A quick survey
1 – What are the top 3 things a business owner should be looking out for to signal the recession impacting his business?
2 – What metrics would you track closely?
3 – What is your favourite ‘recession survival’ strategy that has worked for you in the past?
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Tags: , business development, Creative Business, Marketing, Recession, Sales
1. (i) Huge increase in calls from recruitment agents with candidates; (ii) Sudden appearance of CFOs in lower-level meetings; (iii) Clients dramatically reducing their new/upgrade-oriented projects, and reverting to maintenance agreements.
2. The niches who are our current and potential clients, the relative value of those niches, and the black hole that is previous/current understandings of those niches.
3. Very clear, very thorough contracts.
1.
(i) Debtors taking longer to pay
(ii) Projects getting held up
(iii) Reduced budgets on regular projects
2.
Debtor days, sales pipeline.
3.
Work harder and smarter. Talk to clients about whether the recession will affect them and discuss how you may be able to help. look for the opportunities – who’s expensive? Go after their business.
Alan has it right.
I would add:
1 Get much closer to vendors and seek better ways of working with them.
2 keep a sense of humour and dont work yourself into a dark and depressed corner.
David, I like the GSOH. Very important for me too.
Alan has it right.
I would add:
1 Get much closer to vendors and seek better ways of working with them.
2 keep a sense of humour and dont work yourself into a dark and depressed corner.