Since the beginning of Covid 19, most businesses have entered a period of unwanted recession. How to deal with this recession is one of the most important challenges for businesses.

In this article, while offering effective suggestions to deal with this recession, an attempt has been made to examine how to increase revenue in this period.

Any economic activity is done in the context of time, sometimes during boom and sometimes during recession; this is the nature of economics. The important thing is to be able to have the best performance at all times.

There are several crucial ways for businesses to work and earn money during a recession:

1. In times of recession, your company’s strategy should be “survival” first of all and not “maximum profit”; until you accept this fact, you will not be able to have a good time during the recession. So in the first step, redefine your strategy realistically.

2. Review the company’s costs again with great obsession and see which costs can be cut or reduced; Cost management is far more valuable than revenue growth; Take decisive action in this regard.

3. Business customers in times of recession usually do not stop their shopping but limit it. So selling becomes harder than before.

In such a situation, you should try to adapt yourself to the limitations of customers and maintain their loyalty by providing more services to them, otherwise they will go to competitors. Things like these can help you retain loyal customers:

• Offer reasonable and even long-term discounts (instead of reducing prices)
• Leasing
• Sale with a prize
• Proposing gifts (such as buying equal to n $ = receiving a package of x goods)

4. Diversify your product portfolio and include cheaper goods and services. For example, if you own a supermarket, bring cheaper pasta, or if you are a language teacher who teaches privately, from now on take classes for 5 people so that the expenses will be shared among your students, or if you are a consultant, you can include limited 20-minute, low-cost counseling sessions besides the usual one-hour counseling sessions. For example, the client give you the problem on a typed page before the session so that you have more opportunity for counseling in limited time. This is just an example, and the rules and requirements for counseling may be different.

Obviously, the meaning of cheap and expensive is different in every business. If you are a seller of luxury watches, you may be able to keep some of the previous customers by bringing watches worth 500 $ along with the existing watches of 2000-1000 $, but in a sandwich by including cheap falafel next to burgers, you can keep your customers.

5. During the recession, people pay more attention to prices and compare it with their bank card balance than to the appearance and stylish packaging. So if you are a manufacturer – especially in general items – try to reduce the cost by reducing the cost of packaging.

6. Never fall into the trap of reducing prices by reducing quality. This decision will destroy your brand, and even if you can survive the recession, you will no longer be trusted.

7. Ask your company staff to share with you if they have creative suggestions to improve the situation and reduce costs. For practical suggestions, consider appropriate rewards.

8. During a recession, your staff’s spirit may drop. As a compassionate leader, you need to be with your staff and have real empathy – not just demonstration. Human treatment of staff as members of a family can keep them together with you and with each other.

In some places, it is necessary to tell them some of the problems so that they do not get the misunderstanding that you are confiscating the results of their work unfairly for yourself, but the problems should not be raised in such a way as to frighten and disappoint them in the future.

Indeed, if, as in the past, you cannot reward each of your employees with a few dollar per month, but you can spend a Friday with them and go to the mountains together or visit a cinema.

9. Review how you can use cyber media to develop your sales; This is a very important and vital point.

10. For many managers, the first thing they will do in the recession time is cutting or reducing advertising and marketing budgets.

McGill University research on 600 companies working in different fields showed that companies that improved their advertising and marketing budget during the recession were more than 255 percent more successful in sales than companies that cut or reduced this part of their budget. The dominance of these companies has significantly continued after recession period.

Effective advertising and marketing can help confusing customers during a recession; especially since many competitors have mistakenly cut or reduce their advertising and marketing budgets, you can be seen better and easier.

11. Strengthen relationship with customers by using a well proven CRM software. By acting well in choosing CRM software, you can increase your sales significantly.

12. If in a normal situation, your sales in a city meet the needs of your company, check if you can expand the geographical range of your product’s supply during the recession.

13. Numerous studies show that during a recession, family solidarity increases (for example, the father buys one of the family necessities instead of buying new shoes for himself, or instead of going to a restaurant four times alone, he goes to a restaurant with his family once or mother prefers to replace their broken refrigerator instead of buying gold). So focus on family values instead of individualism in your advertising.

14. Support your distribution network more than before to be more motivated to distribute your product. They are your front line forces.

15. During a recession, many competitors lose their efficient workforce, so if you can attract them, you have made a long-term investment in your company. So be aware of competitors’ dismissals and, of course, keep your key forces.

16. Update the knowledge related to your business. Also, learn about marketing, branding, advertising, etc. You will definitely find attractive ideas for the success of your business and you will be ahead of the competitors.

17. Finally, use your failure (if any) and your competitor’s failure to grow stronger.

HotWifi Strategy during Covid 19 pandemic:

Due to Covid 19, most businesses have faced with deep recession. The Covid 19 pandemic has been life-threatening, and even worse, unfortunately the ever-booming economy has been suffering dramatically in the first glance. However, our team in HotWifi and I as the Chief Executing Officer have the opinion that by arranging above mentioned strategies we can not only deal with this recession but also increase our revenue in this period. This can be achieved specially by updating our application software in compliance with WHO guidelines.