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Recession-proof your Business

May 19, 2008

I had someone ask me a few questions for an upcoming eBook about weathering a recession.  My answers were probably a little more buzz related than average, and I thought some of you might like them.  So here they are:

 1. What are the common mistakes most businesses make in a recession?

This is something of a loaded question.  Mistakes obviously depend on the industry you are in.

It is well known that cutting back on marketing in a recession will mean a negative impact on your future growth after a recession.  However, if you are in survival mode, there may be no avoiding it.
2. What are 10 methods you would use to survive and prosper in a recession?

#1 - A recession is a great excuse.  This won’t be popular, but a recession is a great excuse to make cuts.  If you have had some marginal performers, use this as an excuse to become leaner and meaner.

#2 - Use down time for new product development.

#3 - Identify what makes you special and then get the whole team behind creating buzz.

#4 - Reinvent yourself.  An industry can collapse any time, not just during a broader recession.  Look at how Kodak reinvented itself after film sales dried up.

#5 - Shore up the value you are creating with your existing clients.  Make sure you keep what you have before worrying about new customers.

#6 - Upsell to your existing clients worries.

#7 - Take advantage of more availability of workers.  Hire Virtual Buzz Assistants to work from home and create more results for you.

#8 - Sell hope - focus on how your product or service helps provide a light at the end of the tunnel.

#9 - Automate more - If you need to save money, find ways to automate processes that used to take a person.

#10 - Don’t give in to recessionary thinking - Your attitude should not dip with recession worries.  If your attitude dips, people sense it and you will hurt your prospects.
3. What are some little known money-making opportunities for businesses?

It really depends on the business.  I would not suggest losing focus on your main money makers. Assuming you have the time to spend, you might try setting up every person in the organization with a blog, giving them a class or workbook on how to use it and creating an affiliate lead genration tool for each person.  Then every employee could be an affiliate marketer for the business (as well as a content creator.)  By making everyone a brand ambassador with the potential to earn some extra money, you make every person a member of the marketing team.

- Thank You!

Posted by Ron McDaniel | Filed Under Employee Advocates, Blog 

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Comments

One Response to “Recession-proof your Business”

  1. Melody Campbell, The Small Business Guru on May 24th, 2008 11:01 am

    Coach Dave over at Coachville Caffeine (http://www.blogtalkradio.com/caffeine) has some great stuff to say about the recession and the new “inspiration economy”. Coach Dave talks about how recessions are a bit of a “recess” in the economy. It’s a time of change - for better if we make it so.

    I like your list of 10 things to survive and prosper. Great post Ron.

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