If My Business Were on the Ropes, This is What I Would Do

Business, when on the ropes, seems to pull back all expenses—focusing on maintaining the lifestyle and net of the owners. This approach, unfortunately, leads to the end of many businesses, especially when owners sacrifice their most important assets—people—to save themselves.

Businesses that have had epic comebacks typically have stories of ownership picking payroll over food for themselves. They believe so much in their business that they are willing to do anything to keep their power teams in place in order to have a second chance at business.

If my business were on the ropes, I would do the same—partly because I have already structured my business for a rainy day.

Ever since day one, I have fed my reserve. Yes, this meant less money for me in the short term, but long-term protection for those who I work with and the business I greatly believe in.

Just like any business, mine has ebb and flow months. When shake ups occur, I tend to spend more. I pump funds into marketing, advertising or recruitment. Why? Because money seems to heal many issues (when strategic about how it’s spent).

So many businesses cut back on PR, marketing, advertising, digital and staff when the business slides. But when you do that, you open your business up to even more slides. Great businesses find ways to limit those slides and prolong the upward movement.

If my business were on the ropes, the first place I would invest in is KPI performance from my existing team. I would incentivize around solutions and successes. If this meant me dipping into the reserve, so be it. It would be well-worth it to rely on those who I have relied on before to help find the next business spark. The second place I would invest in would be digital. I would evaluate and reevaluate my brand positioning on my website, and then pump as much funds as I could find into driving visitors to my site—planning that my call-to-action is so strong that it will create a new flow of customers. Naturally, as a PR firm, networking and traditional earned media would be a part of the process—finding creative moments to tell a story around.

Luckily, for many businesses, the economy is seemingly in a better place—meaning stronger unit-level economics and more stability. But, what if a rainy day comes? What if technology knocks everyone out of business? Are you prepared? Are you prepared to spend?

I am. And, I will.

Nick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.

If My Business Were on the Ropes, This is What I Would Do

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