In late November 2001, the federal government came out with an alarming disclosure: The U.S. economy was in a recession, and had been since March of that year.
Well, thanks for the information, Uncle Sam. By the way, here’s a news break for you: Entrepreneurs who’ve had their pulse on the American economy had been feeling that reality for monthspre-dating March 2001.
Recognize the problem
Already, we’ve felt the pinch of the slowed economy. Though we work alone as independent contractors earning Form-1099s at year’s end, many of us received pink slips from clients who’ve been forced to cut back their freelance budgets. We’ve seen fees and assignments cut, our list of pending work whittled to a pittance of what it was only a year earlier, and our future prospects dimmed.
Businesses, however small, are businessesand no matter how young or how mature, require nurturing to foster growth during slow times. So crack databases, call on old clients, ferret out new prospects and keep the words flowing out and the money flowing in.
Keep the marketing and new business development efforts moving like the gears of a clock. While many entrepreneurs might be tempted to cut back on marketing during an economic slide, advertising executives recommend business owners keep marketing budgets or efforts intact.
Cutting back on your public exposure can result in lost customer awareness and market share, and give competitors a chance to catch up.
Here’s a short list of business development and sustenance strategies for a slowor even strongeconomy:
Use your free time to create the “marketing collaterals” you need to spread your image. You can even update the “sig file” or electronic footer in your e-mail to better reflect who you are today.
If you’re a contract marketing or public relations writer, grab some of your clips or examples, and hit local meetings of the Public Relations Society of America, advertising federation or other trade group (call any large PR firm or ad shop in townor log onto the Internetto find out who the organizations’ local representatives are). Pitch yourself and your skills.
Become that lifeline to fresh ideas. Staying atop trends and news will help you keep a finger on the pulse of the economy, and develop a feel for how quickly your own tidings may be changing.
While surviving the cycles may seem long and arduous, know that it takes stamina and a positive outlook to ensure the enterprise emerges stronger when the storm has cleared.
Watch how you talk to clients and prospects. It can become habit to call clients frequently begging for new assignments or asking when new assignments may come along. Soon enough, your call could be avoided because you’re perceived as a pest. Track your calls in your datebook; each time you get a “No,” ask when you should call back. Note that date and follow up.
Be persistent, but not a pest. Remember that whether they’re clients, prospects, peers or others in the business world, people can benefit from an upbeat voice speaking in a positive way.
In time, recessions or economic downturns slide into history, and like spring itself, give way to the flowering rebound of a new season. By keeping business trim, marketing in shape, contacts close and prospects closer, today’s entrepreneur can emerge stronger and more confident.
This article appeared in the April 2002 issue of Writer’s Digest.