There’s much talk these days about a recession and what that could mean for our own businesses. Recessions can be tough for some and yet others thrive. What’s the secret? Is there one?

In my research I’ve identified strategies that can help businesses not only survive, but thrive during economic downturns.

What I found can be summed up in three main areas:

This is the seventh in the discussion of the eight growth drivers that generate value.

There are many ways to create loyal customers such as providing a valuable product/service and excellent customer service.

There’s another way that you can extend this value that will increase your customer loyalty - creating a model or offering, that solves your customer’s need so they buy what you have consistently.

Recurring revenue makes your company more predictable, extends the lifetime value of your customer, and ultimately makes your business more valuable. Valuable to you now and in the future.

I wrote a couple of weeks ago about how cash moving through your business is its lifeforce. It allows you to fulfill your mission, strengthen the business so it, your employees, and customers thrive.

Creating a recurring revenue stream is another way to bring cash flow into your business to create these automatic sales.

While there are many ways to do this, I’ll share how a simple service contract could be the place to start for many…