Cathy Stucker - The Idea Lady

Attract Customers and Make Yourself Famous

  • Home
  • Blog
  • Shop
  • Work with Cathy
  • Resources
  • About
You are here: Home / Business Start Ups / Bad Economic Times Can Be Good for Your Business

Bad Economic Times Can Be Good for Your Business

November 4, 2008 by Cathy Stucker

The media are full of stories about how bad the economy is, and that if we are headed for a recession, if not a depression. All of the talk about a faltering economy has a lot of people nervous. And that nervousness can actually lead to a downturn.

There is one important thing to remember about the economy: Whatever the economic news, it will be good for some people and not so good for others. When interest rates go up it is bad for people who want or need to borrow money, but good for retirees and others who depend on the income from their savings. When the prices of houses go down, it is bad for sellers but good for buyers. When interest rates go down, or house prices go up, just the opposite is true. The news is good for some people and not for others.

Let’s look at what you can do to make the current economy a good one for your business.

If your business is down, it is a great time to refocus. Are you doing what you should be doing? You may be spending a lot of time on tasks with a low return on investment (ROI). Now is the time to determine what your most profitable business segments are and devote your marketing efforts to those activities.

Along the same line, spend wisely. Examine your expenses to see where you can cut unnecessary expenditures. This is a good idea no matter what the economy is like, but we tend to pay more attention when we are worried.

If other businesses are afraid to invest in equipment and materials, you may be able to get deals. Another truism about the economy is that what goes down, must come up. Look at where you can invest to be prepared for the upturn.

Show your customers how you help them get the best value for their money. They are concerned about their businesses or their jobs, so show them how you can help them.

Look for ways to repackage your products and services. If your customers have smaller budgets, you do not have to cut your prices. Instead, repackage in ways they can afford. Bundle and unbundle services so they can get exactly what they need.

Do not stop marketing and advertising. Many businesses cut those expenses first, and that is a huge mistake. Keep getting the word out about your products and services.

Whatever your perspective on the economy, it will be different later. Some segments will be better, others worse. Be prepared to adapt, whatever happens.

print

Related Posts :

What to Ask When Hiring a Ghostwriter
What is "Solo-preneuring"?
100% of Nothing
Time Is Money–to Your Customers and to You

Filed Under: Business Start Ups, Running Your Business, Working Smarter

Search

Join Me! (Get Free Stuff!)

Get useful tips and techniques to build your business, plus member-only exclusives such as free webinars, as an IdeaLady Insider. It's free!

I respect your privacy & will NEVER sell, rent or share your email address. More than a policy, it's my Privacy Pledge.

Connect with Cathy

 Facebook Google+ Twitter YouTube Pinterest LinkedIn Flickr StumbleUpon RSS Amazon Author Central

Recent Articles

  • The Short but Powerful Guide to Finding Your Passion
  • 3 Strategies for Quick & Easy Content Creation
  • What to Ask When Hiring a Ghostwriter
  • Take a Real Break – Fully Disengage
  • You Get an Extra Day

Categories

Be an Expert Blogging Business Cards Business Start Ups Cash Content Copywriting Creating Information Products Creative Ideas Creative Marketing Strategies Creativity Customer Service Customer Testimonials Dealing with Clients Email Getting Things Done Growing Your Business Guest Posts Image Internet Marketing Life Lessons Making Changes Making Good Decisions Marketing Market Research Monday Morning Messages Money and Finances Motivation and Inspiration Mystery Shopping Networking Online Business Passive Income Persuasion Positive Thinking Pricing Productivity and Time Management Publicity Public Speaking Running Your Business Sales Search Engine Optimization Social Media Success Technology Working Smarter Writing and Publishing

Learn About

Mystery Shopping
Book Publishing
Marketing
Becoming an Expert
Free Publicity

Return to top of page

Copyright © 1998 - 2022 Cathy Stucker - All Rights Reserved