What Not to Cut in Tough Times

For those of you who follow my articles and business blogs regularly, you know that I have made my focus on issues surrounding how we lead and manage in these difficult economic times. In a recent publication, the Printing Industry of Wisconsin (PIW) outlined several "don'ts" to keep in mind as "you develop your business strategy for 2009 and beyond." Here they are with some discussion to shed further light:

1) Don't cut your advertising budget. Above all, your actual & potential customers need to know you're alive and well; you don't need them going elsewhere when every order is critical. This is also a way to gain on your competition who does.

2) Don't skimp on attending events. You may need to so some judicial prioritization here, but you still must be out there; you might be missed. You also want to keep abreast of new technology and ideas.

3) Don't be afraid to give something back. Share your ideas, give talks, teach a class. This establishes you as an authority and can attract new customers.

4) Don't be afraid to spend money on used equipment if you can get it at the right price. Also, if you need cash, perhaps there is something that can be sold; use PIW.org.

5) Sell your way out. Take advantage of competitors' cut backs and mistakes. This is the time to gain new customers from your competitors.

"This too will end." And you need to be healthy & in good shape when it does.