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Filed under Articles by on Apr 17th, 2010. Comment. 
Your business will surely be affected during an economic recession. If you don’t find ways to make it ride out the storm, chances are you will have to file for bankruptcy and close. Fortunately, there are things you can do to keep it afloat.
Remember that the heart of every business is customer service. If you give special treatment to your customers, these people will leave feeling satisfied and always come back. This is something that your employees must understand because if they don’t, these individuals will be the first one to go since you have to cut back on your expenses.
One way of doing that is to reeducate your employees. You can hold seminars on customer service or simply give them a refresher course of the products and services that you are offering because this will impress the customer the moment they walk in through the door.
You should also motivate them because good morale always achieves positive results. Being the owner of the business, you should lead by example by rendering longer hours at work. If they see you are doing whatever it takes to stay afloat, they will do the same because again, their jobs are on the line and they could be dismissed if things get worse.
Most businesses think that letting people go is always the first option. You don’t have to make the same mistake when these reductions can be made elsewhere as long as quality is not compromised. If you have to buy things, see if you can get longer credit periods or better rates so large expenses can become smaller ones making it easy to manage.
It is always nice to have customers pay in cash but during an economic recession, that is hard for the consumer so if you don’t use a credit card machine yet, now will be a good time to get one. Studies have shown that more people will be able to buy from you using a credit card especially during a time of financial downturn.
The objective of any business is to make money so part of surviving an economic recession will be also to lower your profit margins. By informing your customers of this move, they will be able to buy more at a very reasonable price. You can raise prices again when things get better since such a crisis is only temporary.
Instead of relying on people coming through your door, you can also look at other ways to promote your business. One of the most affordable ones to date is the internet so create your own website. If you can’t do this on your own, hire someone to do it and then make sure that is it both attractive and interactive.
Other businesses are also feeling the crunch and they are also doing their best to stay afloat. Ask around what they are doing and share the same information as well so you will have other ideas and options when the ones you have right now are not working.
We are not yet out of the woods in the recent economic recession. A lot of people are still losing their jobs and their homes, which is why it is important for you to take the steps mentioned rather than doing nothing and hoping for a miracle.
Filed under Recession by on Jan 10th, 2009. Comment.
A country’s economy operates in a cycle. Sometimes you are up and sometimes you are down below. An economic recession is the low part of that cycle. People do not notice that it is happening before because government was swift to act on it and its policies and clout were able to stabilize the country’s economy before much damage is done. However, recently, the efforts of the government and their policies were not enough to stop the downward spiral of the country’s economy.
With rising costs in oil affecting the prices of basic commodities, people are scrimping on their purchases. This has affected companies leading to job losses and financial problems. The real estate industry has also crashed leaving many foreclosed properties because people just can’t afford to pay the monthly premium anymore. The same goes with the banking and insurance sectors who are also feeling the heat of the economic recession.
But what is it really about? How can economic recession affect our daily lives and how is the government responding to it. Here are some of the things that you should know about recession and the things that it can do to you if you don’t watch out.
1. It can make you lose your job
Economic recession is a period known for job cuts. When demand for products lessened and companies lose their money, the only way they can survive is to cut jobs. And this they cab justify as there will also be reduction in production. If you are one of the unlucky few who are working for a company experiencing such losses, you may stand to lose your job.
To prepare for this eventuality, try to check the background of your company. Listen to the office grapevine about potential losses. Usually, you will know if a company is losing money. If you feel that your company is losing money, make a back up plan just in case you lose your job. This is especially true if you are working in the assembly line or in the production line.
2. It can make life harder
Prices will often be high during an economic recession. This is because fewer supply of products will cause a rise in the prices. Although government will try to balance the situation out by introducing tax cuts, this may not help the situation especially if there have been many job losses.
Besides this, outlook in life will also be more pessimistic and sadder. People will try to scrimp on their expenses, no longer going for their usual entertainment. Although, there has been a study that movie tickets sales go up during recession. This is perhaps because people want to forget their problems for a while and just enjoy the world of the make believe.
3. It is not forever
One hopeful thing that people can look forward to is the fact that economic recession is not forever. As mentioned before, recession is a cycle and when you are down, the only way you can go is up. That is why, for the meantime the goal during these trying times is to ride the waves and survive. There is no need to panic or to worry about the future. You’ll see, everything will right itself.
Filed under Recession by on Dec 31st, 2008. Comment.
Economic recession may be normal occurrence but it does not mean that it cannot hurt you. In Economics, recession refers to the period in a country’s economy when there is slowing down of progress and rising inflation rates. Like a cycle, a country’s economy is sometimes up and sometimes down. We just don’t feel it before because the economy oftentimes bounces back fast. It is only now that recovery seems so slow and damage has become far-reaching with the crashes in the real estate industry as well as to the banking and insurance sectors.
So what makes an economic recession? What do you need to know about it and what is it all about?
1. Rising costs of living
Because of the slowing down of the economy, production will not be as active. This stems from the lesser demand that comes from the consumers. When this happens, prices will rise as there will be lesser products in the market than before. Basic commodities will usually rise especially those that people consider as basic necessities such as food, shelter and home. Oftentimes, what you will normally be able to buy for a specific amount money will not be as many. This is when we say that the value of the money lessened.
2. Job cuts
During recession, many companies will suffer from cash flow problems. Because of the lesser demand, more and more companies will shut down their production lines to cut costs. This leads to cutting off jobs just to make both ends meet. Right now, many companies in the United States have already done job cuts. Although it does not sound good, these companies do not really have a choice as often, they will need to let go of some employees to keep the company running and still employ the others.
3. Expense cuts
Because people do not have much money in their pockets, most of them will be scrimping on their expenses. They will only buy things that they need. Some do this because they want to save their money while others do this because they don’t really have a choice, having a much lower income than before. This however contributes to the economic recession as low demand will also lead to low supply which can affect company earnings. When this happens, jobs may become at risk and companies may suffer from financial losses.
4. political turmoil
Although it is not often the case, most countries suffering from economic recession will have political turmoil. This is especially true if the country has not responded to the economic recession well and the situation has ballooned 10 times over. When this happens, people will naturally blame the people in the government and their policies. This is the time when people troop to the streets to protest or they announce their displeasure through surveys on job approval ratings of government officials.
5. Tax cuts
Because of lesser income and less value for your money, the government tries to augment people’s financial problems and also to help companies by giving people more money that they can spend on basic goods. They do this by giving back to their people a portion of their income— tax cuts.
In this instance, the government is cutting off the income that they get from people in order to stabilize the economy during economic recession.
Filed under Recession by on Dec 28th, 2008. Comment.
Economic recession is taking its toll. A lot of Americans right now are feeling the heat of the tight times as more and more people are losing their jobs and losing their homes. High prices of gas and basic commodities are also making it harder for American families to survive without additional income.
During these times, people are thinking of ways on how to save up. This is especially true with families that support one or two or more children. Between feeding them and sending them all to school, these families will surely have to scrimp on some areas in order to survive.
But parents should not be the only ones who should be scrimping. When it comes to saving money during economic recession, their children can also play important roles. In fact, they can use these tight times to teach them children about saving for the future and saving money. This will help them deal with tighter times in the future should they experience it when they have families of their own. Below are some of the ways that you can teach your children about saving up.
1. Explain to them
You may not realize it but kids do know what is going on and when you explain the situation to them clearly and with examples that they can relate to, they will be able to understand you. Some will even help out on their own volition without you telling them what they have to do.
Telling them why they should do something is more effective than telling them outright what they should do. The latter will sometimes antagonize them or will cause them to rebel as they feel that you are ordering them about without any reason. Kids, as you well know, do not want to be bossed about.
2. Give them piggy banks.
Having coin banks may seem outdated in this digital age but it is nevertheless still effective in teaching kids how to save up. Tell them that saving up will allow them to have some money should they need to buy something that they want. A portion of their lunch money, for instance a quarter or two, is a good way to start.
Of course, do not discourage them to buy food when they need to eat but tell them though that if they are not hungry, they can save the money so that they can use more for the next day.
3. Get what they need
Controlling what they put on their plates during dinner will help control the urge to get more than they can use. Ask them to clean their plates every time. That way, they will only get the food that they will be able to eat. This will teach them about saving and buying only the things that they need. This is a great training in the future so that they will not grow up with maxed out credit cards, buying things that they do not really need in the first place.
4. Being a role model
Face it. Whatever your child does is only a reflection of what you yourself are doing at home. So if you want the kids to start saving up, make sure that you are also doing your part in saving in this times of economic recession.
Filed under Recession by on Jan 2nd, 2008. Comment.
