Sometimes we turn on PBS in the morning so my son can check out Sesame Street while we scramble to get ready for the day. This morning, Elmo’s squeaky voice caught my attention (and, if you’ve ever heard Elmo, he’s hard to ignore). Elmo was *very* excited because he had received an email. "Elmo LOVES checking email," he squeaked. Elmo has email? Wow! What a long way come from the days of Mister Rogers, when mail came the old fashioned way – by Speedy Delivery from the Postman. This got me thinking…If Elmo has email…have we reached a point where we all have email? Has our society fully embraced the technology of today? Do more of us pick up a keyboard rather than pick up a pen to reach out to each other (or pay bills, read books, etc.)?

More importantly, have we, as business owners, fully availed ourselves to all the opportunities that new technologies have created the last few years? Are we, in one way or another, “sending Elmo email?” All joking aside, this is a good time to ask yourself some pretty basic questions.

• How much traffic is my website getting?
• Am I updating my blog at least once a week?
• Am I “tagging” my blog so both it and my company will register on search engines?
• Do I have a great monthly Ezine?
• Do I have a web presence and have I maximized social networking opportunities?

Can You Really Afford to Cut Back?
When does Saving Money = Losing Money?

I’ve been speaking to a lot of my colleagues lately, asking, "how’s business?" Many people are starting to reply that business is slow. "It’s the economy," or, "We’re in a recession," or, "It’s the housing market," they say.

Sure, the economy is a little slow, but as professionals, what do we do about it? When things are slow, too many businesses tend to cut back. They slow their spending as much as possible, stop marketing, and struggle only to maintain the clients they already have. This becomes like a game of freeze tag - "Recession on!" and everybody stays v-e-r-y, v-e-r-y, still. And then – "Recession off!" and everyone scrambles to vie for the best position and offer the best deals, hoping to lure spend-happy customers starving to make a purchase after not spending for a while.

The biggest problem with this approach is that economic slow-downs are systemic. This means, quite simply, that your clients are cutting back as well – so even if you keep all your customers (which isn’t 100% even in good times), it’s likely that you will not have the amount of sales or assignments that you normally would. So slow periods become the perfect and vital time to go out seeking more work and new clients and, in turn, to build a stronger cash flow.

So be wise and be wary. Cutting back in some areas may be necessary, but what you cut can be deal breaking.

AVOID Cuts in Marketing! Marketing and advertising budgets are usually first place we hit. It’s understandable -- often, we don’t know the "real" return on our marketing efforts in dollars and cents. But this is, in fact, the BEST time to ramp UP your marketing and advertising. Why? Because *others* are cutting back. There is less competition vying for the attention of the potential customer pool. By advertising now, it is more likely you will stand out and maybe increase sales – or at least you will be remembered later. Plus, customers prefer companies who appear strong. Think about it – as a consumer – don’t you prefer to do business with a company who appears robust, excited and durable?

The fix, when you must cut back, is to remember that “cut back” does not mean amputate. Removing your marketing budget as if it were a bad appendix is a bad choice. A simple shift in gears might be even more effective, and still be cost saving.

Some Low-cost Options and Solutions to Marketing:

• E-Newsletters
• Host a networking event at your facility
• Give a free teleclass or complimentary talk related to your business
• Call and connect (or reconnect) with warm leads and current customers
• Attend networking events
• Write articles and submit them to professional associations and directories

DIY (Do it yourself). "I’ll do it myself." (You think!) So you cut back a few employees, you fire the maid, and you buy a lawnmower. But after you do it all yourself, when are you going to find the time (or energy) to run and grow your business? You got into business because you are good at something – don’t waste your precious time doing things you don’t like, or don’t do well.

Like low-cost marketing ideas, getting creative with your office budget is vital. If your full-time assistant’s salary is too much right now, consider hiring a virtual assistant to answer your phones or make those pre-qualifying calls to your warm leads. Or perhaps a great VA can write your copy, design and send out your e-newsletter. The bottom line is…get help, but be smart about it.

Taking everything onto your shoulders might look attractive in theory, but it will drain and distract you. Hiring the right person for the job will save money and save face. I can’t even count the number of things I’ve received lately with spelling and grammar mistakes. In my mind, it simply discredits the company. If you are going to be out there making an impression, make it a good one! If you are going to be a successful business person, you have to act like one – "being the boss" and continuing to delegate puts you in a better mindset to be successful. More importantly, it leaves you free to steer your ship through a rough economy and into more abundant waters.

And remember, the added benefit of using a virtual professional for office coverage or specific projects is that you only pay for the time that they spend on you. There are no sick days, no vacations, no health benefits – it’s just the work and nothing but the work!

Cut it out! So where do we save money during tough times for our businesses?

Lose the Schmooze. Let’s face it, client lunches are not only expensive, they eat up your other priceless commodity – your time. Take a 30-day break from entertaining and use that time to learn about social networking (i.e., My Space, Facebook, etc.), or write an Ezine with helpful tips and ideas for your existing client-base. Ask them to pass it on to their peers and friends or to send you a lead or two.

Get a “Fly” Swatter. While some business travel may be unavoidable, many of today’s out-of-the-area meetings and appointments can be held via teleconference or webinar. This will, again, save your two best resources, money and time. And if you delegate these expeditions to employees, you will also save a ton of cash on your employees’ T&E’s.

Cash in on your Space. Finally, don’t just get creative in your cuts - get creative in your thinking! Rather than laying off a much-needed junior associate, consider leasing an empty office to a colleague. Likewise, if you have a nice space just being used for old file boxes and a fax machine (and dust), clean it out, toss it out, and rent it out. You can make this more lucrative by offering your receptionist’s services for an additional fee (if he or she is on board – but who wouldn’t be if it means keeping their job while you navigate a downturn).

Just remember to have your new "roommate" not only sign a lease, but also an iron-clad non-disclosure and non-compete contract. This protects not only your company, but also your client base.

To sum things up, choosing the right path for any business is not easy. It means you have to have 20/20 vision and be visionary at the same time -- you have to keep your eye on the details, but never forget the big picture. At Go2Girls, we advise clients all day long on exactly this – as well as everything else under the sun! Why not set aside twenty minutes today or tomorrow to shoot the breeze and hear what the best team of virtual professionals can bring to you, your business and your life.

Go2Girls – we bring the peace so you can build prosperity.

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