Business tips during recession.

great · 22-08-09

1) Cut costs cautiously. As soon as the economy starts slowing down, many business owners think they must cut costs. But this is a short-term solution. Only cut costs or decrease your prices if it won't harm your business later. You can always lower your price - but you can't always raise your price.
2) Think Sub- contractors - especially if health care costs are putting a strain on your budget. If you have employees, consider turning them into sub-contractors. There are very affordable, month-to-month video web conferencing services that allow you to still be in close daily contact.
3) Advertise, Advertise, & Advertise! During the last recession, McDonald's almost tripled their advertising campaign at a time when their competitors, namely Burger King, were cutting back. So even though this may seem counter-intuitive, a recession may be the time to increase your marketing. Hard economic times weeds out your competition, leaving the field wide open for you.
4) Plan Long term: The Japanese are famous for planning out their strategy 15 to 20 years in advance. They follow the way of the turtle to win the race. And it works! Remember, marketing is a marathon, not a sprint. Keep marketing every month, month in and month out, not stopping and starting on a whim.

1942 · 25-08-09

Thanks Great,

Some "great" information there.

beubag · 25-08-09

Another i add

Automate wherever you can. Find ways to automate any tasks to reduce the workload on yourself and your staff. What have you been doing manually that a computer system can do for you? Take a look at all your daily tasks and see if there is a computer solution to these time-wasters.

Jonicode · 15-09-09

Quote:

Originally Posted by beubag

Another i add

Automate wherever you can. Find ways to automate any tasks to reduce the workload on yourself and your staff. What have you been doing manually that a computer system can do for you? Take a look at all your daily tasks and see if there is a computer solution to these time-wasters.

In contrast, automate wherever, but not whenever. The last thing you want to happen is for your approach to be looking like blatant spamming. So keep automation to a safe extent.

leaves123 · 27-09-09

Not stopping and starting your marketing on a whim is certainly very important;
consistency spells success.

gutsy · 21-10-09

Excellent advice above. I'm actually finding that business is doing well during the recession, because more people are outsourcing.

lelah · 22-11-09

nice thread

anyway, marketing is a marathon, not a sprint.