Throughout 2008 most of us, either by choice or by necessity, have tightened our budgets and buckled down to weather the current storm of economic uncertainties.  I’m all for cost excellence in execution to reduce unnecessary expenses.  Figuring out where corners can be trimmed is essential to long term success in any economy. 

Okay so where DO you spend?

1. Marketing and Networking

2. Marketing and Networking

3. Oh and did I mention…Marketing and Networking?

Marketing is an investment of company dollars that helps your consumer believe that your company is thriving.  Especially in uncertain times, consumers require that when they reach into their wallet the hand on the other side of the counter will still be there in 6 months.  Position yourself as strong and successful and you will be far ahead of everyone who’s complaining about a downward sales plunge.

Networking, on the other hand, is almost entirely an investment of human capital.  Whether your a one man show or have a score of sales people on the street, being well connected is the NUMBER ONE way to ensure your business keeps growing during a recession.  Some one is buying what your selling.  If you have 10 people recognizing your potential customer everywhere they go the chances that the someone buying will come to you increases ten fold.  Build your network and you will build your business. 

Simply explained by J. Welsley Rodberg, former Senior VP at Meldrum & Fewsmith, ““ I have yet to see any study that proves timidity is the route to success. Studies consistently have proven that companies that have the intelligence and guts to maintain or increase their overall marketing and advertising efforts in times of business downturns will get the edge on their timid competitors.”