MAKE THESE 6 PROJECTS A PRIORITY IN AN ECONOMIC DOWNTURN

Times are tough out there, and they are getting tougher. If you follow along in the business news, you’ll note an increasingly pessimistic view of our economy. Most businesses will react to an economic downturn by cutting costs and restricting marketing and other activities, but that would be a mistake.

While growth may not be feasible through a recession, you can certainly take steps to cement your market position and protect your business from the worst that the economy may throw at you.

What should a business focus on when heading into a recession? Below we’ve set out six areas you should focus on to help you protect your business and build resilience.

LOOK AT YOUR OFFER — IS IT WHAT THE MARKET NEEDS?

When did you last look at the services and products you offered your customers?

While making massive changes during an economic downturn is not the best idea, it does pay to cast a critical eye over your offering to the market.

The buying habits of businesses change in a recession, with companies tending to cut back on spending. If you’re offering new products to market, it might be time to start thinking about providing a maintenance program or some sort of special offer or discount (and only if the numbers make sense, now is not the time to offer a loss leader).

Look For Creative Marketing Opportunities

Paid advertising is expensive, so look to other marketing methods to publicize what you offer. Here are a few ideas: continued on page 10

4 Build your brand through social media and a blog;

4 Target existing customers by using email marketing more effectively;

In The News

4 Get involved in your local community projects or charities. While you might not see an immediate return, people will remember you when they do have the money to spend.

4 Review your cold outreach process – Are you reaching the right people? Is the process complicated? Remember, marketing is about the right message to the right people.

Train Your Staff

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This might initially sound counterintuitive but support your staff in tough times, and you’ll build loyalty with them. Training staff builds the skills they will need when the market takes its inevitable upturn and people start to spend again. Putting training in place means you’ll be ready to take advantage quicker than your competitors.

Critically Evaluate Your Operations

Review every aspect of your business for efficiency. Look at every process with a critical eye and ask the following questions:

4 Know your numbers – How much does bringing in a new customer cost?

4 What are you spending on software subscriptions?

Go All Out On Lead Generation

Find new ways to bring in more customers with money to spend. Just because we are in a recession does not mean people have stopped spending altogether.

4 Try social media and blogging – These do double duty by building your presence (and brand) and cementing your authority in your chosen industry.

4 Are you traveling to customers? – What are your gas costs, vehicle maintenance costs and equipment costs? Would leasing be a more efficient use of your money?

4 How much does it cost to onboard and train a member of staff?

4 What are the primary pain points your staff encounters day to day? What about your customers? Review your customer complaint logs, as these will give you a wealth of information on where to focus your business. The answers to these questions will help you start to understand where your losing money and what processes need changing.

Review Your Invoicing Process

While invoicing is not the most exciting of processes, it is crucial. Many businesses don’t track when invoices are issued and when they are paid. Paying attention to your numbers here will help you recover revenue quicker and keep the cash flowing.

Keep Calm And Review Everything

While reviewing processes is not the cutting edge of business, it is crucial to keeping your business going. Taking the time to evaluate your processes and then forming a plan of action on where to focus your efforts will help you stay in business, come through a recession in one piece, and be ready to grow. Look for opportunities everywhere, keep an open mind and remember to take a deep breath and step back from time to time. Running a business in tough economic times is a challenge, but with some thought, you can ensure you and your staff are protected against the worst and come through the other side smiling.

Sources https://www.hostinger.co.uk/tutorials/how-to-scale-a-busi