Don't Just Survive! Your Business Can Thrive During the Recession

by Nancy Nehlsen, President, Nehlsen Communications

The very word recession is enough to strike fear into the hearts of most business owners. Your first reaction may be to consider steep budget cuts and employee lay-offs but in reality, those should only be considered as last resorts. You first need to make the most of the assets at hand.

With the proper spirit of resourcefulness, it is possible for a company to maintain profits and even grow during a recession. Here is a five-point plan you might want to consider for not only surviving, but actually thriving during a recession.

1. Stay Optimistic.

As trite as it may sound, the single most important strategy to maintaining, and even adding to your success, is a positive attitude. When we allow ourselves to concentrate on the negative messages surrounding us, we lose our creativity. We need all of our creative energy to think outside the box, to develop new success strategies and to keep employees productive. If employees adopt a sense of gloom and doom, they lose excitement about their jobs.

Those of us who have survived recessions before know that this is temporary, and if we work hard to build business now, we'll definitely be sitting pretty when the recession is over.

2. Network.

Business won't just fall in your lap during slow periods. You have to get out there and search for it. That means talking to other people in your industry, as well as potential customers who may have plans in a formative stage that could require your products or services. Join your industry's association, your Chamber of Commerce, and any service organizations that interest you. Volunteer for committees. While you're rubbing elbows with your new group of associates, ask about any opportunities they know about, and tell them about your business. Every new contact you make is a potential business opportunity.

3. Make Every Employee a Salesperson.

No, you don't want to send the office manager out to make cold calls. But every employee should be involved in your strategy to maintain and grow during the recession. Have meetings and talk to staff about your business. Let them know that while the business climate is tough, you expect to thrive but you need their help. Ask them to think of any leads they might have and reward them if any of their leads pan out. Arm your staff with brochures and small useful giveaways, if your budget allows. A small LED flashlight or flash drive with your name on it can pay off when prospects feel a sense of indebtedness for the gift.

4. Explore New Opportunities.

If the niche market you've been enjoying during better economic times starts to dry up, look at other industries and/or demographics. Now more than ever, it is time to consider diversifying.

Pay attention to which industries are staying vital and don't be married to the specialty you were involved with prior to the bad economy. You can diversify your company by adding new technologies, services, or products that will attract a different clientele.

5. Don't Cut Out Marketing to Save Money.

All marketing people bemoan the attitude we see in some advertising-wary clients: Why market in good times when I have all the business I need? Why market in bad times when there isn't any business to get?

The fact is, really successful businesses market during both good and bad times. During good times, you must advertise to take advantage of the growth potential that exists. During bad times, you must advertise to maintain what you have.

There is always business available to you. You just have to work harder during a recession to find it. Look at less expensive marketing techniques than you currently use, like email newsletters, press releases to the media about your business, or a simple bold postcard mailing that drives recipients to your Web site and the dynamic message on your landing page.

More than ever, your prospective customers need to know that you are there and eager to do business with them.

The recession may last a year or even two. The company's who survive and even thrive are led by people who refuse to cave in to negative attitudes and think creatively to overcome tough economic times. There are still opportunities to be found out there. Make sure you are the one finding them!

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Nancy Nehlsen is the founder and president of Nehlsen Communications, a full-service marketing and public relations firm. For more information, visit www.ncpr.com.