Everywhere you turn, words like “recession” and “economic downturn” are being used to describe our economy. While there is no doubt the economy is facing some challenges, now is not the time for owners of growing businesses to develop a recession mind-set, asserts John Assaraf, CEO of OneCoach and author of The Answer. He offers these five surefire ways to recession-proof your business and attract new customers while everyone else is expecting the worse.

1. Start spending. It may sound counterintuitive, but hard times call for you to increase some of your cash outflow. For example, if marketing is the lifeblood of your business development plan, you should consider adding staff to your marketing team or investing in a technology that could make your marketing process more efficient. Moreover, you could boost morale and positive energy within your marketing team by creating incentives for sales lead generation. Obviously, this does not mean you should increase spending haphazardly. Rather, make spending decisions with your customers in mind. For example, if you run a day care center, consider going from two sitters to three because your competitors are likely trimming their staff, and you could gain customers who don’t want to compromise the child-to-staff ratio.

2. Make friends. A friendly phone call or two to your vendors, creditors, and top clients is critical at time like these. Building rapport now with your suppliers can be crucial if your own clients are slow to pay. If you have built a solid working relationship with vendors, in some cases you could ask them to lengthen your payment cycles or renegotiate rates. Also, keep the phone lines open to your top clients, and be sure to have a client appreciation plan in place, which could secure the business relationship for the long term.

3. Focus your vision. This is the perfect time to take a close look at your products and services to see which are worth keeping and which you need to forgo. Tally the cost of making each of your products, and then compare it to the cost of serving each set of customers. That way you will know which product line to eliminate and which customers you’d be better off not serving.

4. Diversify vendors. When the economy is fickle, it’s important to diversify your vendors and avoid having more than 20 percent of your business dependent on any one supplier. If they go under, you don’t want to be dragged down with them. One way to diversify into slightly different markets is to consider products that are closely related to what you do best. Such minor diversifications can be less risky than sitting back and hoping to hang on to the past.

5. Market smarter. The first step in formulating an appropriate integrated marketing communication strategy during these times is to acknowledge that consumer behavior will change, and learn how those changes will impact your business. Understand that most people will have economic anxiety; even people who are doing OK themselves will act more penny-wise and tighten their belts. So as you market your products or services, you should expect cost to be a bigger part of every consumer decision. Take a look at your ideal client profile, and reassess their decision-making process to ensure your business prospers.

The bright side of dark times like these is that some of your rivals will collapse, giving you a chance to gain market share, enter a new niche, or simply find some bargain investments. Most important, as a business owner, you should avoid adopting the “victim” mentality and capitalize on this opportunity to grow your business.

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