Until now, it has been relatively easy to persuade agencies to spend money with my company and, on the back of this, I have done relatively well financially in bonus payments. However, I am starting to find it harder to meet my revenue targets in the present economic climate and, as such, am no longer earning bonuses. This is starting to hit me financially, as I recently bought a flat and was relying on my bonus to help with the mortgage payments. How do I get through this difficult period? Should I get a second job or is there a way that I can get my bonus back on track?
A: There are still a few of us left in the industry who remember the last recession. We'd all just invested in property on the back of the '80s property boom to be faced with interest rates of 16% and negative equity.
In order to make ends meet, a friend of mine started a part-time business when he got home from work in the evenings, making tennis equipment in his back bedroom. However, this venture came to an end when the neighbours complained about the racket he was making.
Of course, taking a second job is fine if it does not conflict with your main employment, and on that basis I would check your contract of employment to make sure you are legally able to do this.
Most companies will expect you to inform them if you are doing something outside normal office hours and, in most cases, they will be OK with this.
Personally, however, I'd concentrate on your day job. As difficult as trading is right now, this is the time when you can make a real difference. Everyone will be finding it tough, so being someone who can make a difference in an economic downturn makes you more valuable.
Now is the time to keep close to your agency and client contacts - this might well mean getting in early and leaving later. Make sure you are visible within the industry. Be out there and be on top of all business that's around - nothing should be appearing in your competitors' businesses that you are not aware of.
Other strategies are to try to find new or creative ways of offering your clients a different way of reaching their customers. And ask your company about training schemes they might have that will better equip you to sell in this current climate, as you will be faced with far more objections than before.
I hate to say it, but in good times we have all seen business come in "through the window". Now might be the time to see if your phone can actually dial out.
Most of all, do not get too despondent. There could well be a good few difficult months coming up, but things will get better in time.
Those that stay the course and work through it will be in a much better position when the economy improves. - David Emin is director of advertising at Mirror Group Newspapers. If you have a career dilemma you would like David to address, e-mail david.emin@haymarket.com
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