Keys For Success: Is Your Business Recession Proof?
News sources are saying the recession is coming to an end, but last month showed a net loss of over 200,000 jobs in the US. Manufacturing and consumer confidence rose marginally, but don’t send out the invitations for your “The Recession is Over!” party just yet. Recovery, if it has begun, won’t be overnight.
Does that mean your business is doomed to fail, or at least flounder?
It doesn’t have to. Even during the Great Depression of the 1930’s, not every one went broke. Kellog’s and other companies that used good strategies came out of the Depression. Take some measures to protect your business:
- Do your research. Your success depends on understanding your customers – why they buy and how they choose.
- Break free from the limitations of traditional advertising. Of any kind of advertising, word of mouth carries the most impact on your customers, so make your reputation your number one priority. But also take advantage of viral videos and social networking.
- Don’t forget about joint ventures! You can go back and read my discussion of this in my blog yesterday and Thursday to stretch your advertising dollars and your efforts.
- With the recession, people are crossing out a lot of products on their list in order to be practical. Pique their interest with updated packaging and presentation, and make sure to put value issues at the forefront.
The companies that floundered during the Great Depression tended react with fear. They slashed their work force and their advertising budgets, until their business slowly ground to a halt. Instead of panicking, stay on top of the economic news, information in your industry, and, most of all, what your customers are saying. Whether or not the forecasted economic recovery is in the works, your business can survive if you’re savvy about recession strategies.