Issue link: http://psai.uberflip.com/i/1150295
W EEKLY EDITION JULY 31, 2019 Pr ep a r e N ow f or t he Up c om i n g R e c es s i on By Karleen Kos, PSAI Executive Directo r You don't want to add to the heartbreak of a fire or accident by finding out you didn't have the coverage you thought you had. With a possible recession on the horizon, now is a good time to do that and to shop around for quotes. Insurance coverage and prices tend to change yearly, so taking the time to compare multiple quotes from different providers when renewing insurance or purchasing a new policy can result in savings and better coverage when every dollar counts. 5 . M an ag e E m pl o ye e He a dc o u n t an d C o mm u n i c at io n . In the portable sanita tion industry, employees are either family members or like family. A cohesive team is crucial for any business, especially when you are operating in or trying to survive a downturn, and the stakes are higher when some of the people affected will be around at Thanksgiving dinner. Communicating clearly about the state of the company and of the portable sanitation industry can help your team prepare for a downturn. You are less likely to have good people jump ship or engage in unproductive carping if you are h onest and involve them in the solution. Here's another thing to think about: It's tempting to grow your headcount and give generous raises when times are good. If you do that, make sure adding people is based on a clear business strategy that takes a possi ble recession into account. No one wants to be in the position of having to lay people off, especially those close to you. It is painful and creates disruptions that hurt everyone. 6 . F o c u s o n C or e C o m p e te n c i e s . If you have been in business a while you have probably read an article or two on diversification as a strategy for small business success. Done in the right way and at the right time, diversification can help you meet customer needs and grow your company as the result. But remember, "diversification" is not the same thing as "more" or "different." Just adding more products or services is not diversification. True diversification means doing things that are outside your usual line of business. While it may make sense in good times to get creative with your business offerings, the opposite is often true when there's a downturn. Unless those creative solutions are making a good return on investment and don't pull you away from your main business, it's probably best to drop them if you can. In these times, focus on what you do best and is most profitable to recession - proof your business. 7 . D e ve l o p an d I mp l e me n t S tr ate gi e s t o W in th e C o m pe t i ti on 's C u s to m e rs . If your portable sanitation company is going to prosper in tough times, you need to continue to expan d your customer/client base - and that often means drawing in customers from the competition. How can you do this? By offering something more or something different than the competition does. Research your competition and see what you can offer to entice t heir customers into becoming your customers. Be careful though. CONTINUED ON PAGE 10 P AGE 9