How to survive an economic downturn..

[Brendan]

I had a read of this article earlier today and though some of you might find it of use, the direct link is here - Five tips to beat the downturn | NEWS.com.au Business

Basically the article writes that in order to be able to survive a downturn in business you need to encompass some of the following;

• Be adaptable
• Collaborate and share
• Get out of your own space
• Invest in new ideas
• Be proactive and look at opportunities

What suggestions do you guys have? How does a business survive when times are tough?

[JamesGG]

Hiya,

The way that I see it, harsher economic conditions will generally mean that consumers as a whole are spending less money. Or, at least, money that is worth less in real terms.

So, this means that business that were doing well in good times will do even better, compared to their competition, in harder times. Businesses that were perhaps experiencing a littles less success before, will now find it much more difficult to stay afloat. The market conditions simply force an exaggeration of a business's strengths and weaknesses.

Which is all well and good, providing you know what they are!

I like the suggestions in that article. I'd also suggest, too, that they are just as valuable when the economy is running well.

Cheers

James.