So, as of this morning, the UK is officially on step away from entering into a full-blown recession. It’s hardly surprising, what with all the doom and gloom of recent times.
And you’d be forgiven for thinking that we were ALREADY in the red, thanks to the doomsayers, the negativity and even panic that has been spread by the mainstream media (and, boy, do they LOVE the fear induced by the dreaded R word; it means they fill and sell their papers more), kind of like an infectious disease.
But, before you turn yourself over to an inky-fingered bank clerk cementing your future in his ‘big debt’ book, remember you’ve got to have a little faith…
…Faith in the fact that just as a lack of confidence in the markets has caused this economic downturn (OK, with a large dose of greed thrown in), confidence will get us out of this precarious situation — sooner or later. Faith in the fact that history has shown that it is those businesses who march full speed ahead, actually increasing their advertising and marketing spend, who come out the other end fighting strong. And faith in the speculators who say we’re in a good position to ride any recession wave — no matter how big — with ease. Indeed, I heard one financial expert this morning say that any looming recession will be a short if sharp one, and NOT a long, drawn-out one. He also predicted that we’d be well out of the worst by this time next year.
Of course, there will be difficult times for those companies who need credit, and, yes, people STILL need to have a roof over their heads and eat well. They will still need advice, and services and products, too.
However, to flourish in business right now, you need to have confidence in your own ability to rise to the challenge . . . and confidence knowing that consumers will always buy. If they didn’t, things would have ground to an almighty and irrevocable halt quite some time ago.
So to recession-proof your business:
- Ignore the doomsayers
- Have confidence
- Build value in all that you do and sell
- Nurture your ‘house’ list
- Aim for excellence in customer service
- Actively seek out the positive in everything you see and hear (there is ALWAYS a silver lining to every dark cloud, if you look hard enough)
- And, above all, market more and panic less.
Feel the fear and do it anyway. Marketing, that is. If you cut back on this one vital element to running a business, you WILL feel a hit. These times call for the bold and the brave…
What about YOU? Are you doing anything differently because of the slowdown? If you have any tips, let’s hear it!
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