What Recession Concessions Are You Making?

What’s the first thing business owners do in a recession? Make cuts. By cutting staff, training, and marketing, managers intend to lower costs and ride out the recession. I challenge you to invest more in the aforementioned services so you can position your company to be stronger once the recession ends.

By taking the time to learn and improve your company’s capabilities you will help boost your value over competitors in a market so focused on making cuts. I’m not saying to start spending all your money and time on marketing and training, but to use the extra time you have (due to slow business) to make your organization better!

A few cheap tricks include taking a little time out of each day to read an article or two. Blogs are free to read and there are many experts out there willing to give advice. Maybe take the time to enhance your product or service and re-evaluate its effectiveness in current market conditions. Who knows what a little introspection can do for you.

I’ve heard from countless business owners that say they’ve cut their marketing budgets and are focusing 100% on referrals and repeat business. That’s great, but what happens when the well runs dry? When the new business stops coming in how do you survive?

Although cuts are necessary for many companies’ financial well-being, you don’t need to cut down on marketing activities, maybe just marketing spending. Find unpaid alternatives or investigate marketing solutions that could work better than what you’re currently doing. You’ll find that this recession can be a blessing in disquise by helping your company come out on top!