Recession Advice From 90's Small Businesses

Now I know I have done a lot of posting about how to make sure your company can make it thru the recession if you are a small business owner, but I feel like it is a topic that couldn't be covered enough.  Recessions are ended by small businesses rising up and making new markets, in my opinion.  Therefore if all of this business advice lead to someone having a successful business then I will be happy. 

Based on research from O2 the best focus for a small business aiming to survive would be rigorous business planning, with the ability to adapt, and a determination to be successful.  The people who give this advice are the same ones who made it thru the 90's recession alright and have been successful.  They boiled it down to 10 key points.

1) Getting the basics right - having a great business plan with an accurate set of financial forecasts allows small businesses to prepare in advance for effects of a downturn
2) Cut costs - you should definitely identify and have a lot of scrutiny when observing expenditures to limit you non-essential costs.  Cutting back on office space is also advisable as it reduces monthly overhead.
3) Careful cash management - Don't overextend your revenue past your expenses and keep your business sustainable.
4) Spend on Marketing - marketing is something that is essential to the future of your business so should never be skimped on
5) Determination - determination to do whatever it takes and stay in business
6) Hold onto existing customers - make sure to retain your customers even if it costs you in the short-term.
7) Diversify your product and customer base - try and develop a way to adapt or broaden the appeal of your product so that you might increase market share
8) Deliver excellent customer service - keeps customers loyal as they tighten their belts
9) Credit check customers - This may seem to go against #6 but it will help you to ensure that large amounts of money are not owed to you
10) Invest in Technology- pick the right technology to help you succeed. 

Using these techniques may help your business survive a recession, perhaps even thrive in it.