“Stopping advertising to save money is like stopping your watch to save time,” Henry Ford famously said.

Ford, who was one of the 20th century’s greatest entrepreneurs, knew what he was talking about.

If you’re doing good marketing, it should be making you money, rather than costing you money. So cutting good marketing at any time would be illogical – especially during a downturn, when you need every cent of profit you can get.

But what if you’re doing bad marketing – marketing that costs you money rather than makes you money? Should you cut that sort of marketing during a downturn?

No – you should fix that sort of marketing before the downturn arrives.