Like most companies, you’re still dealing with the realities of the economic turndown, even if things may be on an upturn. In “In a Recession, Put Everyone in Marketing,” Rosabeth Moss Kanter notes that when you can’t cut anymore, you have to leverage the creativity of your employees.
Use these tips, from the article on Hardvardbusiness.org, to find creative ways to continue making savings in your business:
- Increase Customer Contact and Communication: Regardless of the size of your business, every employee must be an ambassador for your store and brand. “Customers will know you care, you will be better informed, staff will feel more involved, and unexpected opportunities might arise,” says Moss Kanter.
- Look for New Markets: In tough times, it’s essential to look for future sources of customers. This could include research, posting on websites that target new areas, speaking at industry or community events -- whatever you can do to expand your network.
- Invest in Employee Morale: If your employees are fearful for their jobs, that kind of stress can cut into their ability to get the job done. At a time when you need them performing their best, you must support your employees. Make sure you thank them for their contributions and think of ways to show your appreciation.
- Stick With Your Values: Avoid desperate moves that could damage your business in the long term.
Comments