Minimize Production Costs
In a recession, competition intensifies and both the market price and sales volume fall drastically. In such a business environment it's more critical for a company to lower its manufacturing costs than it is to lower its selling price in order to remain profitable. It's tempting to think that this is a difficult task, but this is the very moment you must resolve to make it happen by radically changing the way you do business.
You must question how everything was done in the past to find ways of reducing costs further and making drastic changes. You must review and revise the manufacturing methods that were taken for granted in the past; streamline the organization by merging job functions to increase efficiency; and reduce production costs.
By building resiliency in this way during a recession, you will be able see immediate profits when the economy improves. During a recession, if a company reduces its production costs and improves the organization to successfully post profits while selling at lower prices, then once the economy recovers, it will immediately have significant profits.