What is the First Thing Most Businesses Do When the Economy Takes a Turn for the Worst?

By Joe | Sep 26, 2008 at 5:25 pm | Comments (1) | Bookmark and Share

The other night, our President came on TV to explain this $700 Billion bail-out the U.S. Government was unveiling to help stimulate our economy and bolster troubled financial institutions until things right themselves.

“Honey- these times are a changin’”

If this wasnt the icing on the cake to every homeowner and business owner that “Honey- these times are a changin”, then I don’t know what it could be.  No-  I am not naiive.  I watch the news, I read the Blogs-  yes, the times are different now.  Oil costs are high and Winter temperatures are coming and all- I know what is happening-  If there is any good in this its that we are all in this together- and together we need to figure out how to make it better.

Is the Bail-out that answer?  I don’t know-  I was thinking why not atleast extend the opportunity to allow the foreclosed-ees to pay what they can- instead of having Uncle Sam take the entire nut?

How do we keep the economy growing when we have mortgage, oil and grocery bills to pay?  What should we do?

In the words of the great 21st Century Philosopher Tommy Flanagan…
“Cut Back, yeah that’s the ticket!”

Cut Back!-  That’s the ticket-  Yeah-  Cut Back!  Stop spending money on the kids braces, don’t fix the leaky roof, don’t buy those shoes you need.

WRONG!

Those are necessities-  Those are products and services you need to keep going! Now and in the future.
If you are a business owner and you adopt that mentality- the first thing you would cut back on is Advertising & Marketing.  Right?-  It is a luxury area!-

WRONG!

Those are necessities too!-  Those products and services are vital to keep your business going and growing.  Your online presence is part of Advertising & Marketing of your business-  the last thing you want to do is to remove yourself from the public eye.

Businesses are unfortuately struggling now, and some will go away.  But if your business is competitive and viable- you need to stay  Top of Mind-

In order to do this you need to maintain your presence.  Grow it- Show that your business is thriving and going to be around when the market settles down.

I don’t mean unnecessary media buying or frivolous web components-  Let’s be smart about this-

Use your heads, don’t apply knee-jerk tactics- Do your homework and be smart-

Do what you can, seek out advice if necessary.  The bottom line here is stay visible and demonstrate longevity.

That is my opinion, I am interested in knowing yours.