A Double Dip denotes a recession in which the business declines after a quarter or two of growth and comes back to grow for a short span and then again goes into a declining state.
When a business suffers a double-dip recession, the pressure to perform better increases more than ever. New challenges arrive, and the stress level is increased for entrepreneurs as well as employees. Managing a considerable workload and developing effective strategies to survive through a double-dip recession is highly stressful for entrepreneurs facing this.
The employees related to the business-facing double-dip challenges are often overwhelmed and stressed. Even if the economy is heading down, many business owners/entrepreneurs work on strategies to keep their businesses thriving.
Double Dip Survival guide
During a period of a double-dip, many companies do not survive in the second phase of recession. So, here comes a time for entrepreneurs to make a double-dip survival plan. Entrepreneurs can adopt many policies, techniques, and strategies to survive through a double-dip period and lead their companies towards a growing period.
- Reassess pricing of products and services: It is not considered the best option to cut prices all at once. First, consider the adverse effects of cutting the price of your business products/services. Also, consider promotional offers such as a bonus product or service at the same price or placing business products on a limited sale to attract more customers and users of your business.
- Keep searching for more opportunities: During a recession period, entrepreneurs should keep looking out for other companies that are losing market share.
As the other company loses its market share for the same product or services, try gaining your market share by moving into new markets. Try to win the customers of another company. - Review products and what changes can be made to them: In a period of recession or during double-dip survival, your products and services must be reviewed, and specific modifications and upgrades can be made to attract more customers. For example, try introducing more flavors in processed eatables. Try marketing them in bundles at a reduced introductory price like promotions.
- Make agreements: Make agreements with other businesses/professionals. For example: Refer clients to each other and give commission as agreed upon by both parties.
- Refresh the packaging: Entrepreneurs can look at the old packaging of their products and see if they are still appealing or not compared to their competitors in the market. Customers often love to buy the same product with new attractive packaging. This repackaging is an excellent technique to promote the same product with a better packaging point of view.
- Raise the marketing: Try finding cheaper methods of marketing to reach your customers. Social media is an excellent option to reach your customers, get their feedback, and sort out the queries related to your products or services through social media sites.
Make accounts on social media websites and promote your rebranded products there as well. This rebranding and promotion might attract new customers, and existing customers may return to your product again.
- Entrepreneurs must pay attention to loans, as vast sales earnings might have paid back interest. Cut down the inventory if possible and return the loans as much as possible.
- Keep a check and balance on bookkeeping. Constantly take a look at your budget and bookkeeping efforts. Observe where you can cut back, where you are spending too much, and what changes can be made so that your company survives the recession.
Conclusion
A double-dip survival period is a hard time for entrepreneurs. Many businesses do not survive in the second recession phase if good practices and techniques are not adopted. Entrepreneurs must remain vigilant and cope with stress well throughout the recession periods.
Entrepreneurs should try different strategies to survive and thrive in their business again. Reviewing products and services, promotional offers, managing inventory, building good terms with retailers and wholesalers, and searching for more opportunities are crucial to double-dip survival for entrepreneurs.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
