By Prashant Gupta

Developing countries across the world are facing a difficult period due to the global economic slowdown caused by the pandemic and heightened financial turbulence. With annual growth rates projected to be lower than before the pandemic and well below the strong growth rates of the pre-financial crisis decade, businesses in countries like India must learn to adapt to a new economic environment. Here are five tips to help businesses in developing countries survive this economic recession and make the most of the opportunities it presents.

Analyze Your Cash Flow: Start by taking a hard look at your current cash flow. Analyze your cash reserves, income and expenses and make sure you know exactly how much money you have at any given time. This will help you determine how much you can realistically spend and which areas you can cut back on.

Prioritize Your Spending: When times are tough, it’s important to prioritize your spending. Make sure you focus on the most important and essential expenses first. This may mean that you need to reduce or eliminate spending in non-essential areas, like advertising, marketing and travel.

Reassess Your Business Model: The economic recession may be an opportunity to take a step back and reassess your business model. Ask yourself if there are any changes you can make to improve efficiency, reduce costs or increase profits.

Utilize Government Programs: The Indian government offers various programs to help businesses survive the recession. Research what programs you may be eligible for and apply for them.

Look for New Opportunities: Recessions often bring new opportunities. Try to identify areas where your startup can take advantage of the changing market. This may mean expanding into new markets, developing new products or services, or leveraging new technologies. Networking can be a powerful tool during a recession. Connect with other entrepreneurs and investors to share ideas, gain insights and find new opportunities.

(Author is Founder & CEO, Caerus3 Advisor, and Think-Tank)