Ten ways to get the most out of a recession
Mar 23 2009 by Jon Cooper, Birmingham Post
One of my clients asked me today how it is that I’m always “up” and positive about things when so many businesses seem to be running out of steam, laying people off and reporting more pain yet to come.
I replied that there are some unique opportunities in amid all the chaos. I am too busy working to identify them and using them to improve my life and the lives of others to ever feel down.
I could see he was unconvinced, and he challenged me to come up with 10 reasons why the crunch/recession/downturn isn’t all bad…
1: In a slowdown, it is easier to see which of your goods and services are relatively unprofitable, and to focus on your core strengths or in developing your next core strength.
2: Many companies have reduced customer service and support staff. If you are a competitor of theirs, they have made it relatively easier for you to impress in your own marketplace.
3: Advertising is cheaper and more accessible. I heard of a radio station offering five times the airtime per pound than 12 months ago, and some local free newspapers are desperate for your business at any price.
4: PR exposure is easier to achieve. Most of the media are eager to promote good news about the economy. Make a big noise if you have won a new order, opened a new site or similar.
5: Business supplies are really cheap. Now is the time to replace the photocopier, stock up on stationery or give the office a makeover.
6: Vehicle leasing and purchase deals are incredibly sharp. That new van or company car has never made more sense.
7: Commercial property values are on the floor. Grab a bargain by buying or renting smart new premises you could not have afforded a year ago.
8: It is a great time to learn how to cut costs intelligently. When the economy goes into an upturn, you will be more profitable than before.
9: Government assistance is genuinely more available than ever. Check out the Solutions for Business portfolio via Business Link.
10: Recruitment is an employer’s market. Why not strengthen your sales or marketing departments, from a wide choice of potential staff at relatively low cost?
* Jon Cooper is founder of JupiterDawn Consulting. If you have a question you would like Jon to address, email jon@jupiterdawn.com
