BUSINESS MONITOR PASSED:Layout 1 17/03/2009 10:54 Page 19
BUSINESS MONITOR
Fighting back from the
effects of recession
With gloomy economic forecasts for the rest of 2009, It would be easy for many
companies to bury their heads in the sand. Business writer Paul Clapham offers his
thoughts on how to combat recession.
I
gnore it all we like, there is definitely an are making a statement: “I can do this better”, First up, don’t cut your marketing spend. In a
elephant in the room. Although at the back indeed “I can be the best”. So, when a recession recession you need to be marketing harder (which
end of 2008, the printwear industry reported comes along, that mental attitude is put under doesn’t presume more money, incidentally), not
uniformly upbeat expectations for 2009, there pressure. It’s important to recognise how essential less. If you go off the customer’s radar when he’s
most definitely is a recession in progress. It may that is to success; if you think you can’t, you reading about closures in other businesses, he’s
well be that this industry will be one that doesn’t won’t. But if you stay upbeat when all your inclined to think you’ve ceased trading. Also,
suffer, indeed, one that thrives in the tough times competitors are downbeat, you’re ahead of them. plenty of your competitors will make exactly this
coming. That will certainly apply to some. This is Fear, not the economy, is the biggest threat to your mistake, so your activity will take place in a less
the third recession of my personal experience and business in the coming months. crowded market place.
in the two preceding there were winners as well Banish the thought that you are powerless in Part of better marketing is more and better
as losers. The question is: what can you do to this situation. OK, you didn’t cause the mess, and selling. Having banged both of these drums in the
ensure you’re in the former group? some of the fall-out looks truly toxic. However, as last issue of P&P, I won’t repeat myself, except to
Start with hard-nosed realism. If you’ve been with everything else in business, you can make say that the winners in this recession will be best
studiously trying to avoid talking recession, I specific plans and undertake particular actions to at selling. Those who are better will also keep their
totally understand. Me too. But we must not ensure that your company bucks the negative margins up. One of the worst sales traits is to cave
ignore the above-mentioned elephant. Equally, we trend. in on price without a fight. Anyone can give
must not curl up in a ball until all the nasty stuff product away. Working for nothing is not recession
goes away. We’ve got to get busy. busting.
When I wrote the review/preview article for Chase payments rigorously. Tightening up on
January’s issue, Tony Lock, MD of PenCarrie, told cash-flow management is a cornerstone of
me “I believe the current economic climate is reducing costs and improving viability. By contrast,
actually invigorating, in the sense that it will bring increasing your overdraft because you haven’t
a breath of fresh air to many organisations and been paid is a recipe for disaster. Chasing payment
the fittest companies is done on the phone on day 31 of a 30 day
will have the invoice and is followed up in person if needs be. If
opportunity to you leave it to sending statements of account, woe
survive and to betide you. In the same vein, invoice immediately
prosper.” At the time, work is completed. Don’t leave it all to a given day
I thought that was of the month (as many businesses do); you might
distinctly over the top. as well stand at an open
I no longer do. He window,
was talking about throwing out
mental attitude, money.
mental toughness Talk to your
and that’s going bank. Do it
to be an essential regularly,
element of keeping them
recession beating. fully informed of
Running your own what you are doing to
business is a consciously achieve targets. Given what’s
positive, optimistic activity. happened recently to the banks, your
From set-up forwards you
continued on page 20
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