There are signs that the economy is doing better than most commentators, analysts and politicians had thought, following fears of a potential double-dip recession.
“Britain’s economy grew twice as fast as expected in the third quarter of this year, easing fears the recovery is faltering and dimming the chance of more quantitative easing from the Bank of England” – Reuters, Tuesday, 26th October 2010.
While stats are all well and good, it’s down to individual businesses to know how they are doing and where they are going in terms of growth through sales and new business. Over recent years, and during what has been described as one of the worst recessions since the 1920s, most businesses have looked at ways of reducing overheads and cutting costs. This has been through natural wastage and redundancies, or simply cutting back on non-essentials.
During this time, PR and marketing has often borne the brunt of such decision-making by small, medium and large businesses. No part of the business community has been spared. And yet one of the most essential weapons within a business’s arsenal is PR and marketing. If you’re not promoting your business out there in the cut and thrust commercial world, demonstrating your authority over competitors or even just simply saying “we’re open for business”, then it’s unlikely that your business will gain any new opportunities or, more importantly, sales.
Now is the time to invest. And investing in good PR and marketing is paramount to ensure any business comes out of the recession with a lead over others. It’s a bit like buying shares. You look for opportunities when they’re cheap, but have the potential to rise in value in order to make a handsome return. Much the same, investing in good PR now will reap benefits when the economy is going at full pelt.