[Mike]

Originally Posted by JH82

Thanks for everyone's comments, no more shouting , I promise!

<sarcasm>Ah now remember as Indizine helpfully points out, it wasnt actually shouting, it was just large bold text. </sarcasm>

So tell us more about you

[RedEvo]

I'd suggest reading the business and financial pages of the quality press to ensure you understand what's happening. It's changing daily. The interesting thing is bulls are now virtually non existent as they have realised how stupid they sounded suggesting all was going to be OK.

Strap in people, it's going to be fun.

d

[Indizine]

you weren't shouting mate, nothing to apologise for

anyway, I wasnt aware we were in a recession.

Check out the marketing forums for loads of useful posts on how to increase business. Keep overheads low and dont splash out until you are sure your sales are consistent, and your sales forecast and cashflow forecasts are stable and achievable. But also, don't hold your business back if you are able to move to the next stage.

Certain sectors have been hit by the credit crunch, sure, but also plenty of business are doing very well.

[Manaquin]

on a futher note of recessions, what markets are typically hit the hardest, and which tend to survive?

this maybe a too complex question to answer but i am curious if anyone has any ideas?

Thanks

[Indizine]

I think its as much what type of business owner will survive rather than the business itself. i.e. the ones that will stick through thick and then, have planned for the year ahead as a minimum, built in contingency plans, manage and plan cashflow, and personal determination to retain business through hard times. Those sorts of attributes will suport a business through hard times to cope when you might be affected and have to compete harder.

[stephen6848]

I was thinking of renting a stand-alone office but now I'm not sure sure. Similarly, I don't want to work from home

[gregsta]

I recently wrote an article in the Blog on my website. I can't link to it yet... So I'll paste it below - enjoy....

You can't open a newspaper today without another doom and gloom story about how badly Britain's economy is going. Falling house prices, rising cost of living and the Euro starting to hammer the pound, where is it all going to go?

Many people would see this is a hard time for businesses as a result of fewer customers being prepared to spend less. I would have been inclined to say the same, that is until I saw a recent interview with Michael O' Leary, boss of Ryanair, and he changed my outlook.
"I love recessions," he says. "Recessions are much more fun. Good times are a pain in the bum. Good times, any idiot can make money. In recessions, the good get up off their backsides and start doing the kind of sensible things that they should do all of the time. It's good for business!"

But what is good for your business? I'll come back to that…

Two weeks ago I dented my car – yes I'll admit it I'm a terrible driver – I wanted to get some bodywork done to the car and I started off looking in the yellow pages for a local garage. I only phoned the places that had a full page advert and I couldn't find a local service. I turned on my computer, a quick Google search and I found a garage that could deal with me at the top of the search.

Everyday about 15 Million people use the internet in Britain. They look for information on products, services, bargains, the list is endless. The website I had found had been optimised for that particular search and as a result I chose to spend £450 there. The job was well done, I wasn't too happy at the price (even though it was low for what I had done!) and I went back home. One week later I received and email from them asking if I was happy with the work and they offered me a discount MOT and servicing voucher valid for two months. I clicked through the email, visited their website and got myself booked in.

This small garage has stolen me as a customer from a much larger chain and why? Because they are on the ball with their internet marketing.

This garage small as it was had obviously already figured out what Michael O' Leary was saying. They had gotten up off their backside and started doing the kind of sensible things they should have been doing all along. They had an up and running (albeit managed by a provider) internet marketing campaign that has resulted in me spending over £550 with them. No doubt they have a score of other customers just like me. This good use of the internet they will build a customer base for them and retain it. Not bad for a family run garage…..

[Maxine]

Hi JH82

I would be trying to keep costs to variable costs rather than fixed wherever possible without paying any more.

The things we are finding at the moment is that customer are trying their luck a lot more with regard to money off / compensation / good will gestures thick and fast and we are standing firm with these things and not budging at all. I have also taken more advance payments than usual and agreed to more frequent staged payments to manage credit risk a bit better.

Just my little bit to throw into the pot

[Terry Kyle]

Dear JH82,

Here are a few quick thoughts:

[1] Do you need an office? Can you work from home? How much actual business does an 'office office' bring in each year instead of a 'home office'?

[2] Do a complete financial 'health check' of your business and look for every possible angle - do you have a precise idea of the number of clients you need to survive [well], average period of retention etc; in short, get into constant dialogue with your clients and prospects about their problems, frustrations, fears and needs, then build your business' marketing around those.

[3] A recession is the time to get in touch with your inner guerrilla marketer! Don't forget that the best form of marketing in the world is endorsement marketing so build in to what you do the asking of clients to recommend you to their friends and use their testimonials [write it for them and get their approval being as specific as possible about the quantifiable positive effect you've had on their business] in your marketing.

Hope this helps JH. Get back to me for more if you need it.

Best regards
Terry Kyle
Author/Editor
"400 Latest & Greatest Small Business Ideas From Around The World"

[Alvin]

Originally Posted by Indizine

anyway, I wasnt aware we were in a recession.

You really should get out more .

If you got cash in the bank.

If not hold on tight.

Diversify to survive.

Alvin