“It’s easy to lose track of disillusioned employees during a downturn,” says Robert Fiveash, co-owner of Raleigh distributor Brand Good. “Are they fearful about their job security? Yes. Show them love and give them confidence. Are they looking at other opportunities? Yes. Keep your company and why it should be considered a viable longerterm employer top of mind. Thoughtful, targeted and personalized branded merch to employees can do both.” Successfully managing a downturn also demands a certain amount of agility on the part of management to seek solutions and pivot to new opportunities. “Other than during the immediate fear of the unknown of COVID, we have generally avoided layoffs during previous downturns,” says Fiveash. “We’ve cut expenses where we could – compensation adjustments for the two owners, renegotiating various renewals, less travel, etc. – and tried to hold onto the business we had. That means being even better – more creative with products and ideas, and more proactive than normal. Just as kitting was a lifeblood for companies during COVID, we all should explore similar pivots if ‘traditional’ sales decline during a downturn.” Recessions and downturns are rarely evenly distributed. Business managers should keep an eye out for trends that aren’t declining and any sectors of the economy that continue to grow. Fiveash notes that the tech sector was significantly underwater in the 2001 downturn, but virtually unscathed in others. And opportunities can be found in industries where demand is inelastic no matter the state of people’s income – healthcare, home improvement, utilities, communications and technology for home offices, big box retailers and consumer staples, to name a few. Healthcare actually grew during the downturns of 1990 and 2001. Managers have a toolkit available to them, of which promotional products are a valuable part, to lead their organizations through a recession. Promo In A Down Economy | Must Read Opportunities can be found in industries where demand is inelastic no matter the state of people’s income – healthcare, home improvement, utilities, communications and technology for home offices, big box retailers and consumer staples, to name a few. Pixel-Shot / Shutterstock.com PPAI • JUNE 2023 • 67
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