Surviving the Recession: Recession-Proof Business Ideas and Tips for Small Business Owners

You can thrive in a slow economy! Ask leaders and consultants about recession-proofing companies, and you’ll get examples that go far beyond the inevitable death-and-tax occupations.

But most are also quick to point out that any business can be vulnerable to an economic downturn and any business can take steps to protect itself from a financial roller coaster. “To protect itself against a downturn, a company needs an inventive and flexible team that learns together, practices competitive intelligence together, and collaborates together.” said consultant and industry analyst Steve Koss, who specializes in the business of large stadiums and other sports and entertainment venues.

But what do you do to protect your bottom line if you don’t have a naturally recession-resistant business? In addition to focusing on your current marketing niche, you can follow the trend of many small business owners by diversifying where your income comes from. Use your downtime to build a ‘business within a business’. Offering a new service that can be handled online, such as Internet Marketing, can make the best use of your time and generate an income that has proven more stable during a recession.

Tom Mulhall, who was an accountant in Chicago for 15 years before opening a small luxury guest resort nine years ago in Palm Springs, says some of the same tricks that inoculate a business like his against economic downturns can help any business. When asked how to protect a Chicago-area business from recession, Mulhall said: “If you’re in retail, diversify. If you’re in the suburbs, promote ways to grow Chicago businesses, and vice versa. If It’s a brick and mortar business, building an online business.” Denise O’Berry provides four general guidelines to help any business move forward and grow even in difficult times. “Focus on customer loyalty and retention, minimize debt, engage employees and be visible to your customers, your employees and your community,” said O’Berry, president of The Small Business Edge Corp. in Tampa, Florida.” Success in business depends a lot on who knows you and what your company does. Make sure your marketing and PR is done consistently – don’t just market when business is slow.”