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INVEST IN YOURSELF
Take care of your business and your business will take care of you.
With so much angst looming around a recession and the roller-coaster of a ride in the stock market, what’s a small business to do?
Six Apart CEO Chris Alden believes in it. “When you don’t know where else to invest,” he explains, “you invest in yourself.” Blog software company Six Apart, as Wired reports, was founded in September 2001, just as the country was reeling from the 9/11 terrorist attacks. Lucy Danziger, Self Magazine’s Editor-in-Chief says “women are willing to invest in themselves to be of sound mind and strong body through uncertain times.” Eli Davidson wrote in detail in the Huffington Post about her career coaching program that made the best investment list for Kiplinger Personal Finance, “Don’t send money to a brokerage house. Invest in yourself.”
In business, the advice is to do the same. Invest in what feeds the sales pipeline: marketing. BusinessWeek has a community area on their Web site that deals with the topic: Recession Marketing. “Doing more for less is key to expanding a marketing plan, and companies must take advantage of free marketing like press releases, blogs, community volunteering, etc.”
Recession time is also a good time to start a business. Method Home and Clif Bar both started when times were tough. Money Magazine reported “challenging economic periods have consistently proved to be good times to launch new businesses. Sixteen of the 30 companies whose stocks make up the Dow started during recessions.” Companies tend to cut back on marketing during recession time. But those who ramp up their communication efforts improves their competitive advantage. Getting the word out is important, but looking good is a must. Design serves a function: get people to act. It’s not only what you say, but how you say it that attracts, holds and motivates an audience.
What to do in a down economy? Invest in yourself and reinvest in your business. Take care of your business and your business will take care of you. As actor Woody Allen said “80 percent of success is showing up.” And in a time where companies cut their marketing budgets, it’s the company that continues to communicate their value that gets the sale.
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