When times are good, it’s easy to advertise. Money is less of a concern; optimism runs high and consumers spend more freely. Everybody wins in a robust economy. But what about when things go south. Why do businesses make it through successfully while others don’t? You CAN successfully steer your business through tumultuous waters. Here’s how.
There are things you can cut out of your budget while business is tight. Advertising is NOT one of them. It doesn’t make sense to cut off the hand that feeds you. Instead, go through your expenses and note the ones that are “Must Have” and which are “Nice-to-Have.” Then, eliminate or postpone the “Nice-to-have” expenses. Set your budget and work from it, making sure you can account for every dollar. Spending it on paper before you spend it for real inoculates against impulse buys that don’t match your strategy and only throw your budget off at the end of the year.
Once that’s done, it’s about making wise decisions. fuze32’s Director of Sales, Carrie Berkbuegler shares 5 musts for every business dealing with a downturn in sales, whether it’s a business phase or a nation-wide trend.
Nobody likes to suffer economic downturns. By shifting your mindset to a more proactive and determined place, you can fight through successfully. Check yourself. As a business leader, your employees will look to you for how to respond. Are you being indecisive? Are you responding to fear? Or are you calmly presenting a plan of attack for gritting through until things change again.