Five Strategies for the Credit Crisis

Roiling financial markets have sent many leaving the equity markets and seeking solace with their remaining piles of folding money. But for writers the crisis can provide a financial boost, even with advertising down, if you know anything about finance or can help someone who does.

• Consider a book. Book chains and publishers are looking to make money from consumer fears with financial titles. So now might be a good time to go to a publisher with a title that helps people either make sense of what is happening or find ways to lessen the impact.


• Talk to your editors now. They will also be reacting to everything happening and will likely be open to stories about cutting costs, reacting smartly with personal investments, and even getting into stronger position for the eventual recovery.


• Companies are likely to expand custom publishing even as they trim back advertising. They can't completely stop marketing, so they'll want what seems to provide a greater assurance of success.


• Those specializing in financial advice will probably need to repair customer relations and otherwise find a way to dig themselves out of a hole. So offer them some help in doing so.


• Take the load off clients. When everyone wants to cut costs, help them by providing additional services. For example, you might take on large aspects of a project, managing it for the company at an additional cost that is still lower than it would be to bring someone in-house or even hire a temp. That frees them up to shore up the business and increases your income. A warning on this strategy: do not give the services away, or you devalue them and now create the expectation that you should be doing it for free going forward.