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Corporate Gifts Blog
How to promote your business during an 'Economic Downturn' and the '2008 Credit Crunch'
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One thing to remember during difficult financial times is that "Things like this have all happened before and much worse of course"
I spoke with the Managing Director of a large family owned business last week, they have been established for over 100 years. They have been through various Recessions, Depressions, Downturns and periods of Economic Uncertainty. They have seen House Price Booms and House Price Crashes, virtually no unemployment to periods of around 3 million unemployed. Oh yeah....they also traded through a couple of World Wars and still managed to promote themselves and grow the business.
So how do Companies ride through these difficult financial times?
1, Take the long term view and don't panic. Internal Memos that start "Spending money on anything must stop with immediate effect" surely send a "sinking ship" message to staff which is self perpetuating.
2, Use the situation to your advantage. Don't stop spending....Start Haggling!! Remember those friendly Reps that call in and get an order in 5 mins. Well, make them work for their money. Send him back to his boss a couple of times, to get a better price, an upgraded product, more product for the same price or better terms. The 'Economic Climate' is the excuse you've been waiting for, because you could always shop around!
3, Write a list of internal jobs and get them done. You know the jobs that you have been putting off for ages, because you were so busy. Now that the flow of orders has slowed, you MUST utilise the extra time to work on internal things, eg training, planning, tidying, organising, system improvements etc
4, More to follow...
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