BUSINESS CORNER
I N D U S T RY N E W S
9 WAYS TO MAKE A S SMALL S O C I AT I OBUSINESS N INSIDER YOUR
RECESSION PROOF By Bobbi Jackson
SPOTLIGHT
INDEX
When consumer spending declines, small businesses are at greater risk than larger, better-established companies. Smaller businesses often simply don’t have the financial wherewithal to struggle successfully through extended economic crises. However, by taking measures to prepare in advance for difficult times ahead, you can help your commercial power sweeping business become more resistant to threats from recession. Follow the recommendations below for cost-cutting, marketing, customer retention, and other measures, to help make your business as recession-proof as possible.
To whatever respective levels you decide to
HOW TO BEGIN RECESSION-PROOFING A SMALL BUSINESS
raise prices and cut costs, expect more than one
Start your recession-proofing initiatives by first
approach to be necessary to successfully offset
assessing your market and the dollar value of your
predictable shrinkage of profit margins during
pavement sweeping service line and other service
extreme external economic circumstances across
channels, based on your sales success with your
the B2B environment.
customers. Factor this estimation into a strategy
Of course, such conditions already exist, currently
for prioritizing cost-cutting, existing customer
due to the COVID-19 pandemic triggering the
development, increasing efficiency, and price
global economic shutdown of the past several
raising (if necessary) in your combined multiple
months. But, you should still act to implement some
recession proofing measures.
or all of the nine measures discussed below, as continued on page 10
8 NO R TH AMERIC AN S WE E P E R JU NE 2020
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