Post Recession Growth Strategies: Start Now The bears will continue to drive the market lower, while some of them will make additional gains as a result. Compared to 130 years of business cycles, the current recession has much less support than others and there are more signs of a quicker recovery. For example, employers are still hiring while layoffs continue in other areas of the business. In past recessions, unemployment reached 25% within the eligible labor force. In previous recessions, there was tremendous wage pressure, huge inventories, and currency dilution.

As of the summer of 2010, wages are still holding up, inventories are at an all-time low, and the currency has stabilized. Unlike in the past, there is a good cushion of emerging countries that continue to buy the same and higher than before the recession. As US consumption increases (according to recent reports), the demand for products and services will increase marginally. With the holiday season approaching, hiring will continue to increase and an increase in consumer spending could be expected, albeit by a fraction.

For companies that want to look on the bright side, there is a different kind of demand taking shape. In almost all sectors, new economy products and services are showing strong signs of gains. Customers are more willing to buy results-oriented products and solutions. From the owners’ point of view, future growth demands a different kind of strategic plan. Traditional strategic plans were based on financial goals for the most part. The strategic plan for a new economy calls for different objectives: market share, product profit realization benchmark, extreme differentiation index.

This is a whole new economy. The seismic economic shift has already occurred. The customer base, even in the more traditional localized industry, has a new type of buyer: customers who have more alternative product options, easy access to anywhere in the world, and the ability to talk to their customers directly without involving them. There is heavy baggage for those who decide to stick to the old school. Whereas, for owners who are brave enough to do business (not just over the internet) using a different set of metrics, who are willing to do business in distant lands, the opportunities are plentiful.

So what are the baby steps to long-term growth?

10 step post recession planning

1. FORM – Identify the FUTURE needs of the BASIC CUSTOMER. Clients follow leadership that knows where it is taking them.

2. DIFFERENTIATE every aspect of your business starting with your leadership style.

3. Increase MARKETING EFFORTS specifically focused on future needs. Instead of just increasing marketing spend, increase targeted areas where it translates to steady cash flow and increased profit margins.

4. A BUSINESS that creates SOCIAL VALUE during the recession EARNS tremendous emotional points. Make it visible to past, current, and future clients by volunteering at programs they are members of.

5. Have favorable ‘recession plans’ to continue their business. Provide GUARANTEE of superior quality during the recession.

6. Create compelling reasons why customers should contact you regularly, even if it’s not to buy. Monthly newsletters with your articles, thank you notes, and pictures with clients from recent events – prompt them to initiate a call.

7. Path of Success, begins with being DIFFERENT, DELIBERATE and MAKING DECISIONS. Making decisions during the recession with the longer term in mind requires structural analysis. You must be impartial, unwavering, not compromise with short-term temptations. LEARN decision-making skills.

8. Look for marketing joint ventures with complementary partners. Combo discounts often help boost inventory for both and give the customer a break.

9. Periodically test for symptoms of change, customer business drivers, and justification changes. Look for things the client won’t say but prove otherwise. For example, a small increase in office space could mean more business is expected. Get customer changes noticed visually as often as possible.

10. Create online marketing disciplines with a longer term in mind. Internet marketing is here to stay and wise investments will pay off. First secure online real estate, such as domain names, keywords, and list building.

These strategies are currently adopted by the author’s clients. They are designed with a solid foundation and require commitment from the owner. Post-recession planning is an ongoing process that every business must prepare for and act on. For more information on how to implement this 10-step post-recession planning program in your organization, please contact [email protected] or visit www.thebusinesslabs.com.