Cash & Customers during a Crisis

As everybody knows, every business needs cash to be able to run. They especially need it in times of crisis when banks are not lending them as much or at all. There are two (obvious) options when you need cash: increase the income and/or decrease the costs.
In most cases, the ‘cost cutting’ option is selected, because it’s easy to implement and the short term effects are scalable. The downside is that the impact on the mid/long-term can be really damaging to the business. Customer Services are often hit when the costs are cut. This is a problem. Businesses that go out of the crisis faster than the others and are in better shape are those who invested (or maintained their investments) in Customer Services and Marketing.
For your business, Marketing is your word and Customer Services is your action.
Marketing is important to let the people know out there that you are still alive and doing well. Do not assume that they think you are, tell them.
Customer services are important to do what you say you are doing. Telling your customers and your potential new customers that you are ok is one thing. Showing them is another one. Show to your customers that they are important to you. Bring them a better quality of service for the same price. Bring them new services also. Following this approach, not only will you keep your customers for a long time, but you will also attract new ones.
Therefore, focus on what it’s important for your business: Cash and Customers.
 
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