This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2022/06/how-to-take-advantage-of-a-recession-to-build-your-brand/
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Contributed to EO by Vladimir Gendelman, an EO Detroit member and founder and CEO of Company Folders, Inc., an award-winning online printing company that has helped over 5,000 businesses print more than 20 million presentation folders. The company made the Inc. 5000 list of the fastest-growing private companies in America for three consecutive years. Vladimir has shared his expertise to help entrepreneurs get the most for your printing budget and save big on custom-printed materials. Here he shares his experience on how to continue building your brand during a recession:
When sales are high, we focus resources on taking and filling orders. There’s always a list of important improvements that slides down the priority list in favor of the urgent day-to-day tasks that keep a company running. As painful as it is when sales dip, the silver lining is suddenly having a chance to do all the stuff there’s never time to do.
The key to making the most of this opportunity is to focus on improvements that enhance how we deliver on brand promise.
During the 2008 recession, while everyone else was hanging onto the gunwales of tossing ships, offering bargains, and hoping for a quick end to the pain, a restaurant near our office started remodeling. They knocked down a wall and installed garage doors to provide better flow to their outdoor patio and redesigned the interior, dramatically improving the dining experience. Rather than holding tight and offering bargains, they doubled down on their brand. The place was packed right through the recession, and they’re still doing great.
The following is my advice on how to not just survive, but thrive, during a downturn along with examples of how we’ve used these strategies.
Identify opportunities
The time freed up by a dow… Read More
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