Tips for Preparing for the Economic Recovery

This just in—the economy is starting to turn around! And though a real recovery may still be months away, now that word has leaked that things are improving, you can expect many businesses to start positioning themselves for success when consumers finally come back out of the sheltered caves they retreated to a year ago.

How can you ensure that you're positioned for success? EGC offers our top four tips for businesses to follow now so that they are a ready when the economy recovers.

Invest in infrastructure—while many business have held off investing in infrastructure during the economic slow down, now is the time! By investing in new technology or new office space that can allow you to grow with the growing economy NOW, you won't be hampered by the efforts when the economy is back in high gear. It is also likely that you can still secure "economy pricing" on many of these services and products now, vs. the higher price they may demand six months from now.

Invest in talent—you may have had to lay off staff, forgo hiring the next company star, or implement salary freezes (or cuts!) in the last year. Now is the time to invest in new talent still on the market, before the job market starts to heat up and that talent gets swept away by your competitor. In the same regard, for the loyal staff who stepped up to the plate during the down times to cover the work of those you had to let go, or stayed despite salary freezes/decreases, consider offering your thanks as an increase in compensation now—so they know you appreciated their loyalty, and so that they are more inclined to stay put when the job market does heat up again.

Invest in marketing—at EGC, we were always advocates of the thinking that those who stayed in the ad game during the down economy would come out on top, and we worked to keep our clients invested in the best marketing plan they could afford. If you had to cut back on your marketing, now is the time to look to ramp back up, and lock in pricing and schedules before the market starts to tighten again. Get back out there now, on the cusp of the down cycle, so that you aren't middle or last to get back in… because you may find if you wait too long, you'll just get lost in the crush to get back in.