Small Business Credit Crunch Survival Kit
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8 comments:
Hi Ian - this is excellent advice and much more uplifting than the usual stuff you read about surviving in a recession.
Doing the opposite of what everyone else is doing is always a smart move. And your advice on spending more on marketing is great. With everyone else cutting back, we'll be able to stand out even more.
Good advice Ian!
I especially like #2 and #6.
Change always brings opportunity.
Listening to your ipod instead of the nay-sayers is a wonderful way to maintain a positive and creative outlook.
Hi Ian,
What a great post.
Isn't it funny how during a recession those who have money are the ones spending, knowing they can get a better deal and get their jobs done faster. All the more reason to keep those lines of communication open, even after a job is complete.
Staying calm is great advice. It's often in those calm and quiet moments when we discover much that gets overlooked when it's chaotic.
@Cath,
I think there's similarities with your thoughts on investment. Being brave and going against the flow is wise.
I think it's often irrational and unfounded fear that drives people away from their clients almost subconsciously in hard times.
@Sterling,
True! And singing out loud, metaphorically-speaking, and showing people your happy and positive will attract attention during tough trading conditions.
@Barbara,
You're right - everyone wants your business, and you can cut expenditure too.
I would like to comment to a past post without going back and rereading it. That is dangerous,so I apologize upfront. I am a business owner and my time is short, so I may have forgotten the main concern, which, boiled down, is getting more customers with good credit.Maybe things are different in GB, but I don't know of many companies here where the chiefs have lots of time to sit around and type into a computer, especially where the company has defaulted in the recent past. What exactly is your unique selling feature--what do you do that another competitor can't? Obviously it's not being faster or cheaper or other things you have already tried. Figure that one thing out, make certain that whatever it is,is really important to that firm without asking tedious questions or snooping around (I had a rep actually read papers on my desk once-totally tasteless behavior). Don't send tacky emails with boastful claims which take up valuable time, or extra brochures or other sludgepile matter.If they haven't responded yet, they won't. Don't forget that people who run (potential customer) businesses read and network and probably know your company is tainted by the former troubles. In the US, sometimes people in situations similar to yours either sell the company or resign with fanfare to let potential customers know there is new blood running the show. Your original post was sometime ago but I finally found a scrap of time to reply.
The problem with any downturn is the negative impact through media reports. It is hard to find a 'feel good' factor. Great post, stating the obvious really, but the doom and gloom stories do tend to stop us from thinking positive at times.
Excellent post and a very timely find as Christmas approaches (with all the accelerated global gloom and doom of the economic crisis) - I've added a cross-link to it for the next Sunday Summary on the BuildaSkill blog.
I think you and commenters are right - I remember the UK's recession of the late '80s & early '90s was post-mortem'd (sp?) as having been caused by the media talking the economy down. Whilst the current situation has genuine roots in the financial world, I also think the situation is being overhyped, and it is that negative-hype that's crashing exchange rates, rather than real instability in the financial sectors.
It's particularly hammering us here in Asia - Sterling's collapse has all but killed our ability to sell into the UK and Europe, but thanks to the Dollar's resurgence, we've been able to switch a lot of sales and marketing to the US, which is now starting to pay off.
I'll keep popping back for a read of your excellent posts.
Ed
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