Global recession looming, here are some best practices that will help you weather, and succeed in an uncertain environment:
REIN IN COSTS … CAREFULLY. Now is the time to buckle down, but don’t go overboard. Instead, consider outsourcing non-core functions like your 3D models creation.
Vendors may be able to help you streamline functions like accounting, HR and marketing. Avoid deep cuts to key budgets like your marketing and promotion. Instead, utilize a 3D marketplace like Flat Pyramid to buy ready made 3D models at a fraction of the cost it will take for you to make it yourself or hire a 3D artist to make it for you.
You may find that in a slow economy, advertising using 3D content is less expensive and more effective.
BE A LITTLE IMPATIENT WHEN REQUESTING PAYMENT. Patience is not always a virtue when it comes to accounts receivable. Consider offering discounts for early payment or accepting credit cards to get paid quickly for your 3D modeling jobs.
Keep the cash flowing by collecting on delinquent 3D accounts. You can also outsource the “collector” function to companies that specialize in account receivable collection so you can focus on growing your 3D business.
DIVERSIFY, DIVERGE AND DEVIATE. Economic downturns are no time to find that all your eggs are in one basket.
If you have one or two customers that represent more than 10% of your business, it’s time to branch out. Ask yourself …Are there other 3D markets I can serve? Can I sell my existing 3D models to foreign customers to generate additional revenue? Or can I sell my 3D content to customers that are in expanding industries like healthcare or space-technologies?
Expand your horizon and leverage your existing 3D content on a site like Flatpyramid.com to gain exposure, additional business and consistent sales.