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Thursday, October 6, 2022

3 Critical Mistakes That Could Cost You Your Business During a Recession

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Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Opinions expressed by londonbusinessblog.com contributors are their own.

Have you heard the expression, “Those who cannot remember the past are doomed to repeat itSo many entrepreneurs just instinctively respond to the uncertain economic situation they face without taking the time to learn from history. Fortunately, we have clear guidelines from the past about the kinds of mistakes business leaders make in a recession, as well as from research (including my own) about how our minds can lead us to make bad decisions.

1. Not competing on price?

Michael Porter, de great theorist of business strategy, identified two key ways companies can gain a competitive advantage — or rather, a competitive advantage — that drives their success and makes them more attractive than their competitors.

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