The looming recession was expected to set in sooner or later because of some historical indications here and there. But, it was ushered in rather too suddenly and much sooner than expected. It is not even the inverted yield curve indications or the historical pointers that came true. It is rather an outbreak of a virus that locked down business activities for months.

Now that the recession is already here, you should be thinking of how to survive it and even thrive. Here are positive steps that smart entrepreneurs are taking to mitigate the possible heavy impact from the pandemic recession;

1: Innovate Your Value Offering

Value is always a major ingredient to successful business ownership. Even in the recession, customers still keep their eyes on value and quality. They want to make sure the little dime they have left is spent on something worth the cost at each point in time.

And, since you know that customer is always the king, you should determine what extra value you want to add to your existing offer or new value based on what would please your customers, especially in times of recession.

2: See Recession as an Opportunity to Grow and not a Setback

While many entrepreneurs have their heads buried in their hands and are perplexed because of the hard times, you shouldn’t do the same. Instead, you should stay optimistic, search, and seize the opportunities inherent in recessions. Now, as many entrepreneurs are holding back, competition may not be as stiff, which is an opportunity for you to shine. The prices of assets are falling, including human assets since there are millions of people looking for jobs right now.

You can acquire assets at a cheaper price, hire the best talents at a reasonable price, and buy production materials at discounted rates. It’s indeed an opportunity to soar higher if you know how to make most of your limited resources in this season.

3: Bargain more Favorably with Suppliers

Buyers are not the only ones worrying about the recession, suppliers are also doing the same. So, it’s an opportunity to make a better bargain with your suppliers and stakeholders. Some of them are willing to offer far better deals to also stay in business. But, you need to make the move for better negotiation instead of waiting for them to initiate the offer.

4: Adopt Better and Cheaper Ways of Getting Things Done

Using technological tools increasingly will help you cut back costs so that you can stay afloat. Also, you should rethink keeping many full-time employees. Smart entrepreneurs are outsourcing more tasks instead so that they can break free from unnecessary full-time staffing expenses.

Finally, do not let fear get the hold of you in recession, instead, make giant strides of hope and faith.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams