In an economic downturn, we are all like deer on a dark and windy road. Some of us see approaching headlights and instinctively know to leap into the woods. Unfortunately, others of us freeze. Unable to go left or right; we think that wherever we leap to will be worse than our current position. I certainly don’t need to elaborate on what happens to the deer on the road that freezes.
If you’re one prone to frozen panics in tough financial times, you need to embrace some logic. Just like the deer in the headlights, you will be doomed to a painful demise unless you take a leap. When times are challenging, being coward and indecisive can be fatal business mistakes. Alternatively being bold, creative, and quick-thinking can not only help you weather through challenges, it can propel you to leap ahead of your competition that is still stuck in the middle of the road waiting to be hit.
Start by resolving yourself to do something. Join a new networking group, discover a new promotional opportunity, or learn a new way to market yourself online – just do something!
It’s natural to feel a little blue when business is slow, but don’t let the blahs turn you into an office recluse. Detaching yourself from customers and prospects only helps them to forget you and notice your competitors. Get your name out there any way that you can. Make calls, send emails, write articles for trade publications, start a newsletter, send out a press release, and attend any events where you can reach out to others.
Don’t Cut Your Marketing Efforts
Companies often make the knee-jerk decision to cut spending on marketing and promotions during a slowdown. What a big mistake! This is the time to communicate your message and offer a value proposition that will resonate with your market. Inevitably, you will have competitors that scale back their marketing out of sheer financial necessity. Take advantage of the less crowded playing field and shout to your customers that you’re still going strong when times are tough.
Everything in business is cyclical. It may seem like this economy is taking an incredibly long time to turn itself around. However, new opportunities and more business will be there for the taking if you can hang in there and maintain your ability to think fast and keep moving.