The Coronavirus Recession - How to protect your business - Make Sense
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The Coronavirus Recession – How to protect your business

The Coronavirus Recession – How to protect your business

The OECD’s (Organization for Economic Co-operation and Development) most recent analysis suggests that the UK will likely be the worst hit country in Europe from the Covid-19 Recession. This means that the UK is set to experience severe economic damage in the fallout of the Covid-19 Pandemic, with even worse prospects should a second wave of coronavirus hit. 

Safeguarding your business against the recession is vital and your best tactic is planning ahead. Not implementing a recession strategy could prove fatal to your business. (If you fail to plan, you plan to fail!) 

These essential strategies will help your business face the current economic uncertainty: 

Create development and adjacency strategies – You need to innovate new ideas and products whilst also remaining cautious and aware that a recession is not the best time to start exploring completely new avenues of profit. Build upon products you already offer and develop products adjacent to these 

1) Focus on existing customers  During a recession, many people experience a decreased income and are therefore less likely to try out new products. You can combat this by targeting existing customers with new offers and opportunities. This will also ensure that you are not losing customers as a result of the recession. 

2) Outsource  Outsourcing key elements of your business, eg. accounts, can save you time, money and financial anxiety. At Makes Sense Accounts we can offer you cutting edge, proactive accounting as well as payroll and tax planning.   

3) Tighten up on your corporate governance – Companies seeing a decrease in performance are more likely to survive if they have good corporate governance.  

4) Make and keep powerful alliances – Alliances offer great ways to expand your business during a recession. Forming good relationships with other companies also means that you can help each other if/when necessary.   

5) Don’t sacrifice your marketing budget – Marketing becomes even more essential during a recession like the Covid-19 Pandemic. Many people are isolating at home with more free time on their hands. This gives businesses various marketing opportunities including social media, TV and digital marketing. 

Although the future looks uncertain because of the coronavirus pandemic, there are many steps you can take to ensure that your business can pull through.  

For expert advice, services and information ‘You Know It Makes Sense’ to call the experts. 

#accounting #accountants #accountancy #makessense #youknowitmakessens#limitedcompany #businessadvice #coronavirus 

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