Coping in difficult times ...
I've survived a couple of recessions. These ideas might appear to be obvious but they're
worth while remembering.
1. Review all of your controls and procedures so that you know exactly how your finances are faring. Avoid any financial uncertainty or unpleasant surprises. Keep a tight grip on what money you have and the revenue you’re earning.
2. Keep a close eye on your business expenses. Reduce costs where appropriate. Spend wisely and meanly. Remember the old proverb about looking after the pennies and they will look after the pounds!
3. Increase your marketing budget. Marketing is an investment, not an expense. Marketing generates sales and that’s what keeps us going. You have to make sure that prospects come to you, not your competitors.
4. Make sure you know what parts of your marketing are working for you. If you think something isn’t working then drop it. Use the money saved on the things that do work and try out new tactics.
5. Offer better added value features to your existing products and services. Encourage customer loyalty so that your customers think of you before they choose your competitors. Don’t follow the bigger discount route until you’ve fully thought out the consequences. Both to your current bottom line and to your future pricing strategies when conditions improve (and they will).
6. Provide even better customer service. Don’t skimp on this. Keeping your existing customers is critical and people will stay with someone who goes the extra mile and who proves they can be relied on. Customers are under stress as well. Help them and put their minds at rest whenever you can.
7. Be creative in your thinking. Put time aside each day to think about new ways to increase revenue and reduce costs. It’s too easy to adopt a “laager” attitude and duck behind the barricades. Think about what the market wants and how to deliver results to your customers.
8. Increase the number of hours you put in each day. I know, it’s not easy and you’re working your socks off as it is, but if times are tough you need to be tougher.
9. Think twice about letting staff go. And then think twice again. You could end up with your best people going to your competition. You could also put those that are left under more strain when they’re already demotivated, and you’re looking for extra effort. Think about the downward spiral.
10. Keep smiling. Be positive . You will prosper where others fail. And you’ll be healthier, fitter and wiser at the end.