{"id":58050,"date":"2022-10-14T13:14:02","date_gmt":"2022-10-14T19:14:02","guid":{"rendered":"https:\/\/www.vendavo.com\/?p=58050"},"modified":"2023-06-12T01:33:15","modified_gmt":"2023-06-12T07:33:15","slug":"9-tips-for-recession-proofing-your-business","status":"publish","type":"post","link":"https:\/\/www.vendavo.com\/all\/9-tips-for-recession-proofing-your-business\/","title":{"rendered":"9 Tips for Recession Proofing Your Business"},"content":{"rendered":"\n<p class=\"has-medium-font-size\">After years of uncertainty and volatility, most roads point to continued economic distress and even a potential recession. Recession-proof your business by transforming your mindset, culture, and behaviors.<\/p>\n\n\n\n<p>Supply chain issues, massive layoffs, budget freezes, global crises, persistent inflation \u2013 businesses have experienced a host of challenges lately. Unfortunately, most roads point to continued global economic duress and, according to many experts, a recession. The volatility doesn\u2019t have to mean all doom and gloom, however. It can also be an opportunity.<\/p>\n\n\n\n<p>Rather than making small, temporary survival adjustments, shift your focus to transformation and long-term success. There is no better time to take steps that evolve your organization into one of resilience and recovery.<\/p>\n\n\n\n<p>In an eBook featuring input from Vendavo experts and industry thought leaders, <a href=\"https:\/\/www.vendavo.com\/expert-tips-for-recession-proofing-your-business\/\"><em>Expert Tips for Recession Proofing Your Business<\/em><\/a>, we\u2019ve identified four broad categories to focus on for a business transformation that both mitigates risk and future-proofs your organization. If you\u2019re looking for practical tips that you can start implementing today, you\u2019ll definitely want to give it a read. In the meantime, here are some tips on transforming your organization\u2019s mindset, culture, and behaviors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Mindset_and_Culture_Recession-Proofing\"><\/span>Mindset and Culture Recession-Proofing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There\u2019s plenty of chaos in the world today and headlines share the concerning stories widely. While following world events is important, it\u2019s critical that you avoid quick reactions to news of the day and instead set and follow your own strategy with confidence. Your organizational mindset plays a key role in surviving economic distress. Experts recommend the following:<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Focus_on_the_fundamentals\"><\/span><strong>1. Focus on the fundamentals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Stephan-Liozu-BW-200.png\" alt=\"Stephan Liozu, Pricing Evangelist and Thought Leader - Recession Proofing Quote\" class=\"wp-image-58063\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Stephan-Liozu-BW-200.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Stephan-Liozu-BW-200-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Reinforce the core, innovate, and make the investments you never had time to make.&#8221;<\/p><cite>&#8211; Stephan Liozu, PH. D, Pricing Evangelist and Thought Leader<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Do_not_panic\"><\/span><strong>2. Do not panic<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Kevin-Mitchell-BW-1.png\" alt=\"Kevin Mitchell, President, Professional Pricing Society Recession Proofing Quote\" class=\"wp-image-58069\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Kevin-Mitchell-BW-1.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Kevin-Mitchell-BW-1-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Do not start a price war; try not to participate in someone else\u2019s price war. If possible, provide more value for your customers versus automatically dropping your prices.&#8221;<\/p><cite>&#8211; Kevin Mitchell, President, Professional Pricing Society<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Think_long-term\"><\/span><strong>3.<\/strong> <strong><strong>Think long-term<\/strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Aneesa-Needel-BW.png\" alt=\"Aneesa Needel, Senior Product Marketing Manager at Vendavo Recession Proofing Quote\" class=\"wp-image-58074\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Aneesa-Needel-BW.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Aneesa-Needel-BW-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Focus on managing your long-term strategies with a balance of a few purposeful short-term directives to get past the coming 6-12 months.&#8221;<\/p><cite>&#8211; Aneesa Needel, SENIOR Product Marketing Manager, Vendavo<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Diversity_diversity_diversity\"><\/span><strong>4. Diversity, diversity, diversity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Kalle-Aerikkala.png\" alt=\"Kalle Aerikkala, Business Consultant, Vendavo Recession Proofing Quote\" class=\"wp-image-58076\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Kalle-Aerikkala.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Kalle-Aerikkala-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Diversity in business protects from all the revenues being impacted at once. For example, new equipment and aftermarket; customer management information systems and pricing.&#8221;<\/p><cite>&#8211; Kalle Aerikkala, Business Consultant, Vendavo<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Behavior_Recession-Proofing\"><\/span>Behavior Recession-Proofing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While taking news headlines with a grain of salt can be considered a best practice, actively listening and learning from the behaviors of your key audiences and stakeholders is essential when preparing for a recession. Pay close attention to your employees, customers, competitors, and the wider market.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Gain_a_deeper_understanding_of_your_customers\"><\/span><strong>5. <strong>Gain a deeper understanding of your customers<\/strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Paul-Sansom-BW.png\" alt=\"Paul Sansom, Business Consultant, Vendavo Recession Proofing Quote\" class=\"wp-image-58078\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Paul-Sansom-BW.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Paul-Sansom-BW-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Understand the needs-based and psychological buying data for your products such as why do your customers purchase your products? How recession resistant are your customers?&#8221;<\/p><cite>-Paul Sansom, Business Consultant, Vendavo<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Listen_to_your_market\"><\/span><strong>6. <strong>Listen to your market<\/strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Mark-Stiving-BW.png\" alt=\"Mark Stiving, PH. D, Chief Pricing Educator, Impact Pricing LLC Recession Proofing Quote\" class=\"wp-image-58080\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Mark-Stiving-BW.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Mark-Stiving-BW-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Explore what buyers value and how they discover it. Price segmentation is often very profitable at this point.&#8221;<\/p><cite>\u2013 Mark Stiving, PH. D, Chief Pricing Educator, Impact Pricing LLC<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Consider_your_products_perceived_value\"><\/span><strong>7. <strong>Consider your products\u2019 perceived value<\/strong> &nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/JT-Bowlin-BW.png\" alt=\"JT Bowlin, Consulting Director Pricing Solutions, EMEA, Vendavo Recession Proofing Quote\" class=\"wp-image-58082\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/JT-Bowlin-BW.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/JT-Bowlin-BW-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Stay close to any changes in your product\u2019s perceived value and associated market dynamics and reflect that in your pricing.&#8221;<\/p><cite>\u2013 JT Bowlin, Consulting Director Pricing Solutions, EMEA, Vendavo<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Use_the_soothing_aftermarket_tonic\"><\/span><strong>8. Use the soothing aftermarket tonic<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Robert-Irwin.png\" alt=\"Robert Irwin, SVP Global Business Consulting, Vendavo \" class=\"wp-image-58084\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Robert-Irwin.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Robert-Irwin-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Clear evidence from the last downturn shows that while investment in capital equipment will be delayed, your <a href=\"https:\/\/www.vendavo.com\/industries\/aftermarket\/\">aftermarket business<\/a> presents a great opportunity to replace lost sales and maintain key customer relationships.&#8221;<\/p><cite>\u2013 Robert Irwin, SVP Global Business Consulting, Vendavo<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_Rationalize_your_customer_book_of_business\"><\/span><strong>9.<\/strong> <strong><strong>Rationalize your customer book of business<\/strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"200\" height=\"200\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Dan-Cakora-BW.png\" alt=\"Daniel Cakora, Business Consultant, Vendavo \" class=\"wp-image-58086\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Dan-Cakora-BW.png 200w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/10\/Dan-Cakora-BW-150x150.png 150w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><\/figure><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Gain visibility to actual pocket margin to understand who makes you money and who is a drain on your company. Find a way to serve marginal customers profitably or reconsider the relationship.&#8221;<\/p><cite>\u2013 Daniel Cakora, Business Consultant, Vendavo<\/cite><\/blockquote>\n<\/div>\n<\/div>\n\n\n\n<p>No one can predict the future entirely, but the days of easy growth are behind us for now. Savvy organizations who look at this as an opportunity to focus on long-term sustainability and profitability may not experience completely smooth sailing, but they are more likely to weather the storm.<\/p>\n\n\n\n<p>For more on surviving disruption, download the full eBook, <a href=\"https:\/\/www.vendavo.com\/expert-tips-for-recession-proofing-your-business\/\">Expert Tips for Recession Proofing Your Business<\/a> or check out the full suite of our most recent <a href=\"https:\/\/www.vendavo.com\/resources\/\">Vendavo resources<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"592\" src=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/08\/Cover_section1@3x-1024x592.png\" alt=\"Recession Tips Cover and Preview\" class=\"wp-image-56111\" srcset=\"https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/08\/Cover_section1@3x-1024x592.png 1024w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/08\/Cover_section1@3x-300x173.png 300w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/08\/Cover_section1@3x-768x444.png 768w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/08\/Cover_section1@3x-1536x888.png 1536w, https:\/\/www.vendavo.com\/wp-content\/uploads\/2022\/08\/Cover_section1@3x-2048x1184.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Prepare your organization for a recession by transforming your mindset, culture, and behaviors. Consider these tips.<\/p>\n","protected":false},"author":24,"featured_media":58072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[496],"tags":[1512],"class_list":["post-58050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","tag-ceo"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>9 Tips for Recession Proofing Your Business<\/title>\n<meta name=\"description\" content=\"Is your business recession proof? 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