No one likes the idea of hard times, but inevitably, when a recession hits it impacts everyone in more ways than one. Everything is affected: our personal finances, savings accounts, the stock market, and most of all, your business. If you want to avoid the economic downturns that come with a recession, we have a few strategies you can implement to help recession proof your business.
While it might be tempting to cut back marketing costs to save money, this is not an effective long term strategy for your company. Your buyers are always looking for new products and services, even in hard times, and they won’t be able to find your company if you’re not running promotions. If anything, increase your marketing and promotional efforts, so your buyers know you’re still out there.
Your employees are the core of your business. If they’re struggling to make sales or feel disheartened, increase company training and address potential problems before they start. If you don’t, it could end up costing your company more sales, and your employees won’t learn new techniques that can help you grow. Daily or weekly trainings are a great way to foster morale and share current trends and strategies with your team.
While your first instinct might be to remove unnecessary daily or weekly activities like company breakfasts and retreats, it won’t benefit your employees. A recession causes additional stress on everyone and removing the small joys that incentivize employees at work will lead to lower morale, which is the last thing you need. Even if you have to scale back certain employee perks, keep as many as possible so they stay motivated and positive year-round.
Ultimately, everything comes back to customer engagement. The economic condition of your company depends on customer satisfaction, so it’s best to keep communicating and promoting your products to them. Offer more promotions to your consistent customers, and make suggestions available for products or discounts they’d like to see in the future. Valuing your customer is going to significantly increase sales, and help keep your business afloat if a recession hits.