Post-Bailout Business Survival Tips

As the past few weeks have brought News of bank after bank failing, stock market yo-yo, and political gridlock, a lot of businesses are feeling the pinch. This election will be over soon, and hopefully, life will return to normalcy. Until then, however, a few ideas to keep your company moving forward, regardless of News headlines.

1. Keep marketing. No matter what happens, your marketing is your focus. It has to be. Marketing is your business and even though it seems foolish to spend precious funds on it, you should be spending some money on it. You can cut some things (think scalpel, not hatchet) from your marketing budget, but continue to make it a priority.

2. Communicate your long-term strategies—and your short-term strategies—to your employees. Keep everyone in the loop. Anxiety is high enough as it is. Don’t hold ultra-secret meetings closed to lesser employees. Bring everyone in and talk about the tough economy, the uneasiness over the Wall Street bailout, and how it will shake out for your company (and each of those employees) and don’t be afraid to use your real words. Be reassuring, be hopeful, be cautious, be open.

3. Don’t drop your customer service focus. Your customers are feeling the pinch just like you and they need reassurance that the business world is doing all right. So, lay out the red carpet. Offer an impromptu sale when someone orders more than you expected. Listen to their concerns and make sure you act on them. In days like this, a little customer service goes a long way, believe me.

4. Cut costs where you can. Offer employees the chance to work from home if they are able, institute a spending freeze on extraneous expenses, such as business travel (think teleconference), fancy office machines and tools (put the purchase off for next year, unless you absolutely need the write-off), restructure for a week or two to get a difficult project out the door rather than hire on more freelance help, and so on.

5. Plan for better days. Nothing helps current gloom and doom by thinking ahead to better times. There will be better times. Have a brainstorming meeting. Create fancy flyers that you can hang around the office (“Plan Our Next Decade: 2010 and Beyond”) and dream big. It will be fun, take the stress off for a while, and may result in some great ideas you can implement right now.

Just a few ideas for today as we wait to see how everything shakes out. We’ve been through worse and I’m hopeful things will be better. So plan for it!