• ReliableVA | Talent Hunter

Can Time Management be the Key to Recession-Proofing Your Business?



Time management is the act of effectively planning your time and the use of your resources, as a means to improve productivity, but how can this be the key to recession-proofing your business?


The answer is quite simple. In these times of economic uncertainty, most business owners feel a need to cut back on spending as a way of staying afloat. This may be a rational option, however cutting back on spending, depending on where the cutbacks lie, can actually decrease your chances of surviving a recession. Understanding your expenses is the most important part of planning out your recession strategy. Once you’re able to understand your expenses, you can then put strategies in place to either maintain or decrease your spending in those areas, but choose carefully as every decision can make or break your business. You have 2 options as I see it, increase your income or reduce your expenses.


Ideally, you begin this exercise by determining where cutting back will allow you to maintain your current clients, without compromising the possibility of gaining new ones. Pay special attention to your marketing budget. This is NOT where you want to cut back, ESPECIALLY if you have an effective marketing strategy that is bringing you a return on your marketing dollars. My advice in this area is to identify a strategy that will allow you to manage all of your other expenses enough, so you can continue your marketing strategy.

The first place most businesses look is in identifying ‘frills’ from ‘must have’s’. Unfortunately, sometimes this results in losing ‘human’ resources. If this is the case, you should determine which roles are most critical to running your business. A common assumption in this process is that many business owners, especially small business owners, believe that they can just do the work themselves for free. Rule # 1 of starting your business should be that YOU DO NOT work for FREE! If you doing the work takes away a moment of you growing your business, this is NOT a viable solution.  In this situation, you should seriously research and consider  Outsourcing some tasks, such as web maintenance and/or administrative work until the hard times pass. Outsourcing can provide an effective way of getting things done without the high overhead of maintaining a staff and/or commercial rents. However, knowing exactly what tasks your employees perform is fundamental to choosing the right company to outsource to.


Finally, this may be a perfect time to research new suppliers, if you have not entered any formal contracts. You may find a vendor that can provide you the same, or better, services than you are currently receiving and at a better price! Just remember, the most important rule is to not fix what’s not broken.


-ReliableVA

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