2009: The Year of the Ox

At the risk of showing my age, I’m a survivor of both the ’87 stock market crash and the recession of the early-Nineties. On both these bleak occasions, there were copious amounts of hand-wringing and generous dollops of market gloom. But neither saw the end of capitalism or business life as we know it.

Far from it, in fact.

Call me perverse, but I’m quietly optimistic about 2009. Surely, contrary to what our illustrious Chancellor would have us believe, we are at best unlikely to see a return to positive GDP territory until Q4 in 2009 or Q1 of 2010. But better times are certainly ahead – shimmering on the horizon and most definitely within reach. How? Well, below are some suggested Do’s and Don’ts that I hope can hold us all in good stead into ‘09:

Do…

· Tend to the fabled four P’s - price, place, promotion and product – as surviving (nay, even flourishing) in a downturn is all about revisiting your business fundamentals;
· Run a tight, ‘green’ ship (your bottom line and the environment will both thank you);
· Focus on client retention (it costs between three- and ten-times as much to acquire a new customer as it does to retain an existing one);
· Put customers first (emphasising the additional value your goods or services create will provide a winning edge);
· Give rewards (be they small or large) to yourself, staff and clients for their loyalty. Your gratitude will be remembered long after this recession is but a distant memory.

Don’t…

· Shy away from DM and marcoms (why slash budgets when finding the right combination of channels can maximise both your response rates and ROI?);
· Spend what you don’t have (cash is always your best friend);
· Retreat from investing;
· Be afraid of change (it’s the management thereof that’s key);
· Forget that we’re all – each and every UK company – in this together.

According to Chinese Astrology, 2009 is the Year of the Ox, so being strong, patient and tireless will indeed be virtues over the next twelve months. But if your business planning and product/service delivery are sound, then in spite of the current market meltdown, opportunities still abound.

This blog will return the week of January 5th, so here’s to wishing you and yours a safe and happy Festive Season.