The SCORE office in California’s Greater San Francisco Bay Area has offered up some recession-beating tips for entrepreneurs:
California SCORE’s five recession pitfalls to avoid are:
- Cutting expenses too slowly. When it comes to expenses, do not cut a little at a time. Decide whether your company needs to cut expenses by 5, 10 or even 20 percent. Do it early this year.
- Maintaining the same product and service mix. You can bet your clients needs have changed. Call them and ask what they need. Then, re-design your product or service mix around those needs.
- Reducing marketing instead of focusing on it. Differentiate your company with strong marketing that will drive leads and sales to your business. If your company stands tall, strong and visible, then it, in turn, has stature and status.
- Lacking systems to free up your time. In other words, get more efficient. Use a handheld organizer to keep track of phone numbers, dates, appointments, meetings. Set a weekly time to handle routine tasks.
- Keeping everything to yourself. Get your team involved. Together, you will make it through.
SCORE provides free expertise in finance, accounting, management, marketing, sales prospecting and strategic planning. Even though these particular ideas come from a California office, there are SCORE chapters all around the country.