As the any business is unpredictable, one must be ready to face recession in the market which can affect the business badly & financially sometimes. Some ways to survive in recession are –
Effective Management –
Managing the things, operations effectively can really help cope with the recession. This may involve tracking and analyzing key components, financial reports and productivity. Get smaller first and more profitable; then grow slowly and carefully.
Reduce Inventories Cost –
One must Look for items that are less important or of no use for time being. This may be any materials, service, labor, etc. By selling these material, money can be earned that can be used for other important things.
Offer new products and services -
During recession, an entrepreneur must be smart enough to think of other new products or services to offer. Instead of totally depending upon the conventional products/services that are successful in market, some new ways or services must be purposed. This can really let you survive.
Never lower the Quality –
Even during the recession. The quality of product/service must not be compromised. Providing great quality makes possible to run business for longer. "Not lowering the Standards" is the best solution for any successful startup or business.