When the economy begins to struggle or the word recession starts being whispered, most business owners jump to make budget cuts. For many small businesses, this frequently happens in the form of marketing and support. Their thought is that marketing is a luxury and they could or even should go back to the days of wearing all the hats. At NBPS, we believe this is the wrong approach because while it may give you some short-term financial relief, it can significantly stunt the growth of your business in the long run.
In this modern world where switching off your digital marketing is as easy a clicking a few buttons, the temptation to cut that specific cost can seem like a good idea. But turning off your digital marketing during a recession will hide you from a customer base that will be online more since they might be working or going out less. Even if they are not spending now, they are absorbing your brand and when it is time to spend again or they must spend out of necessity, you would have the advantage of having already cultivated them as a customer. Instead of eliminating marketing, we suggest narrowing your strategy and getting the most out of your marketing budget.
And this is where we discuss why staff should not be an immediate cut either. Especially specialty staff like a marketing specialist who knows how to get you through a recession.
Not only with Marketing staff, losing a bookkeeper, a project manager, a trusted assistant, sales or customer service, operations, and human resources could do more harm than good, during uncertain times as well. While you can put back on some of these hats, you may find yourself in over your head if you do not have the experience and know how, which could set you back to square one of building a team.
That is why we created a holistic approach to small business at NBPS. We understand that there are critical roles in growing and sustaining a successful business and we want to help you be successful not only during the peaks but maintained during the valleys.
Our system offers a full team for buckets of hours which allows you to keep those crucial positions even when you need to cut your staff budget. By having access to a team of specialists, you can give very part-time hours to the positions that matter, which is not normally possible if you hire for those positions individually.
If you are considering cutting your marketing or staffing budget, contact us before you do!