Experiencing success and emerging victorious at the end of the cycle can definitely be turned from a dream to reality.

These are seven ways how to achieve success during recession, be it an individual or a enterprise.

1. Revisit Your Borrowings - The interest rates for loans drop big time during bad economic times. Re-finance your loans at a lower rate to save up and increase cash reserves.

2. Negotiate On Your Lease – Appalling economies show their trace on real estate. If you are a corporate or individual in a leased accommodation, negotiate on a new and lower lease. If moving to a different premise with the same facilities at a lower price seems like a viable option; Consider it.



3. Invest In Trainings – If you are a corporate, invest in training your best employees. These are the ones who would remain loyal and would help you grow in extensively in the next boom. If you are an individual, training and gearing yourself with new skills would definitely be good since it gives you an edge to market yourself better against competition.

4. Cut Costs Not People – An enterprise would only gain in the long run when they hold on to people and not discard them like trash during troubled economic conditions. Examine the feasibility of salary cuts starting from the top. People would prefer a lower pay to no pay. This would also result in tremendous loyalty once the bad times are over.

5. Technology: The Investment’s Worth It- Invest on technology, this would keep you ahead of competition the when the boom arrives. Cut cost on advertising when it’s not necessary, instead invest it on technology. Man is as good as his tools only !!!

6. Re-Evaluate Your Customers – These are times to re-evaluate your customers. See if they are worth keeping. In the long run if you find that holding on to certain customers would cost you more that you earn, you know what you should be doing !

7. Broaden Your Engagements – Be ok with signing short term deals too. This would give you the required income to run your organization and these might be the High Net worth organizations coming back to you in boom times.

The most important of all, Keep faith, work smart, deliver value. Don’t just wade through the recession, ride it with success.

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Copyright © Dennis D Maliekal