We are now in the midst of a global recession, and this is undoubtedly unwelcome news for anyone trying to run a business in the high street. But while life has become more difficult for all of us, there is no reason to expect complete disaster.

Looking back at past recessions it’s easy to get scared by the number of people who lost their jobs and the number of businesses that closed down. Looking past the shocking statistics, it is important to remember that over 90% of the workforce remained in work, and most businesses remained open.

Of course, customers are going to think twice before they part with their cash, but they will continue to live a fairly recognisable lifestyle – going out less, but still going out; shopping more frugally, but still shopping.

So, here are six tips for restaurants, bars, and other high street businesses to take on the recession and come out the other side a winner:

1. Sell what people want – watch what people are buying, it will change. This is the most reliable indicator of what customers want so work harder at promoting these items.

2. Collect customer feedback. Use either formal or informal ways (from surveys to chatting to customers) to discover how your customers are dealing with the downturn in the economy and how your business could help them. Ask them how they are adjusting and what kinds of offers they would like to see.

3. Watch your competition – what’s working for them and can you copy it?

4. Cut unnecessary costs – is there anything your business is still spending money on that you don’t need any more? If you do still need them are there better value alternatives available? Speak to your suppliers and ask them how they can help you with pricing or payment terms.

5. Focus on service – make sure your employees understand the value of outstanding customer service at a time when customers are a precious commodity.

6. Remember your advertising and marketing – while your competitors are cutting back on advertising this is your chance to stand out from the crowd. According to a leading national newspaper: “In every recession of the past 90 years, independent studies show that the businesses who increase their marketing efforts are the ones who survive the tough times and thrive afterwards.”

By: Burak Alpar

About the Author: