7 Things You Should Not Do During Recession

April 21, 2009 by yelena
Filed under Articles, blog

At every networking meeting I go to (granted, I don’t go to too many), at least one person mentions that the business is slow now, much slower than the same time in previous years. Now, as I am new to this whole business ownership thing, I’m yet to get fully booked. And yes, at times I have days when I don’t put any billable hours in. That is to be expected with any start-up, right?

Even an established business in a healthy economy goes through slow seasons. Of course, with current recession, slow season seems to be the only season left. Whatever you do during the slow time, you likely get stressed out. But that is the last thing you want to do during the slowdown. Stress leads to decisions and actions that you sure will come to regret. Things not to do are

Losing track of your business goals – print them out and keep them handy for next time you panic and decide on major changes to your website, marketing strategy, pricing, etc.
Cutting down on marketing – it makes about as much sense as killing a goose that lays golden eggs. Business is slow because you don’t have new projects and clients. The one activity that gets you new clients and projects is marketing. If anything, you might want to step up your marketing efforts.
Not promoting your business – this is the time to do as much networking as possible. Holding back means you’re leaving more room for your competitors.
Neglecting website, blog, newsletter – these are all means of maintaining relationship with your existing and potential clients. Sure, they might not be ready to buy anything just yet. But if you keep communicating with them, they are more likely to buy from you (and not from someone else) when things get better.
Cutting prices and reducing rates – sounds crazy! But dropping rates is easy. Bringing them back up is the tough part (and you will likely lose your low-rates clients).
Not buying what you need – buy only what you really need for your business, whether it’s a new printer, an updated website, or new project management software. Also, shop around – this is the time for bargain-hunting.
Not taking time off – with all the added stress, you’re working harder than ever just to stay in the game. So you absolutely need regular time off if you want to avoid the burn-out.