Author: Go After The Money
In a recession, businesses either grow or shrink, so there is no coasting along in tough times, according to Victor Cheng, a business consultant and author who spoke to MetroWest Chamber of Commerce members in Framingham this morning.
"In a boom economy great companies and average companies do equally well. In a down economy, only great companies continue to grow," Cheng said.
Cheng's focus was on what businesses can do to actually thrive during a recession. Cheng is recession marketing expert and author of "The Recession Proof Business: Lessons from the Greatest Recession Success Stories of All Time."
Step one is "getting your head on straight," Cheng said. Make business decisions on the facts: what your customers want and what is going on in your regional and local economy, he said.
And while there is a recession, opportunities still exist. For businesses, it's simply a matter of figuring out what customers are spending money on in a specific market and going after it, he said.
Developing a unique product or method, and then moving quickly with it, is crucial, he said. "It's adapt or die," Cheng said. "If the market is moving at 75 miles per hour, then you've got to be driving business at 85 miles per hour. It's imperative to be very aggressive in advertising and marketing for the new product or service," he said.
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