6 Practical Tips To Keep Your Business Above Water In A Downturn

Business Planning

There is nothing fancy to be done, rather a back to basics approach. Here are the top 6 things to do.

1. Deliver a quality product or service. Whether this is your personal labour or your company’s output, the message is the same – below average won’t cut it.

2. Deliver it from the point of view of the customer/purchaser. What do they want? What do they need? What are they willing to pay for?

3. Control your finances, especially your cash flow. Get your fixed costs as low as possible and make as many costs as possible variable. Collect your debtors quickly.

4. Get really clear on what you do, who you do it for, how you do it and what are your points of uniqueness. Then follow through.

5. Remember that you are in the business of marketing your product or service, not the product or service business.

6. Hire great people to make, sell and deliver. Pay more if you have to – they will pay you back immeasurably.  

David Solomon

Business Performance Strategist at

I help women entrepreneurs to build a Higher Purpose Business – a business that serves their values – one that works for them, not them working for it. My mission is to help women in business unlock their magnificence. The end game? To help women build businesses that are rewarding for the heart and for the purse - thereby to economically enable and empower women to help heal the world.

Comments (1)
Craig Garbler

Craig Garbler, Managing Director at Sterling Debt Advisory Pty Ltd

Sound advice. I can think of many things to add but this is great essential advice. I see many clients that have missed these fundamentals. Craig