Is it possible to recession-proof your business? Probably not, despite the wealth of internet articles on how to do so (about 3.3 million hits on Google and counting).
However, what is possible is to arm your business with a series of simple and common sense business strategies to protect it against tough times.
There are defensive and offensive strategies. As profit performance heads south, it is difficult not to panic and begin to tighten all the hatches. However you can tighten too much. Hence, while it is natural to concentrate on the defensive strategies, it is important to keep in mind offensive strategies – those that your business should implement to ensure that you are the one in your industry that keeps selling when others are closing down.
Let us deal with the defensive strategies first. There are six strategies that you need to implement. These are: