How to survive a recessions
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25th Jun 2012
How to survive a recession!
Having been a business owner for more years than I care to admit, I am always interested in listening to other business owners. All the more, when they are a well known, successful business. Having survived and grown my business in the recession of 1991 it is good to hear about how other business owners are dealing with the current recession.
So I was really enjoyed listening to Adam Baton of Innocent (the smoothie people) speak at a recent Barclays seminar about their years in business and how it all changed in 2008.
This is a summary of why they were affected, what they did and what they learnt.
1 For the first 5 years all went well, with steady year on year growth and that was the plan for 2008! However ;
a. Due to the recession smoothies were considered a luxury
b. Tropicana introduced a smoothie.
c. Sterling collapsed and Innocent imported a lot of fruit
d. Crops were also struggling
2 The choice was to retrench or seek investment.
a. They realised that to retrench did not feel good – they were off mission – 300 people relied on them for jobs.
b. They chose to invest which was also tough in the light of the Lehman Brothers collapse – but they succeeded and Coke Cola came onboard.
3 As a result of what they went through and learnt, they now have a really strong business but as importantly they consider themselves much better business people.
4 In summation, Adam gave t four great pieces of advice.
- Have a mission which states - purpose, vision and values
- Be transparent (particularly with your team)
- Start small when you try something new
- Open up, listen to consumers and innovate
I would also recommend their book as a really good read – not just a business book but a great story.
Let us know about things your have implemented changed to add to the success of your business and what have you learnt from doing so.
If you want help to build your business in these difficult times, why not start by taking an objective look at your business. You don’t always have to learn the hard way. Come along to one of our Business Review Workshops and mix with similar minded business people. For more information follow this link. http://www.businessfitclub.co.uk/book+online/