bizsmarts news 
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RECESSION SHOCK. WHAT NEXT?
“Drastic times require drastic action. At –6.4% plan B is needed. And possibly plan C …”
– Warwick Smith-Chandler
It’s all over the news. South Africa is now in the throes of the recession – for real. But it’s not time to give in to fear, it’s time to take action.The GDP (Gross Domestic Product) figure stood at -6.4% after the first quarter. According to economists, two consecutive quarters of negative growth means that an economy is in a recession. For the first time since 1992, that’s exactly where we are.
Editor in chief, Warwick Smith Chandler puts forward a 12-step programme that will help business owners to ride out the storm.
Forget About Bailouts – Here’s what you can do for your business:
• Make outstanding service your secret weapon
• Obey the golden business rule: protect your credit
• If you can’t show your employees the money, make up for it with love
• Consult with staff about expenses that can be cut
• Keep abreast of the news in your industry and about your competitors
• Re-examine and leverage your debtors
• Manage your inventory
• Revisit your ‘value’ proposition as it is perceived by your customers
• Keep your online presence effective
• Keep your lines of communication with your professional advisors perfect
• Save cash by bartering services
• Avoid retrenchment by changing conditions of service
In tough times, there is little time to waste. Set up a task team for each of the twelve areas above, and assess what each area can do for your business. Existing old and bad business habits are not going to be features of ‘ship-shape’ businesses emerging from these troubled economic waters. By following the guidelines above, you can make sure yours is one of survivors. Wishing you every success,
Warwick Smith-Chandler [ Editor ]
Warwick Smith-Chandler has motivated and inspired entrepreneurs ever since he launched South Africa's first entrepreneurial magazine, ‘Your Own Business'. A pioneer in internet publishing, he launched Bizassist.co.za in 1998, which has become South Africa's most widely-read SME business portal.
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More Recession Busters:
 Off-Line Marketing for On-Line results by Will Dylan
Six Ways to Protect Your Business from Fraud by Charles Pittaway
Attracting Customers During a Recession - What’s Your Hook? By Jaqueline Martinez
Tips to Manage Your Business Wisely During the Recession By Nazeer Wadee (SAICA) |
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book review
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Bulletproof: How Not to Get Fired When the Credit Crunch Hits
In these uncertain times, the credit crunch is affecting everyone. With job losses on the rise and redundancy a looming threat, 'Bulletproof' is the ultimate how-to guide to protecting your job. Written by a leading industry professional with years of experience in the business field, 'Bulletproof' provides step-by-step practical advice about how to give yourself a competitive edge so that you can dodge the redundancy bullet. |
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| Issue 78 29 May 2009 |
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home business magazine
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Why your Home is a Potential Goldmine
Another way to generate an income or to simply cut operating expenses is to start a home-based business or to move your existing business home. With minimal overheads and tons of energy, tightening the belt doesn’t have to spell the end.
On Monday 6 July the all-new Home Business magazine will hit the shelves, offering fantastic advice on starting up a successful part or full time home-based business.
SUBSCRIBE TODAY, CLICK HERE!
Don’t let the recession get you down. Fight back by being smart and industrious. And lets not forget that some of SA’s biggest success stories came form humble, garage beginnings. After all, it was the sale of Mark Shuttleworth’s garage start-up that launched him into the record books – and not only as the first South African to travel into space.
These and other recession busting tools included in the SA Guide to Business Opportunities magazine, on sale now at CNA, PNA, Exclusive Books, Spar and Checkers. |
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upcoming events
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The Business of Restructuring
Indaba Hotel, Johannesburg
Date: 25/6/2009 - 25/6/2009
The Breakwater Lodge, Cape Town
Date: 29/6/2009 - 29/6/2009
If you could predict the future...you would not be tackling restructuring the way you have done in the past by, in essence, cutting expenses and reducing your wage bill. |
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