Always have a What If plan

The video discusses a business's experience during a recession. Initially, the business was thriving, but the recession led to a significant drop in sales. The company faced challenges with stock management and banking issues. However, by anticipating the recession and creating a contingency plan, they were able to respond quickly. They engaged with staff to avoid redundancies and maintained strong customer care, which helped retain customers despite reduced sales.

What was the main challenge faced by the business when the recession hit?

• An increase in bank loans

• An influx of stock with no buyers

• A sudden increase in customer demand

• A decrease in production costs

How did the speaker become aware of the impending recession?

• Through government announcements

• By reading financial reports

• Through conversations with various people

• By analyzing stock market trends

What proactive measure did the business take at the start of 2008?

• They wrote a disaster plan for the recession

• They increased their marketing budget

• They expanded their product line

• They hired more staff

What option was given to employees to avoid redundancies?

• An extended holiday period

• A reduction in working hours

• A temporary salary increase

• Forgoing pension contributions temporarily

What was a key factor in retaining customers during the recession?

• Launching new products

• Offering free delivery

• Emphasizing customer care

• Lowering product prices