Almost every country has suffered recession at least once. It is one of the toughest time period any person would experience in life both in terms of career and financial point of view. Job seekers struggle hardest to get the job they desire whereas businessmen and working professionals look for the best ways to recession proof their business and job. This app “How to prosper during bad times” has been developed with an aim to help all those who want to know the art of prospering during bad times. It lists the many different ways to make money during recession and stagflation.

Find out more about the following aspects in this app:

How to Successfully navigate your business through an economi downturn
Understanding the mortgage meltdown
Invest in yourself-Your career, future income stream, education and training
Economic recession strategy- How to keep your business alive and surviving during economic recession
How to recession proof your job”Top ten job secrets for career success
How to recession proof your business- Get bigger profits
Fool proof ways to soar through a recession
World recession now inevitable- Assume the crash position
Investing in a slow market

Here are best practices that will help you to successfully navigate your business through an economic downturn:

Goals:

The primary goal of any business owner is to survive the current economic downturn and to develop a leaner, more cost-effective and more efficient operation. The secondary goal is to grow the business even during this current economic downturn.

Objectives:

• Conserve cash.

• Protect assets.

• Reduce costs.

• Improve efficiencies.

• Grow customer base.

Required Action:

• Do not panic… History shows that economic downturns do not last forever. Remain calm and act in a rational manner as you refocus your attention on resizing your company to the current economic conditions.

• Focus on what YOU can control… Don’t let the media's rhetoric concerning recessions and economic slowdown deter you from achieving business success. It´s a trap! Why? Because the condition of the economy is beyond your control. Surviving economic downturns requires a focus on what you can control, i.e. your relevant business activities.

• Communicate, communicate, and communicate! Beware of the pitfall of trying to do too much on your own. It is a difficult task indeed to survive and to grow your business solely with your own efforts. Solicit ideas and seek the help of other people (your employees, suppliers, lenders, customers, and advisors). Communicate honestly and consistently. Effective two-way communication is the key.

• Negotiate, negotiate, and negotiate! The value of a strong negotiation skill set cannot be overstated. Negotiating better deals and contracts is an absolute must for realigning and resizing your company to the current economic conditions. The key to success is not only knowing how to develop a win-win approach in negotiations with all parties, but also keeping in mind the fact that you want a favorable outcome for yourself too. and much more ...

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