Keeping your business afloat during a Recession is tough enough. Growing your business during a Recession may be tougher still. Or not. Magna, the Interpublic Research Group, released a report addressing this issue. The article was posted on MediaPost.com. This specific article refers more to marketing opportunities, but you can certainly extrapolate for other businesses.
In a nutshell, the article says there are opportunities where you can take market share from your competitors. There are cross platform opportunities in your advertising and market. There are enhancements you can make to your customer service. Many companies will freeze during an economic downturn and while it is necessary to cut costs, many will cut them in the wrong places.
Rather than freeze jobs, sometimes it pays to higher those who have been through various crises. Match them with the innovators, the cutting edge types both in technology and strategy, and you will often be able to propel your company beyond your more timid competition. Be sure to run background checks and have a preemployment screening program in place so that you can not only discern the right skill sets, but match the right personality types.
Magna advised you develop a certain flexibility so that you can move decisively and with speed to adjust to the changes in the marketplace. This is always a good idea, but a lifesaver in this tough economy.
Look for opportunities. Develop corporate research so you can find stable venture partners. Look for deals. There are plenty to be had out there. And remember, your customers will appreciate your special attention and understanding during these difficult economic times.
Check them out before you hire.
