How to survive recession

Gaynor Kast, THE SHOPPER, head of communications for the National Ports  Authority. Pic. Kevin Sutherland. 13/11/2007
Gaynor Kast, THE SHOPPER, head of communications for the National Ports Authority. Pic. Kevin Sutherland. 13/11/2007

WHATEVERsmall businesses do to adjust to the current economic climate, they should never reduce the quality of products and services.

WHATEVERsmall businesses do to adjust to the current economic climate, they should never reduce the quality of products and services.

As the effects of the recession hit hard, small businesses are struggling to keep their businesses afloat.

Absa spokesperson Gaynor Kast, outlined some important measures businesses can put in place until the economy recovers:

l Do not cut down drastically on marketing and advertising. Studies have shown that businesses that maintain or increase advertising during tough times outsell rivals who cut back;

l Money is still spent, but for different reasons. A massage therapy business should focus on stress reduction instead of on pampering;

l Spend on things that you need rather than on those which are nice to have;

l Never sacrifice on the quality of your products and service.

l Settle your debts quickly and keep a good credit record;

l Don't reduce training budgets. This is the best time to get employees to broaden their skills;

l Get staff involved in policy choices on how to save costs.

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