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10 March 2021
Posted by: Janna Caley
I have seen many ‘top tips’ published for ‘beating the recession for businesses’ but I have come across what I believe to be the best so far, published in The Telegraph and thought I would share it with you.
It is taken from a poll of businesses that have previously survived the recession so have true experience in what worked for them, so here goes!
1) Get the basics right
Having a 2009 business/marketing plan in place early and an accurate set of financial forecasts will allow small businesses to prepare in advance for the effects the downturn is having on business.
2) Streamlining costs and looking for easy ways to cutback
Many companies look straight to marketing budgets to cut back but this is where vital mistakes can be made and where the difference lies between those that beat the recession and those that fail miserably! This point is re-emphasised in point 4 of the top tips – customers still need to be aware of what you are offering so COST EFFECTIVE and RESULTS DRIVEN marketing is the key to success.
3) Careful cash flow management
4) Spend on marketing
Despite recommending cost-cutting across most areas of the business, a need to remain competitive and visible is important. Marketing was one area seen as crucial to generating business during a period of downturn. Marketing does not need to cost the earth.
There are cost effective routes to market such as e-mail campaigns, online presence and PR. Advertising rates have also come down significantly so take advantage of this.
A determination to do whatever it takes to succeed and stay in business was identified as a common trait among respondents. There is a definite requirement to not only work harder, but also smarter.
6) Hold on to existing customers
Most marketing efforts concentrate on acquiring new customers however, there can be significant revenue to be generated among the customers you already have and generally with less cost and time associated with it – develop, build and maintain successful relationships with your customers and watch your profitability grow!
7) Diversify your product and customer base
Looking at ways to adapt or broaden the appeal of a product, targeting new markets with a lead generation campaign for example may be a way of maintaining and growing your business.
8) Delivering excellent customer service
With existing customers recognised as the lifeblood for small businesses during a period of downturn, delivering excellent customer service was identified as essential by 9 out of 10 of the small businesses questioned.
9) Credit check customers
To see the full article on The Telegraph website, click here.
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