Surviving The Credit Crunch

In a time of economic uncertainty there is nothing more important than preparing your business for any unexpected pitfalls that may cross its path

. Making sure you are ready to take on new work when it comes, and being able to support yourself if it doesn't, is all a vital part of sustaining your company throughout the dark days of a credit crunch. Planning out your business strategy to include any contingencies you will need throughout this time, whilst remembering not to neglect attracting potential clients, can be paramount to your company's survival throughout the crisis.

To help weather the financial storm many businesses are investing money into updating their systems and remarketing themselves so they can stay one step ahead of the game. Keeping up to speed with all the latest technology and new processes relating to your specific business can often feel like a full time job, but, if you can find the time, this knowledge can do wonders for your business and may even save you money in the long run. Make sure you search out new ways to streamline your business by reading up on any changes to your industry and asking for suggestions from a business advisor.

Often simply updating all your marketing materials can make a huge difference to how you are perceived by clients so if you have a lull in projects it could be the perfect time to spruce up your company image and consider new ways of connecting with your clients. After the obligatory website overhaul and logo redesign, take some time to consider how you will attract new clients once the economy picks up again. Many people bombard companies with advertising emails, in an attempt to woo them, but these are rarely read so coming up with more inventive ideas will ensure your business stands out from the crowd.

To attract new business arrange a gathering of companies similar to yours so you can exchange advice and strengthen your contacts. This can be a great way to find new clients and a perfect opportunity to impress them in person. If stretching the budget to a fancy industry event just isn't possible there are simpler ways to get your message across. Sending out gifts such as pens, notepads or a handy promotional USB stick will ensure your name is always sitting on a potential client's desk and could just catch someone's eye at the right moment. Gifting companies something practical, which they will continue to use throughout the year, is a clever way to get your name right to the heart of your new client base.

It's always advisable in business to stay one step ahead of your competition by updating your systems and your marketing materials. So, whatever your business making sure you work hard and do everything you can to give your company best chance of survival throughout the economic crisis will hopefully pay dividends down the line.

Surviving The Credit Crunch

By: Paul Buchanan

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