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The international financial crisis has been one of the worst the world has ever seen, one of such a size that no one has really known the best way to deal with it. In places such as Egypt, this has led to political turmoil as wrangling over how to tackle the problem has grown.

However, there are some things that you definitely should avoid if you want your business to survive, recession or no recession.

Don’t be inflexible

Recession calls for exploring new avenues to make money. ‘This is the way we’ve always done it’ is all very well and good, but inflexibility can harm your business. Maybe you’ve always catered for a certain clientele? Well, there’s nothing to stop you offering something for a different clientele too. Just remember not to neglect your core customers. These loyal followers of your brand are hard to regain if you lose them.

Don’t shut yourself off

Don’t sit in the office, waiting for the phone to ring. Call previous clients to remind them that you’re still operating in the industry and that they can call you if they need anything. Call previous business prospects and see if there business needs have changed at all since you last contacted them.

Meanwhile, your employees will be feeling the pressure too. Don’t become too highly strung to listen to them. They can provide you with feedback so that, if you feel appropriate, you can make changes to your plan of action.

Don’t offer lousy service

With businesses toiling, this is a major opportunity to gain the upper hand over your competitors. Don’t stand out by riling your clients, but instead by offering them tremendous service. In today’s digital age, all it takes is bad manners or incompetent service and people make a beeline for Twitter or Facebook to rant about their experience. On the other hand, provide some excellent service and they’ll be singing your praises on those same social media sites.

Don’t undercut yourself

In hard times, it can be tempting to undercut your competitors. There’s nothing wrong with giving your clients a good deal, but make sure you’re not putting yourself out of pocket and, ultimately, on the road to going out of business. Remember to monitor your business bank account all the while. Keeping track of incomings and outgoings can reveal unnecessary expenditures — money which you’d no doubt prefer to be sitting in your business bank account.

Don’t default

Defaulting on any kind of payment is never good. If the bank hears you’ve been defaulting on payments, it will be reluctant to grant you any credit. That’s not good for a business… not good at all.

Setting up a business takes a lot of work. Keeping it up and running takes even more, especially when recession strikes. That doesn’t mean changes in currency value, payment defaults, etc. will destroy your business. You must remain open minded and apply good business sense. You can do that. They’re what helped make your business such a success in the first place.

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