For example, useless clerical functions, entertainment expenses, travel perks and unnecessary trade shows are some prime candidates from which to cut if your business utilizes a mobile sales force. This makes your sales department more efficient and allows them to focus on those customer prospects that are the most relevant and have the greatest potential. Says Harari, “The point is to apply precise surgical strike to procedures, policies and personnel that add least value to the central mission of the firm. The minute you start applying the cleaver to product development, quality and service enhancement, and training, you’re dead. If anything, expenditures in these areas should go up.”

As mentioned earlier, when dealing with your most profitable customers (20/80 rule) during an economic downturn, a concerted effort should be made to upsell these customers and offer them a broader range of services or a more extensive line of products. According to claims marketing consultant Bob Bly, “Master marketing techniques that will win you new clients…and that also help you retain your current customers and keep those customers buying.” Some suggested ways of doing this are:

• Reactivate dormant accounts and old leads.
• Help existing customers create new sales for you.
• Make quality customer service your key to success.
• Quote reasonable, affordable fees.
• Downgrade your acceptable customer profile.
• Plan an aggressive marketing campaign.
• Repackage your services to accommodate reduced budgets.

By utilizing these strategies on current and potential customers, the income you’ll receive from the top
20-percent of your customers will increase, and is primarily what will help keep your business secure and financially stable during recession years. Additionally, this income will enable you to prospect the new business leads that will help propel you through the economic upturn and into the economically stable years to come.

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