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Recession and Your Business, I need your help, please read :)

by Bev Clement
11 replies
We were asked today if we would be interested in speaking on the recession and the affects it has on businesses.

It will be in HK for about 500 offline business owners

We have to write a proposal and cost for speaking and then submit it.

The way you can help is if you were going to this conference what subject would you like covered.

What questions would you like to ask and get answered.

Be practical.

They are not 100% sure whether it will be a full day (8 - 10) hours or 5 evenings (2 hours each) so it will be a lot of speaking.
#business #read #recession
  • Profile picture of the author rosetrees
    OK - I'll start the ball rolling. I work with a lot of very small businesses - several in the tourism industry. I would want you to address issues around pricing.

    Such as - is it better to maintain prices and possibly have fewer customers, or reduce prices in an attempt to attract more customers.

    Other issues such as reducing overheads but maintaining an advertising presence.

    Is business planning possible in the short term?

    Setting up a small business if finance is no longer available (if your bank will no longer lend) AND (the other side of the coin given falling interest rates) setting up a small business if cheap finance is available.
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  • Profile picture of the author Roy Carter
    It is far better to add value and maintain pricing. Any fool can reduce prices but it's much harder to put them back up again!

    My wife runs a villa rental site and she has maintained her prices while all around are dropping theirs. No significant loss of trade. Add value and stand out from the crowd.

    Sorry Bev, had to have my 2 cents on that one!

    Re the OP. ALL businesses need one thing (in a recession or not). They need to know how to get new clients/customers. As online marketers we are extremely well placed to help them do just that.

    Roy
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    • Profile picture of the author rosetrees
      Originally Posted by Roy Carter View Post

      It is far better to add value and maintain pricing. Any fool can reduce prices but it's much harder to put them back up again!
      Ah yes - it may be obvious to you - but cutting prices is what most businesses are doing. I think it's an issue that Bev could usefully address.
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  • Profile picture of the author Vince Runza Online
    Okay, if I was still running a brick-and-mortar business, I'd want to know all the ways I could keep my employees, instead of just laying them off or firing them.

    I'd also want to know where I could find a really cheap accountant!:p
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  • Profile picture of the author Bev Clement
    Cheap and accountant do they exist?

    Some interesting thoughts there.

    It also seems a good time to raise prices as well, because depending who your target market is, could be good to look at a new target market, one that has money to spend.
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    • Profile picture of the author Vince Runza Online
      Originally Posted by Bev Clement View Post

      Cheap and accountant do they exist?

      Some interesting thoughts there.

      It also seems a good time to raise prices as well, because depending who your target market is, could be good to look at a new target market, one that has money to spend.
      Couldn't resist the cheap shot!

      As for raising prices, somebody or other quoted statistics that you can raise your prices 20% and lose very few of your clients/customers. Naturally, that's intended to be a generalization. Your Mileage May Vary.
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  • Profile picture of the author Bev Clement
    Both sides will be interesting as we look at the proposals and show the subjects we will cover.
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  • Profile picture of the author Ken Leatherman
    Obvious of course is utilization of the Internet for building business and cutting advertising cost by doing so. A way for them to do so without paying thousands of dollars for having a site built. But then again if they are big dogs and want to spend thousands show them how to do that to. :p

    Bev, boy could you and Rob run with this. You guys could be the "go to" Internet consultant for the little dogs. Time to update your business cards. Oh yeah be sure and tell them about "The Old Geezer".

    Ken Leatherman
    The Old Geezer
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  • Profile picture of the author Bev Clement
    Ken, we updated our business cards in January, and now have a company in HK as business consultants.

    Even less businesses here in HK are online than in the US, so lots of opportunity for that.
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  • Profile picture of the author John Taylor
    Bev,

    In a recession the vast majority of businesses
    tend to go into survival mode and look for ways
    to cut costs.

    unfortunately, while you're focusing on reducing
    costs, you're not focusing on business growth.
    The people who do well after recessions are the
    people who take advantage of their competitors
    reduction in spending by grabbing market share!

    The real business killer is failing to recognise the
    importance of cash flow.

    If I was looking for guidance in how to respond to
    a recessionary business environment, I'd want to
    know how to manage cash flow and how to take
    a contrarian position to that of the competitors in
    my niche market.

    John
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  • Profile picture of the author Bev Clement
    Thanks everyone you have given me lots of food for thought here, and I can start to mind map various areas which we can cover.

    Now to work on the pricing side
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