How have you managed your business or team through a recession?

Have you navigated the waters of a recession (or pandemic) and survived to tell the tale?

As we contemplate potentially cloudy economic tides ahead, we want to know...

  • What strategies have you employed to keep your business afloat?
  • What questions do you have for  on how you can plan ahead?
  • Do you have any other experiences or questions to add?

Please share below with the community and join in the conversation on Thursday, September 28th at 2PM EST

  • Just more grinding and going after more small deals that get quicker approval.

  • We really had to operate as lean as possible to adapt to a tough economic time.  While staffing was unfortunately decreased during that time, we found tech solutions that helped us manage our clients' requests and our own internal workflows.  

  • I am a staff of one so doing unrelated jobs has kept me afloat

  • Interesting that you ask because I'd actually like to add my experience with Lenovo, as it seems that its solution involved cutting any shred of effective post-purchase product support over the last several years has yet to reimplement it despite the ample time to do so, including, (as just one example), its complete refusal to take any responsibility of provide assistance to purchasers of its Lenovo Smart Home Displays after releasing an OTA update that rendered the devices incapable of powering on. While temporary fluctuations in a business' responsibilities as a result of unforeseen circumstances wholly understandable, this "understanding" does not extend to active refusals to fulfill its obligations in perpetuity. If an enterprise is or becomes unwilling or incapable of fulfilling these obligations, then it has no business selling its products to consumers in the first place; by continuing to do so, regardless, it not only invites long-lasting reputational damage in the eyes of consumers, but also legal liability for violating state and federal laws and regulations that government agencies like the Federal Trade Commission and States Attorneys General are thankfully experts at prosecuting.

    I realize that John is likely not going to be in a position to comment on Lenovo's behalf and also have a strong hunch that no one from Lenovo authorized to address or have an opinion on the matter would bother to engage in such a discussion, but the importance of sharing information involving a business' questionable choices and behavior, when a businesses does not or cannot live up to its commitments during tough economic times--especially when its competitive peers can--it's worthwhile for the owners of those businesses to consider if they would be better off (and more importantly, whether their consumers would be better off) pursuing a different business venture that's better suited for its capacity to meet its obligations. 

  • During the "Great Recession" I lowered my prices to ensure a steady flow of traffic through my store. I also put giant sale signs throughout my store, even on items that were regular price, to give the impression that I was offering a better value. When the economy is struggling people are going to naturally look for ways to cut back, and the best way to draw them to you is to become the business that is helping them save money.  You may have to sacrifice your profit margins, but you will weather the storm because you will still have income coming in.

  • Hi  

    I'm sorry to hear of your grievance towards the lack of post-purchase product support you have encountered within the sample experience of Lenovo Home Smart Displays. 

    Unfortunately, this community and my role in it are relationship and thought-inspiration based. I can not support you or resolve anything specifically myself. However, if there is someone on my team I could connect you with, please let me know - for example, our smart team? 

    I'm sorry to hear you think a way we have cut costs to survive in a recessive economic climate have been a lack of support throughout your journey. If you have any additional thoughts, I'd be happy to hear them via messages or email (bknittel@lenovo.com). 

    Thank you, 

    Beth

  • All staff was in quarantine and working from home but because we're in the hardware business, our sales were good those days as we got to sell WFH setup equipment a lot.

  • Focused and effective remote work arrangements

  • In those cases, you have to set clear performance expectations and go for them, in addition to focusing on the value you offer.