The economy is in trouble. Which loosely translates as people are spending less.
We’re all feeling the pinch. That’s obvious. And though no official source will admit it, we’re now in the middle of the recession of 2008.
But there’s also good news.
The average recession in this country lasts 11 months. Which means in about another six months we should start seeing signs of improvement. (I wasn’t kidding when I called this “the middle.” There’s only another half a year to go).
The obvious question to small business owners is “How do we get through the next six months?”
Over the next week, I’ll be posting a series of steps you should take to keep your business healthy. On second thought, forget “should.” You need to implement each of the seven items on this list. They are:
1.Concentrate on business and customer service.
2.Cherish your existing customers.
3.Accelerate your advertising and PR.
4.Adjust your staffing.
5.Lower your profit margins.
6.Speed up cash flow.
7.Cut overhead.
These recommendations are simple.
Not easy, but simple. They are plans and processes that can help your business to actually thrive, provided of course, you’re willing to be proactive when all those around you are hunkering down, hoping the unpleasantness will end soon.
Which will be your choice?
Meet me here tomorrow. We’ll talk.
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Chuck McKay is a marketing consultant who helps customers discover you, and choose your business. Questions about helping your business thrive during an economic recession may be directed to ChuckMcKay@ChuckMcKayOnLine.com.