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To prepare for a recession, cost-cutting includes getting more bang for the buck, i.e., more value for your money. However, there’s more to assessing suppliers and vendors than just cost.
You will also need to consider what else they do for your business, including:
- Key business partnerships
- High-quality service for your customers
- Consistency and convenience
- Social and environmental responsibility
Create a process that commits your business to a regular assessment of each supplier in the supply chain and vendors, including outsourcing providers.
Start with cutting back high-volume transactional advertising and building market share marketing strategies that keep customers loyal and close is one tactic that works during recessions.
Scorecards and KPIs
Use scorecards, questions, and key performance indicators. Consider engaging a third-party consultant or auditor to manage some of the review processes for your business. Their task could also include an assessment of competitors so your organization can negotiate better terms or take its business to a new vendor or supplier.
It’s always a good time to assess the value of your marketing strategies. Digital marketing is measurable, and marketers love data, so spot checks on how campaigns perform are doable and tweaks applied. However, changing course partway through a marketing campaign is not always advisable, as marketing requires time.