ResearchGoddess

I loved this article! I personally believe that the degree to which you are affected by a “recession” is directly related to how much you dwell upon it, but I digress….article written by Darryl Salerno, It’s Not the Economy, Stupid, outlines some ways to make sure business continues as usual even when faced with an economic slide. Main points from the article:

• APPROPRIATE CUTBACKS: With 3/4 of all expenses tied up in compensation and rent, scrimping on incidentals like travel, dues & subscriptions, new business, etc. won’t make much of a dent for cutbacks.
• RECRUIT/RETAIN: The only thing agencies have to sell is the time of their staff; hire/fire decisions should be made on the basis of performance, not profits. AND – if an excellent new hire becomes available, you should jump at the chance to bring him or her on board.
• BEWARE OF FREE STUFF: Don’t keep your staff “busy” by providing extra services to your existing clients for free; it’s hard to go back when your clients get used to these freebies.
• RAMP UP NEW BIZ: Never slow down on new business development!

Read the whole article here- the thought processes apply to many business areas well beyond PR, and the author knows a thing or two about business financials and profitability (he’s been CAO/CFO/CEO of some pretty well-known companies!)

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