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Submit Your Small Business Story to Make It Business
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Are you a small business owner or apart of a BC small business with a unique story?
Then we want to hear from you. Email your story to
editorial@makeitbusiness.com and let us know about your company’s rise to
success, niche product line or whatever it is about your small business that really
stands out.
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Small Business Tip
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Don’t Cut Your Marketing Budget in a Recession
Perhaps the most widely ignored recession survival "rule," is to not cut back on
marketing efforts. A McGraw Hill study done during the early 1980s recession divided
firms into those that continued to spend on advertising versus those that cut back.
Researchers found companies that continued to spend doubled their sales and profits.
Those that cut back lost about 20 percent of sales and profits. The most dramatic
gains came in the first two years of the recovery when businesses that had continued
to spend enjoyed sales and profit growth of 273 percent. Those non-spenders, they
had 20 percent growth in sales and profit after five years compared to 1980.
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