How to maintain a business through recession

Discussion in 'Growing and Managing a Business' started by Juanca, Oct 1, 2018.

  1. Juanca

    Juanca
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    My country, South Africa, is going through a tough recession. I am at my wits end trying to hold everything together. I am doing all I can via internet and social media to try and stay ahead of the pack, for my eCommerce website. Yet, the phones still not ringing and business is literally stagnant. Any tips or advice to keep afloat?
     
  2. Diana.kasim

    Diana.kasim
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    Sorry to hear that. My advices for you, try to look for costing cutting measures and analyse your businesses using SWOT, it can help you identify your weak sides and improve it or just cut it so you can save some money. anyway good luck, hope you ll go through recession successfully
     
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  3. Juanca

    Juanca
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    Thank you Diana. Excellent advice, will follow through. Also, thanks for the good wishes.
     
  4. VITS USA

    VITS USA
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    If you are a businessman then recession is the good time to boost your business without investing more money. In this time duration most the people work with you in a minimum cost and they give there 100% in your business.
     
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  5. Juanca

    Juanca
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    That would be a dream world.
     
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  6. VITS USA

    VITS USA
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    Have you study the case study of Paytm in India? If Yes, so you can easily understand why I said this.
     
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  7. Juanca

    Juanca
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    Sorry, I wasn't intending to take you lightly. I will look up the article and have a read. Or maybe you know something that we completely missing?
     
  8. jikajika

    jikajika
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    What specifically is your business?
    That may help us identify how to help you.
     
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  9. Juanca

    Juanca
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    We specialise in underfloor heating products, install and supply. I also have an eCommerce website which I am constantly optimising. I don't know if I'm allowed to put links here in this forum.
     
  10. Juanca

    Juanca
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    Please, Jikajika, I have replied to you and have not received any response.
     
  11. jikajika

    jikajika
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    Sorry about that. I'm here.

    First thing that comes to mind is are there any other verticals you could be creating from your business?
    Like, if you have a warehouse to keep all your supplies - can you rent it out to the local building contractors for their monthly meetings?
    Can you teach a class that people will pay for that is a constant bother in your home building/realtor community?

    Again, it's the first thing that comes to mind.
     
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  12. Stephen Chong

    Stephen Chong
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    You should go for Cost-cutting measures, Analyse the Weak areas where you need to work on. Create the centrally controlled system and monitor your online promotional ways. If your are still not getting then you should hire a digital marketing agency where the cost to benefit is more so go for that. so hoping for good.
     
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  13. Ammar Alam

    Ammar Alam
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    Sorry to Hear! Just remember how the Diamonds made!

    The First Things to Need to do is to watch your whole processes including production, delivery, marketing cost, anything, and everything and you need to find where you can cut the cost or losing money when I have a problem in e-commerce I found I can cut alot in fabrics because the other wholesaler provide better quality and price and so the delivery companies.. just look back see what missing and fix

    and most important stuff that becomes the image of your brand us YouTube or Facebook, Ah Facebook Live and let people see you working and build that influence so the next time its doesn't affect you that much!

    Best Of Luck!

    Ammar Alam.
     
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  14. Juanca

    Juanca
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    Hire a digital marketing agency? Hm...never thought of that. Thanks so much.
     
  15. Juanca

    Juanca
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    Thank you for the advice. I have just placed an ad on Facebook and it has reached thousands of people, yet still no calls. Guess the economy is tough.
     

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