Who better to give advice on how to survive and thrive in the recession, than one of Australia’s most successful business powerhouses, Gerry Harvey of Harvey Norman?

These are Gerry’s tips as reported in the March edition of “In the Black” magazine.

1.Constantly monitor business performance. Check the numbers in earnings, revenue, volumes, margins, customers, clients, appointments. Compare the latest numbers to the previous month and a year ago.

2. Reduce uncomfortably high debt quickly. Work hard to achieve this objective. Find efficiencies and cut costs. Too much debt makes it difficult to borrow later.

3. Plan ahead. Be flexible. A business must be able to adapt to changing economic circumstances quickly, whether good or bad.

4. Top customer service is paramount and generates return business. Satisfied customers generate free, word-of-mouth advertising.

5. Be confident. Do your own research and trust your judgment. You know your business best, its strengths and its weaknesses.
Be decisive. Make decisions. If the plan is not working, don’t hesitate to change it. Cut your losses.

6. Chase customer feedback. Constructive criticism can help improve your business.

7. Know your staff and their strengths and weaknesses. Set realistic targets. Put the right people in the right jobs and business will improve.

8. Educate staff. Keep staff fully trained in an ever-changing world. Encourage staff to specialise. It will pay dividends.