Action Steps

Improve on your service, quality and standards where possible, for example you are already paying your receptionist make sure that he or she is helpful and friendly and that he or she transfer calls to the person or section the call is for. Make sure that every person you employ is over producing and have a friendly attitude giving you the best value for your money. This will also ensure higher quality products and less come backs and a good name, that will bring you referrals and return customers at no extra cost.

If you have an accounts department take the time to thank your clients for paying you even when some pay late or less than the actual amount due. Very few companies thank their clients for honoring their accounts and this is a great marketing strategy during a recession at no extra cost, you already have the staff in your accounts department teach them to make every person feel great for having a facility at your company and that you are proud of them for arranging their financial matters in such away during the recession that they are able to service the facility. The extra interest that you gain is money from home anyway. When your clients want to pay you first because of how you treat them you will grow during the recession. People actually sit down and choose who they will pay, who can wait and who can summons them when their funds are limited.

Instead of taking legal action against clients with accounts that are in arrears call them and make special arrangements your client is more valuable economically alive than financially ruined. This will also help you to build lasting relationships with your current customers. Once again you will receive interest for a longer period bringing you passive income without additional costs.

Keep your workforce positive and make them feel secure always remind them that you have been through tough times and that you will do it again. List those tough times, every company has a history and no history is paved with only joy and prosperity. Tell your staff how you dealt with it in the past; this will build confidence in you as a leader. The message that your staff sends out through their actions and what they discuss about your company in their private time can either ruin you or sustain you.

Renegotiate costs of advertising do not cancel; chances are you will get more for less.

Quality products, quality service and even better after sales service have always been the most cost effective way to advertise. Unwanted experiences are always great opportunities to flamboyantly make a lasting impression on your audience and determine the future of your company, how you deal with it is entirely up to you.