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What is the last cost you should ever cut in your business?
Stuart Bailey
What is the very last cost any business should cut, recession or no recession?
During these strange and uncertain times a lot of businesses will be thinking about cutting costs in this area, or have already done so!
I started my Photography business in possibly the worst time in recent history with COVID-19, but as horrible this whole situation is, it has actually been the best learning curve that I could ever have! - Nothing like being thrown in the deep end and having to learn to how to swim to survive!
If I can survive as a commercial photographer and keep my business alive through this global coronavirus pandemic and recession, then in theory, it should be booming when the economy comes back to some sort of normality!
So, what is the one thing I think that all companies, big or small, should never cut costs on?
Well, it seems obvious, it’s the very thing that actually gets customers and clients coming to your business, which is marketing and advertising!
No matter matter what economic time we find ourselves in, but especially now, the area that companies seem to cut cost on in an economical downturn, has historically been their marketing team and their marketing and advertising efforts.
Maybe the thinking behind it is,
“Well we’re not getting, or going to get any customers for a while, so why waste money on marketing to people who can’t buy from us anyway?”
Sounds valid right, and makes some sense?
However, this really should be the very last thing companies should be cutting, ever, and especially in an economic downturn!
The way businesses get customers is though marketing, advertising and networking, it’s what gets peoples attention.
Stuart Bailey
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