In tough time, the first, and most frequently observed strategy is to do nothing. To wait until the economy improves.
Alas, reduced growth and conservation of scarce capital is a normal course of action in a tough economy, and the good times may be a long way off.
You risk having to lay off more people to cut costs, in the not too distant future, as new revenue is hard to find. You also risk losing the few and precious top sales people as morale plummets further. The top sales people (i.e., the rain-makers) generally contribute the lion’s share of new business. Losing a top sales executive typically compounds this issue.
Instead, we recommend taking a specific course of action to turn around the fortunes to win new business and improve morale as per the strategies No 2 through No 6 (see below).
As you look to grow revenues in tough times, here are six potential strategies to consider for your organisation
- Weather the storm (this strategy)
- Do less, get more
- Lower risk, not price
- Gain a premium price
- More promotions and campaigns
- Cross-selling
