The buzzword these days seem to be recession. Recession means the economy sliding down, loss of jobs and a whole lot of other depressing things. In these times, how should businesses handle their current activities and navigate the murky waters of the recession.
First of all, businesses should be realistic. In times of financial uncertainty, most businesses will tighten their belts and hesitate to spend money. Whatever needs to be cut will be cut. This includes budgets for corporate programmes and marketing communication plans too, which are often the first to be cut.
The Public Relations business is especially cyclical. An agency cannot hold on to the same client forever. That is the realistic part of the business. While we should always do our best for all our clients, other factors should be taken into consideration. We have got to be prepared to lose the client as much as we strive to retain the client.
So what do we do? We have to be realistic and ensure we take appropriate measures that fit in with the tough times. Tough times make tough people. The right financial initiatives for the business should be put in place to ensure the company’s bottom-line is minimally affected. There should also be a proper employee structure. As Jim Collins says in his book ‘Good to Great’, basically, organisations should focus on “getting the right people on the bus and the wrong people off the bus”.
Objectives and directions change. The only thing that stays constant is change. Therefore, we should equip ourselves with the right mindset and strive to work for our clients while at the same time ensuring that we do not behave like ostriches with our heads buried in the sand refusing to see the light of reality.