Sometimes it’s funny to think that it times of economic trouble companies decide to cut back on marketing costs to save money. I was messing around a while back and came across an article entitled “how to make blog money.” The post had a commonly used phrase that relates to this article… Don’t bite the hand that feeds you…

Everyone knows if you slash overhead by laying off quality people doing important jobs, a doom and gloom phase is short to follow.

The problem with laying people off is that once you start its hard to stop because the action can have a snowball effect that may result in the bankruptcy of a business. Letting people go is a last resort of a failing company that refuses to search for additional make money opportunities.The fact of the matter is that the need to retain employees has never been greater.

Whatever you need to do in regard to termination to stay afloat, be careful to not eliminate sales positions or even jobs that support the sales function.In times of economic crisis it’s extremely important to focus on the factors that drive sales and dump as much money into these vehicles as possible. Think about what is going to drive sales, show your team that you are extremely supportive and let them know you’re willing to back them with market research marketing dollars if that’s what it takes to boost your bottom line.

Make cash flow a number one priority by offering incentives for increased performance and bonuses for bringing in new clients.Now is the time to be aggressive in your sales and promotional efforts. Sometimes people in managerial roles have to make tough decisions. Keep in mind that the longer you can hold on to your employees the longer you can fend off the competition that is standing ready to hire your experienced staff.