Recessionary Measures
Jay Eidelman
Though economists may disagree, the perception among the vast majority of Americans, business owners and executives among them, is that the economy is in trouble. In a recent poll, 75% of Americans surveyed considered the economy to be in recession. What can you do to survive?
Adopt a counter-cyclical strategy. Right now, the overall economy may be bad, but some sectors are holding up. Health care, education, energy, security services, and green technology are likely to remain strong despite overall economic weakness. Efforts in these sectors may yield much needed revenue.
Cast a wider net. Like real estate, the economy is local. While the business cycle may be in a downturn in the U.S., the Canadian economy, buoyed by increased commodity prices, is relatively robust. Targeting companies abroad or a U.S. business with a substantial workforce outside the country may add to your bottom line.
Blow your own trumpet. An economic slowdown is not the time to rest on your laurels or to cut your marketing budget. Cost-effective methods like blogs, podcasts, electronic newsletters, and postcards along with more traditional marketing can create new sales opportunities.
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