In a recession, businesses need to get streamlined. Restructuring is a good approach to surviving tough times.
Usually when the economy takes a turn for the worse, many businesses are forced to slash prices and push advertisements and flyers that say all stock is on sale and they’re closing out. What if a business could be restructured in such a way that tough economic times don’t bother them as much, and they may even able to ride out a recession?
This doesn’t necessarily mean restructuring legally, but instead, restructuring by being innovative and going with the flow. Instead of giving in to a recession, fight back by polling employees for their ideas to keep the doors open. Being innovative means using all avenues open to you, and that includes technology, employees and finding others with lots of experience with riding out rough spots to share their hard fought wisdom with you. It may also ultimately mean restructuring the company with the help of an Atlanta business law firm, but that is a detail you can attend to later.
What kinds of ideas would you need? Ideally, you want the drive and the will to make it through the rocky spots, and that means employees with ideas and innovations that are simpler, faster, shorter and more cost effective than what you presently have. Just because a business does things one way “because they always have done it that way,” doesn’t mean that way can’t be changed and stripped down to work better.
Certainly, it’s not just ideas that will allow a business to survive a recession, it’s also expansion. While that may seem surprising and counterintuitive, think about it for a minute. Take advantage of what is currently selling and improve upon it and expand it.
For instance: let’s say you have a dog training business that does basic obedience work. It’s popular, but you need a boost. You expand your services to include grooming, homemade dog biscuits, nail clipping, ear cleaning and pet sitting. You get the idea. Add services to what people already buy – a spinoff effect, if you will – and watch the revenue come in.
Above all else, be flexible with what you offer in terms of services and products. Partner with other businesses to offer customers an even greater level of service and spread the coin around. If you structure your business so that all your eggs are not in one basket, but each portion of your overall business can stand alone on its own, you have the recipe for success during a recession. It’s certainly worth trying.
Robert Webb is an Atlanta personal injury lawyer with Webb & D’Orazio, a law firm specializing in Atlanta personal injury, malpractice, criminal defense, and business law. Learn more at Webbdorazio.com.