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Every Thursday, we introduce five cost cutting tips for your business. However, there are certain areas of your business where you should not cut costs. These are areas of your business that if you skimp on (or change) during a recession, you will sacrifice the integrity of your brand.
This week, I want to present FIVE COSTS YOU SHOULD NOT BE CUTTING:
- Branding
Your brand is everything. This is an area that you cannot afford to cut corners during a recession. You can make decisions about how you spend your money to promote your brand. But, I would not change the way you present your brand in order to save money. For example, I love my business cards. Being in a stationery business, it is important that they reflect our brand. If I were to lessen the quality of the cards, I would lose my brand integrity. I can change the style if I want, but I must remain true to the brand of my product. - Service
Good customer service is priceless. The mission of your business should not change in good times or bad times. This is an area where you can shine. Give your customer a value proposition and guarantee them that your service is worth the price of your services. - The “little things”
Every business has those “little things” that make it different and special. Keep up with the little touches. It’s what has given your business its outstanding reputation. - Quality
Do not skimp on the quality of your product during a recession. If you lessen the quality of your offering, you are threatening the market niche you have defined. It will be difficult to regain your target clientele when the economy improves. Let’s say you are a wedding cake designer and you built your business on the reputation of using the best ingredients. If you decide to cut costs and replace your yummy delicious sugar with a generic brand, your customers will notice the difference (bleh!) and it will affect your profits. - Appearance
This is the “overall look” of your business. Have you let your blog slide? Is your website outdated? Is your shop sloppy? You can still cut costs without letting the overall appearance of your business deteriorate. Appearance, like branding, is the first thing the client sees… and, you never get a second chance to make a first impression.
Do you have thoughts to share with Sage Wedding Pros? Post a comment, or send us an email at michelle-at-sageweddingpros.com .
by Michelle Loretta
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