At a meeting today one of my clients wanted me to address what they could do in these difficult economic time. It's a great question and here are my thoughts:
1) Tighten Company Procedures: When times are going well it's easy to let things slip through the cracks. The things that slip through the cracks are often the things that can lead to more business or improve the bottom line. You need to be focused on the business every day and doing the little things.
2) Marketing: One of the first expenses to be cut when the economy weakens is marketing expense. I believe this is the exact opposite of what needs to be done. You will need to refine your marketing plan and make sure that you are targeting the right customers. You will also be able to get your message out more clearly as many companies will cut their marketing budgets.
3) Focus on the Customer: Think of what you do through the eyes of your customer. Make sure that they are having a good experience every time you deal with them. This will ensure that you retain these customers.
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