Hunkering Down During Bad Economic Times
The New Year celebrations are over, and 2009 has officially started. All the economic news indicates that the current global recession will continue during 2009. People have been losing their jobs, homes, and incomes since mid-2007. Many large and small businesses are also closing their doors or are reducing their operation and their workforce. During difficult economic times, business owners are looking to: Reducing Costs and Increasing Revenue The first step in cost reduction strategies for many small businesses is cutting their marketing and advertising budgets. As long as people who run the business have a well-defined business model that deals with economic fluctuations and have a clear understanding of their customer needs and their competitors’ activities, this strategy seems to make sense. Many business owners are waiting for better economic news to restart spending on their marketing and advertising. How long the economic crises will last is a question that nobody can answer c