As I see it, when people need to do more with less, they need help from consultants. That being said, if all of your customers are in the same industry, or you are not well-known in your field, you could be in trouble.
What to do if business slows down:
Approach existing clients with new products and services.
Come up with a new product or service and let all current and past customers know about it. Remember, this is not a cold call. If your new offering can help them in tough times, you owe it to them to let them know about it.
Approach new clients with existing products and services.
Contact all of your leads and let them know about your "tried and true" offerings. If you don't have any leads, ask your existing and past clients for referrals. They might be more than happy to put you in touch with their vendors, professional organizations, and maybe even some of their customers. It never hurts to ask.
If you can't get any referrals, make a list of "recession-proof" industries (e.g. education, pet care, funeral, debt management and collections, accounting, sales, alcohol, ultraluxury goods... I could go on., and let them know how you can help them.
Broadcast your message
Set yourself up as the "go-to-guy/gal" for whatever it is that you do. Hone your value proposition down to a sub-seven second sound bite and hammer it home with supporting evidence everywhere and anywhere people will listen:
Update your website
You website is a big credibility indicator, especially in the tech field. If it is out of date, full of typos, or just plain stale, now is the time to get it up to date. Set up a blog, post at least once a week, and accept comments from readers. Promote your posts on Twitter, Facebook, etc...
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