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How to hold business during the recession?

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As we have more and more socialist policies. Business around the world will go through recession. And there is going to economic meltdown soon. So many business and govt are going to face the financial burnout. And they need consumers to consume the products and keep the supply and demand cycle moving. And it is hard to hold the business during this cycle. And if the niche of your online or offline business is not strong enough for recession, it can go pretty badly.

So how do you manage online or offline business during the recession?
 

Josemendez

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I think one of the best way is to produce in small quantities sp that you will not have to face problem of having goods in excess with limited buyers.
Secondly, you can adjust your price a bit because of recession even though it means having 5% less gain than before, so that you will not go out business completely.
 

burningflame

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In my opinion you can try Various business strategies such as building trust of your customers on your products. By giving free gifts, promotions and less profit margin you can achieve a sustainable economic business.
 

Brain

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It never easy for businesses during a recession because Money will be hard to come by and as such demand and suppy will almost be stagnant. A business just have to keep striving and maybe downsize and reduce the business expenses to keep afloat.
 

Josemendez

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In order to make your business survive the recession period, It's advisable to first reduce cash outflow in the business and increase cash inflow instead. You should keep your existing customers as well by giving them sales promo, discounts and other incentives to make them stay and lastly, you should contact your debtors and ask them to pay up as you'll be needing all possible cash you can get to survive the period.
Nice idea but then it is not easy to reduce cash outflow during recession , because you need to take out other aspect of life the recession has affected .
Also there is no way you can keep selling without producing or buying which involves cash outflow as well .
 

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During recession, the business has to reduce the supply of its products to prevent surpluses first. Then, it can go ahead to win the trust of more customers through various promotions such as giving discounts, and gifts to its customers.
 

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During recession, the business has to reduce the supply of its products to prevent surpluses first. Then, it can go ahead to win the trust of more customers through various promotions such as giving discounts, and gifts to its customers.
But it is not going to be that easy as even the business is affected by the recession. Whether or not they are being patronize it does not affect their products. But giving discount will be hard.
 

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I don't think giving discount will be affordable for most businesses now because of the loses they had during this pandemic.
 

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But it is not going to be that easy as even the business is affected by the recession. Whether or not they are being patronize it does not affect their products. But giving discount will be hard.
Yeah, l see your point you are trying to make. I think l agree with the point. Maybe the best way the business can survive this recession is just to cut off supply to prevent shortage.
 

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As we have more and more socialist policies. Business around the world will go through recession. And there is going to economic meltdown soon. So many business and govt are going to face the financial burnout. And they need consumers to consume the products and keep the supply and demand cycle moving. And it is hard to hold the business during this cycle. And if the niche of your online or offline business is not strong enough for recession, it can go pretty badly.

So how do you manage online or offline business during the recession?
my wife and i run a small laundry at home. we cut so many factore, like our price per kg is cut down 20%. our worker salary is also cut down 33%. we do anything to minimize our capital
 

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my wife and i run a small laundry at home. we cut so many factore, like our price per kg is cut down 20%. our worker salary is also cut down 33%. we do anything to minimize our capital
That's a good move , this will keep both the business and the workers going despite the challenge, it is a lesson for us to begin to plan for eventuality in our businesses.
 

mesbakh

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That's a good move , this will keep both the business and the workers going despite the challenge, it is a lesson for us to begin to plan for eventuality in our businesses.
During the first 4 months since the corona outbreak, our business was very quiet because there were serious economic problems in the community. fortunately since August the condition has improved even though it is not as good as before the corona came
 

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During the first 4 months since the corona outbreak, our business was very quiet because there were serious economic problems in the community. fortunately since August the condition has improved even though it is not as good as before the corona came
You are that your business is already at the recovery stage , soonest you will get over it because patronage will increase because the pandemic is almost history.
 

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You are that your business is already at the recovery stage , soonest you will get over it because patronage will increase because the pandemic is almost history.
Yeah hopefuly next year is better. The government plans to open school and college next year and i expect it can druve economy
 

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Reduction in the quantity of goods produce on a daily basis and then slash the prices a little...that will definitely help businesses during recession
 

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Yeah, l see your point you are trying to make. I think l agree with the point. Maybe the best way the business can survive this recession is just to cut off supply to prevent shortage.
That's the best way forward. The business needs to survive. If they go about making discounts, it will only result in a huge loss that may not be easy to repair.
 

mesbakh

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Reduction in the quantity of goods produce on a daily basis and then slash the prices a little...that will definitely help businesses during recession
for short term yeas it cluld be a solution to preserve our business. but i think we need also to cut off price because now purchasing power is lower than corona outbreak
 
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