Clann Associates - Digital Marketing - how to beat the recession

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Digital Marketing
- expand your business - increase your profits!

1. CASH FLOW is KING!

All sorts of other business parameters are important, but poor control of CASH FLOW kills more businesses than any other single factor - it is even more important than profit! A positive cash flow is more important to your business than anything else. Reduce stock and debtors as much as is possible in order to release cash for marketing and development.

2. Minimise DEBT.

Maintain a regular dialogue with all your creditors and minimise any risk of any of them PULLING THE PLUG! Reduce your debts, if possible, but keep talking to your creditors. This won't cost you anything apart from your time - which is valuable, I know - but it will continue to convince them that your business is valuable and that their investment is safe. If ever they think that you are trying to fool them they will want their money back quickly, so always be up-front with them and reassure them that you are in control of things.

3. Maintain your PRICES.

Accept the fact that there is less business being done and that the market place will be more competitive as time goes on. The most dangerous strategy is to CUT YOUR PRICES - even though this may be the easiest, DON'T DO IT! Far better is to JUSTIFY your prices as they stand. What is it about your product or service which warrants your current price level? Make sure you know and make sure your customers know. Price cutting is a slippery slope that your competitors might well join in with, and before long nobody is making money. JUSTIFY your prices, RETAIN your margins and INVEST in your business.

4. INVEST in your future.

As far as you can, maintain your investments in your future - whether development or marketing - and don't be too quick to kill projects that require an ongoing spend. Think of the waste of investment made so far if initiatives do not reach a conclusion. Try to become more responsive to customer needs. In a market where everybody is fighting for a reduced level of orders it will be the BEST businesses that win more opportunities. It may be appropriate to reduce your marketing costs by moving to a lower cost provider but don't reduce your longterm plans or short term initiatives.

5. Make more of your website.

For most small businesses the web is now the most cost-effective tool for successful marketing. Have you been planning to upgrade your website but haven't got round to it yet? DO IT TODAY! If your website is not producing new sales or leads then get somebody in to have a look at it and get it put right. You should be aiming to increase your market share during the recession and then you will reap the profit when the upturn arrives.

Beating the Recession! - Some strategies to consider.

These are difficult times for all companies, large and small, but there are some key actions that can be taken to reduce the risk of financial problems. Small companies have the advanatage of being lighter on their feet and able to respond to situations more swiftly. Follow this plan to ensure your business is better equipped to tackle the recession. There are no magic formulas but there are a number of strategies that successful companies follow to survive.

Here are some suggestions for surviving during difficult times...