Recession in T&T – 11 things to do to thrive

  1. In this recession, pay special attention to the customers you already have. This applies to any kind of business. Give them some extra love and find ways to add value to whatever you do for them.  It could be as simple as sending them a relevant article
  2. Look at your costs like a hawk.  Start with the big cost items but don’t stop there. Do you really need to pay for storage or can you accommodate it on your premises? Go line by line and look for money
  3. Do fun things that don’t cost a lot of money.  Make sure that your staff stays positive and energised to serve your customers.  It’s time for the Dutch potluck where everyone brings something or maybe it’s time to take off to the movies as a group. Team building leads to better customer service
  4. Use down time to do group training.  There are tons of useful webinars available for free online. Make staff development a deliberate goal in times of recession
  5. Volunteer your services to NGO’s and SME’s and put some Corporate Social Responsibility points in the bank. Bring good news to the recession
  6. Start a blog or enhance your current one by increasing your monthly posts. Blogs like this one help your SEO
  7. Explore adding services you may not currently offer. An ad agency that does not currently handle events may be missing out on opportunities and they already have planning and organising skill sets in the building
  8. Pound the pavement. Get out the rolodex and call up prospects that you have not called for a while or better still, go see them
  9. Go where your prospects are. Get out to social or sporting events where you could network and of course ask your existing clients and colleagues for leads. Word of mouth is still the best form of advertising and make sure you’re up to date with what’s going on. There is no light under a shell
  10. Cash is king especially in a recession. I repeat Cash is king. Keep your eyes on your cash flow. Make receivables a daily discussion. Make sure someone owns receivables management. Be looking at your cash flow several months out and not just month to month
  11. Resist profit-eating sales and discounting in a recession