Thursday, March 19, 2009

Fundamentals of Surviving a Recession

"You need to be conservative with spending, and aggressive as hell with marketing," Rich Sloan, operator of says. "You need to be resourceful, and spend only where you see performance. [This] will make you a better business person. When things turn around in three years, your business will be built on solid fundamentals."

In a CNN Money article, Rich Sloan gives some very good advice on starting a business in the midst of a recession. The advice he gives also holds true for those of you already in business trying to weather the economic storm. Let's break his quote apart.

  • "You need to be conservative with spending ..." Now is the time to take a hard look at what is absolutely essential for your business survival. Do away with advertising that's not working. Concentration of force is the name of the game. (more on this in a future installment)
  • "... [be] agressive as hell with marketing ..." One business coach says you need only two things in business to be successful, new business and repeat business. You get new business by advertising. You get repeat business by advertising consistently.
  • "... [be] resourceful and spend only where you see performance .." Right now, in marketing and advertising, you can't afford to make a mistake. Look for a a proven results vehicle. Ask those selling advertising for references and phone numbers. They should be readily able to supply this information. If not, consider spending those marketing $$'s elsewhere.

This is good advice for both the startup and the seasoned business.

Call me and we can talk about how we can take these principles and utilize them to their fullest extent with a results-generating campaign. 404-995-7343.

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