A Recession Survival Guide for Small Businesses

A Recession Survival Guide for Small Businesses

Many of the small and medium businesses in the UAE are set to emerge from this challenging period stronger than ever.. The good news is that there are several steps you can take if you are a small or medium business to ensure that you don't just survive but thrive when economic conditions are poor.. Run regular cash flow forecasts to estimate how much money your business has coming in and going out.. During a downturn, remember that your customers are also feeling the pressure.. Too many small businesses make the mistake of ending all marketing efforts when a recession hits.. What's more, maintaining sales and marketing efforts throughout a downturn can help you to grow market share as other companies in your space appear inclined to reduce their spending.. Rather than abandoning all marketing efforts, review your spending to see where you are getting the best return on investment.. If you are thinking about starting a business , you don't necessarily need to change your plans because of a pothole in the economy.. Starting a business in a recession is a trial by fire, but you'll run lean, develop good habits and put yourself in a strong position