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[overcast]

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?

 

[ELSA-ELI]

To me,it is good to be proactive,recall what Joseph did in the Bible.Countries of the World has a store for important grains in national reserves.The lesson here is that you plan ahead and put some funds for a rainy day and as for online business it cannot go bad as online business as you will reach out to other Nationals whose economies are sound and better positioned to handle the recession

Very true that a business must have a lot of strategies to help it generate income. It is therefore important that a business devisfy in a lot of income generating ventures

 

[gammarays]

Still, a business has to have a lot of strategies on how to generate revenue even though not directly linked to what they are specialised. They can buy capital projects and they can also buy shares and bonds from other firms through the help of financial advisors.

You're correct. It's high time businesses think outside the box and find ways to generate income aside the daily buying and selling. Residual income is the best.

 

[ELSA-ELI]

To me,it is good to be proactive,recall what Joseph did in the Bible.Countries of the World has a store for important grains in national reserves.The lesson here is that you plan ahead and put some funds for a rainy day and as for online business it cannot go bad as online business as you will reach out to other Nationals whose economies are sound and better positioned to handle the recession

Very true that a business must have a lot of strategies to help it generate income. It is therefore important that a business devisfy in a lot of income generating ventures

You're correct. It's high time businesses think outside the box and find ways to generate income aside the daily buying and selling. Residual income is the best.

A lot of people do not know that the banks also does day trading aside from banking monies and giving out loans so does a lot of institution across many sectors.

 

[gammarays]

Very true that a business must have a lot of strategies to help it generate income. It is therefore important that a business devisfy in a lot of income generating ventures

A lot of people do not know that the banks also does day trading aside from banking monies and giving out loans so does a lot of institution across many sectors.

Yes I got to know that banks traded forex and they make huge money from it because they have the capital. Even a 5% gain on billions is more than enough.

 

[ELSA-ELI]

Yes I got to know that banks traded forex and they make huge money from it because they have the capital. Even a 5% gain on billions is more than enough.

So basically the point is every institution has to diversify and make alternative investments even away from their specialization as long as its a viable business for the sore purpose of contingent budgets or expenses that were not expected.

 

[anil02]

I think it's difficult to hold business during the recession because the economy is down and people's purchasing power goes down. That's why governments intervene with bailout funds.

It is not easy to recover from recession for a small business owner. In recession period they suffer double. First they lost earning and second they have to pay more to survive.

 

[gammarays]

It is not easy to recover from recession for a small business owner. In recession period they suffer double. First they lost earning and second they have to pay more to survive.

That's why businesses should save and invest during normal periods to have something to fall on during rainy days. Everything has skyrocketed recently and will affect most businesses.

 

[Pousinha]

If tax laws of your countries let entrepreneurs perform this strategy, a good option in my opinion is a downgrade of the business. A downgrade means a simpler bureaucratic business structure that consequently means the reduction of the amount of taxes, fees and maintenance costs.

 

[gammarays]

If tax laws of your countries let entrepreneurs perform this strategy, a good option in my opinion is a downgrade of the business. A downgrade means a simpler bureaucratic business structure that consequently means the reduction of the amount of taxes, fees and maintenance costs.

Yes business costs can be reduced by making some workers work from home,shut down some unproductive branches and stop some projects to save cost.

 

[ashim kate]

The most important secret to surviving during the reception is that you should not spend so much money on new projects especially one that can wait. This is because you do not know how long the economy might take to come back up. You should also be innovative in your idea and try to gather international customers as much as you can.

 

[Wisdom01]

The most important secret to surviving during the reception is that you should not spend so much money on new projects especially one that can wait. This is because you do not know how long the economy might take to come back up. You should also be innovative in your idea and try to gather international customers as much as you can.

I think it's still okay to spend on new project , because most times it's best to diversify the business you are doing during this period of recession it's really important as you cannot just depend on only one business to acheive the sucess landmark you have that particular aim of acheiving ,do things like this need to be noted at first before doing any business you are actually interested in doing

 

[Brain]

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

Slashing the price will be the best bet because money in circulations will be limited especially if the pandemic comes with stay at home rule. money can be very difficult to make at this point. So if you need the business to still happen because it wouldn't boom then you need to reduce the price to get more customers

 

[Chibson]

There are many strategies which you can use to hold and maintain your business during recession. I like someone have said producing in small quantities is very important during financial crisis or recession. This will help you to minimise some losses which may incur during that particular period.

 

[anil02]

The most important secret to surviving during the reception is that you should not spend so much money on new projects especially one that can wait. This is because you do not know how long the economy might take to come back up. You should also be innovative in your idea and try to gather international customers as much as you can.

You are right the in inflation we never think to start any new project, it is better to focus on what are we have in hand. During inflation period we also focus on business of thing which peoples need for daily uses, like gorcerry, medicine etc

 

[btaliat]

During recession, business owners need to play smart or else the business may be affected. There should be less production in order to avoid wastage and spoilage. Also, there should be some incentives for the customers in order to motivate them to buy with small money they hold.

 

[Dav1d]

Like they say, starting a business is not the hardest part of the business, maintaining it and making it grow after startup is actually the hardest part. In times of recession, most companies usually fall out of business, the best thing to do at such time is to reduce the quantity of your goods and not the quality in that way when other companies are increasing prices, your price might even be lesser.

 

[Skysaint]

Recession is actually a factor that mainly affects the offline business as it's always it mostly peculiar to a particular country or region. During the time of recession, it is then necessary to limit your offline business activities and try to create an online presence for it as the effect of recession is not too severe in the online market.
This is what most people did even during the pandemic and they earn a really reasonable amount from it.

 

[anil02]

During recession, business owners need to play smart or else the business may be affected. There should be less production in order to avoid wastage and spoilage. Also, there should be some incentives for the customers in order to motivate them to buy with small money they hold.

Some time if we produce less things it may increase cost of production. We always produce as per demand. You said that some incentive must be give to customers, it is right thing but it is possible if we keep cost of production low as possible.

 

[btaliat]

Some time if we produce less things it may increase cost of production. We always produce as per demand. You said that some incentive must be give to customers, it is right thing but it is possible if we keep cost of production low as possible.

I understand your point. But which other option will you advice someone into a business during the recession? I believe the product will determine whether it should be less or more. A product that's not a necessity should not be produced more because people won't even buy it.

 

[anil02]

I understand your point. But which other option will you advice someone into a business during the recession? I believe the product will determine whether it should be less or more. A product that's not a necessity should not be produced more because people won't even buy it.

Meeting basic need is priority of most of person. A person can postponed to buy any luxary products but it is not possible to survive without eating food. So in recession period it is better to sell or produce thing which are must to survive. These are basic medicine, clothes and food. Every person buy these, If they have not money they will get loan for it.