Yet these actions don't set a company up for success when the economy picks up, and can in the long term be detrimental to current sales still available, a bitter pill for any business owner to swallow.
Local entrepreneur and business owner Alastair Laing explains that his business, The Unlimited Events Group has grown consistently, despite the economic downturn, with the group yielding a 25% growth for the fiscal ending February 2013.
Alastair comments, "The biggest learning we've experienced from a business perspective during the recession was to stay humble, to never stop marketing and that only 100% effort is good enough. While most businesses are battening down the hatches, a few brave companies see this as an opportunity to get ahead of competition. Recessionary climates are an ideal time to overhaul inventory or upgrade key rental items. Sure, you might not be as cash flush as you were in years past, but let's face it, neither is your competition. The advantage you build up during 'the storm' will be tough for competitors to surmount later in the upswing."
Laing believes that their growth and diversification throughout the economic decline can be attributed to ensuring that services to clients are reliable and consistent, while guaranteeing a stock variety on hand at any given time. He believes that these principles, combined with the foundations of a strong name in the industry, fortify a business to weather the storm.
"During tough times it's vital to maximise your productivity - spend more time with your customers finding out what they need so that you deliver tailored, professional solution which will keep them coming back to you. Work on ways to offer more value add to existing customers as well as how will you get the biggest return for time spent. We all know that it is cheaper to keep existing customers than to find new ones."
"We've noticed a continued trend over the past decade that businesses, large or small continue to spend on creating theming events. Events are an effective way to get one-on-one face time with your target market or staff and are the ideal opportunity to evoke emotion and appeal in an interactive personal experience through tactile elements such as trending décor, lighting and sound. We believe strategic events are vital to have included in the marketing plan."
In 1998, Laing and Rosemary Foord, in association with Red Carpet Leisure, took a step out of the corporate world in which they had been operating, to form Unlimited Events and Entertainment - their focus being team building, resort entertainment and corporate fun days. The phenomenal growth this little company of just seven people saw the incorporation of Unlimited Events Decor in 2000 as well as the inauguration of new shareholders alongside Laing and Foord, namely Freddy Coetzee and Garth Bianchi.
The group's services extended to the theming of corporate events and product launches, wedding decor, year-end functions and conferences. In 2008 Laing successfully bought out Red Carpet Leisure and later the original entertainment partners to form a privately owned entity.
In February 2013, Laing cemented his vision for growth and formed Unlimited Events Group to house the various event supply divisions including Unlimited Events Décor, Unlimited Events Entertainment, Dipsy Dots, Unlimited Balloons, and most recent acquisitions Unlimited Hire, Unlimited Photos and ProBrush-Hair and Beauty Salon.
The driving force behind the group being to offer seamless integration of event décor design and hire, entertainment/teambuilding, sound and lighting, photography, make-up and hair, balloons and kids party solutions, ranging from events for 10 to 5000 guests. The vision behind the creation of the group, was to offer a diverse range of services to both the corporate and private sector.
"We believe in inspiring the imagination, captivating the spirit of the brand or event through stylish finishings, décor, lighting and flowers, transforming an ordinary space into a gorgeous creation which will create a memorable experience for your client and their guests. While tough financial times will loom for the foreseeable future, with our resilient strategy and capacity for more business than ever, we're excited for the rest of the 2013 and for what 2014 holds for us as a business. We are confident that with continued hard work and dedication, our next 16 years will be as successful as the last."
