Many of us think that this is a time of doom and gloom, in an economic downfall it’s hard to see what opportunities arise to help a business survive. Those who can ride the storm can survive and thrive, and more importantly, build value for their business to carry them into the future.

A common temptation is to solve problems on a short term basis, losing sight of what is truly important. Keeping your head above the waters and looking out over the months ahead can help you take actions early to ensure the best chance of survival in choppy waters.

It can be hard to ignore the media, with constant messages of how unpredictable the economy is, how quickly times can change and how we’ve never seen such times like this before. Knowing what’s best for your own business can be overshadowed by a barrage of images predicting failure across the country.

It may be an old adage, but ‘the Customer comes first’ is true, focusing on retaining your existing customers is easier and more cost effective than trying to win a new one. Simple rewards for your loyal customers can be the difference between keeping them and losing them to competitors. Incentive programmes, loyalty schemes and regular communication lets your customer you value them.

However, it isn’t just the customer that needs to be valued, your team are an integral part of your business’s success, and a valued team can make or break a business. A content team will provide exceptional customer service, will work to exceed customer’s expectations at every step, will be friendly and informative and offer an efficient service.

Don’t underestimate the power of a happy team – you’d be surprised how much a customer can notice when an individual isn’t happy with their job. By simply praising their success, and taking action with those that don’t achieve will help them understand what the important things in your business are.

Another great tip, understand the importance of marketing your business, it can often be a false economy to turn your back on marketing in a shrinking market. You need to stand out from the crowd. Your marketing effort doesn’t necessarily need to cost a fortune, as long as your message has impact and gets you noticed, you’ll see a return in your efforts.

Streamlining your business doesn’t signify failure, simply considering subletting existing space or selling off unrequired assets and equipment can significantly help financially. Make sure you are focused on cash – keep on top of invoices and debtors, don’t order too much stock, and manage stock aggressively.

Realistically, there isn’t a magic wand that will get us through these times, but following these simple steps can help. For a more in-depth view of your business, seek external short-term help. You’d be surprised what an outsider might notice that you have overlooked, and solutions will be made quickly.

Overall, the key is to lead your business, by focusing on a vision for the future and taking action today, you will be giving your business the best chance of sailing back into calmer waters.