1. Don’t stop advertising. All too often, executives see cutting the advertising budget as the easy option because it can be enacted overnight. But this is the time to capture the hearts and minds of consumers. Robust businesses increase advertising in a recession. Try to concentrate your advertising to point of sale or directing your clients to your door
2. Be as upbeat as possible, both as a consumer and as a business person. The more we talk about a recession, the more likely it is to become reality. So try to behave as you would normally.
3. If you are in a consumer business, try to be as recession-proof as possible. I believe that if you offer a product of acceptable quality at a good price, consumers will buy it. They always want to save money, and in a recession, while you lose some discretionary custom, you will pick up business that cascades down from more expensive providers. More affluent people trade down because this is not a time to be wasteful, and businesses say:
4. If your business is a cyclical one, reduce volatility by taking as much hedge as possible (ie, making long-term contracts).
5. If you are a small but efficient business, look for the opportunity to leapfrog your larger competitor. The pressure on larger companies is greater because they have higher costs. You should see recession as an opportunity.
6. Save money by general good housekeeping. Persuade your staff that every time they spend company money, they should do so as if it were their own.
7. This is a good time to go back to your suppliers to negotiate a better deal
8. Think twice about launching a new business if it's at the luxury end of the market. This is not the time to try to persuade people to buy £1,000 suits or £100,000 cars. People are looking for bargains. Postpone your plans until the economy is booming again.
9. Whatever you do, don't cancel the Christmas party.
10.And remember most of us have been here before and will again