7 Tips For Maintaining Business Amidst The Threat Of Recession, Tofu Mandatory Entrepreneurs!
YOGYAKARTA The threat of recession in 2023 makes entrepreneurs nervous. How not, when a recession occurs, people's purchasing power will decrease and the company's income will be smaller. This situation could threaten the smooth running of cash.
Therefore, it is important to know how to maintain business in the midst of a recession.
Economy experts predict that the economic recession will hit Indonesia in 2023.
When that happens, you have to manage your business professionally so that your business does not fall. So, how?
Economic recession is a condition where the country's economy is deteriorating. The sign that a country is experiencing a recession is that its domestic butt or GDP product grows negatively, the unemployment rate increases, and real economic growth is negative for two consecutive quarters.
The recession could bankrupt the business because there was a decrease in people's purchasing power.
Quoted by VOI from Entreprenuer, here are a number of tips that you can run to maintain your business in the midst of a recession.
Market research is an information gathering activity from a target market on the feasibility of new products or services and evaluation of old products to be developed. Market research allows brands to find target markets and get feedback on consumer interests regarding the products or services offered.
Therefore, the position of market research is very important to ensure that you clearly understand industry, market targets, and business competition.
Joining a local business network group can help you meet people in the same situation. Thus, you can exchange information about products or services that are suitable for market conditions during a recession.
A lot of savings will help you overcome the difficult times that block and give you a cushion to lean when things become difficult.
In addition, the existence of savings will make your business continuity more sustainable, even though the global economic situation is volatile.
A true entrepreneur must be able to make decisions in the midst of difficult situations. When that happens, you have to believe in your instincts. Therefore, believe in yourself to make the right decisions.
You can compare your own (excess) shortcomings with other people so you don't get discouraged.
After all, everyone's life journey is different. What works for other people, may not work for you. Vice versa.
Maintaining good relations with the people you meet is very important. The reason is, you never know when you may need their help. Therefore, it is best to keep everyone friendly.
In addition, good personal relationships will have a positive impact on the business you are running. If you have problems with a client, the quality of the job that enters the client's project can be negatively affected, so that sales will contract in the future.
Businesses will run well if you are able to reduce the use of time and energy for things you don't need. If you succeed in doing this, productivity will be even higher.
In addition, understand your market targets and what they want from your business. Work will be more efficient if it goes on time.
That way, you can focus on more important tasks.
That's how to maintain business in the midst of a recession. Hopefully useful!