Last week at a networking event, the subject of the economy’s inevitable upturn was the morning’s hot topic. In the last year, we have seen companies slash costs, employees, services, marketing spend and more. This has left businesses white-knuckling it from here on out, hoping against hopes that everything will turn out ok. Good news is, most of my fellow networkers felt that business will get back to normal. The real debate was how will companies who have slashed to the bone (and then some) be able to compete once the market returns?
It’s a point well taken. Businesses that have cut deep have left themselves understaffed and with limited resources once the economy returns. And these same businesses will be scrambling and likely eclipsed by competitors who did not slash during the downturn. As we’ve stated before in this blog, it’s much easier to lead the pack than to catch up with it.
So while it’s still a roller coaster market out there, it’s a good time to start preparing for the upturn. Dust off those marketing plans, draft the “we’re hiring” job descriptions, and review your current product/service list. And keep in mind that it’s also inevitable that the slushy snow out there today will soon be blooming spring flowers!
