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Is the credit crunch biting you?

Reports in the UK national media indicate that the ‘credit crunch’ will continue to hit economic growth in the UK throughout the rest of 2008.

Is this ‘crunch’ starting to bite and have an effect on business already? We would say yes.

There’s definitely a cautious feeling amongst our clients, who range from single person companies through to multi-million pound turnover organisations. With many of them holding back on ‘non essentials’ such as training or ‘nice to have’ capital equipment and marketing (we would argue that the best time to spend on marketing is when there’s a slowdown – but that’s another story).

It’s times like these when consumer spending drops, fuel prices go up and there’s a reduced availability of money in the pot from the very nervous banking sector; that business that may already be teetering on the edge of collapse, generally do so.

This is something we’ve definitely seen, with some of our smaller clients ceasing to trade altogether over the last few months and a few of our smaller competitors starting to struggle as well.

This week for instance it’s come to our attention that one of our local design agency competitors here in Yorkshire, has filed a winding up petition on their own company. I suspect they are ‘jumping’ before they are ‘pushed’ if you see what I mean given their large borrowings and lack of profit over the last few years. Added to this we were approached recently by another competitor asking us if we wanted to buy them as they we’re ‘bailing out’ (as they described it).

It’s not good for the clients. It’s not good for the region.

Our philosophy when running our business is to run it as debt free as possible.

Yes this means our growth is slower that those companies that may obtain big injections of borrowed money to keep them afloat. But an ‘organic growth’ strategy coupled with a careful eye on the finances and cash-flow is starting to pay-off for us in the current economic climate. For example, we’ve just closed the books on another financial year and both our turnover and profits are up on last year with cash in the bank for the forthcoming rainy days.

Now where’s that cheque book? I can see a business purchase coming on. Roll on year five!

Yes, I did say “free�. Advertising and publicity doesn’t have to mean pawning the photocopier, you just have to spot the opportunity and pick your moment.

Press and magazine advertising card rates are out of reach for a lot of companies, plus this premium space gives you little room to get your message across and minimal control over who sees it.

So, why not submit a press release to your local paper(s)? Submitting a press release is free and gives you a captive audience to inform who you are, what your company does and to whom along with your specific news story and contact details. How good is that? Imagine how many of your potential and existing customers will see this. After all, good marketing is about creating a sale and reaching first base is about letting people know you exist.

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Press Release

Key Move for Local Company

West Yorkshire marketing agency, Keyclicks, has re-located to a new purpose built office complex in Heckmondwike. The firm has moved to re-house its growing team following its expansion from a web design company to a fully fledged marketing agency.

Keyclicks now delivers the full range of marketing, PR, design, print and web services to local and national firms. The increased number of staff, equipment and visiting clients meant the old premises was creaking at the seams.

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After much pushing and shoving, tears and tantrums, we’re now comfortably settled into our new offices.

Many thanks also to our valued key suppliers who went out of their way to help us with the move, specifically;

>> David “Beanie� Bean (Data Installation & Supplies Ltd) who spent a good chunk of last week sat in our empty, unheated offices, sorting out our new IP phone system in readiness for our move. Remember to ‘eat lunch’ David!

>> Tor Mackenzie (Rochester & Associates Ltd), who didn’t take offence at being sent a text at 11.00pm last Sunday night with a “request� for Simon to come in on Monday morning to make sure our IT network would be up and running as it should (which he duly did).

>> Paul Clapton (Collage Ltd) who delivered office furniture when he said he would (as always) and put it all together for us.

In addition, many thanks also to our staff, who “rolled up their sleeves� and got stuck in with the packing.

Debbe rewarded all with wine and choccies which no doubt went down well over the weekend.

One of the aspects in business life that makes our blood boil here in the Keyclicks office, are companies that deploy technology in their business in an attempt to improve customer service, but in doing so; actually achieve the complete opposite.

Such an example of technology used in this manner are those companies that use automated multi-choice telephone menu systems to handle their in-coming calls. These systems are unfortunately, becoming more common place, no doubt on the grounds of cost saving rather than actual ‘improvements to customer service’.

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